EUR/NZD Elliott Wave analysis for June 28, 2013 Trend News

Today's support and resistance levels:

R3: 1.6848 (bottom of wave i - Should not be broken)

R2: 1.6801

R1: 1.6754

Current Spot: 1.6740

S1: 1.6705

S2: 1.6665

S3: 1.6600

Technical overview:

We have seen the expected minor rally higher. It went a little higher than our expected 1.6789 (the top has been at 1.6801), but that does not damage our larger count. We are now looking for a break below 1.6705 and, more importantly, a break below 1.6665 to confirm the next decline towards 1.6600 and 1.6541. Once we reach support at 1.6541 we should expect a new correction higher, but this correction should stay well below 1.6801. For now, we are focused on the downside and a break below 1.6705 as the first indication, that a decline to 1.6541 is in progress.

Trading recommendation:

We sold EUR at 1.6780 and will keep our stop at 1.6850 for now. We will take profit on our short position at 1.6550. If you do not have short EUR positions already, then sell at a break below 1.6705 with the same stop at 1.6850.

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Silver holding 18-19 for now. Awaiting reversal signal Trend News

Technical outlook and chart setups:

A daily chart view has been presented here for recent down swing view and resistance levels. Immediate resistance is seen at 23.00 level, followed by 25.00 and higher; while support is at 18.00 and 17.00 respectively. At present, it looks to be consolidating between 18-19 levels and a possible reversal signal is awaited. Watch out for a bullish reversal signal appearance on a 4H or Daily chart view. A likely head and shoulder reversal setup has been depicted on the chart here. Silver should rally towards 23.00 levels and then retrace down towards 21-22 levels to enter aggressive buying position.

Trading recommendations:

Flat for now. Awaiting for clear buy signal.

Good luck!

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EUR/USD. Forecast for June 27, 2013 Trend News

Gold hits fresh lows at 1,220.00. Awaiting reversal signal to go long Trend News

Technical outlook and chart setups:

A daily chart view is presented here highlighting the recent downswing and expected reversal at weekly congestion. Immediate chart resistance is at 1,420.00 level, followed by 1,475/80 and higher levels, while support is at 1,200/1,150 levels (as per weekly charts). At present, prices are consolidating near the weekly congestion of 1,200-1,230 price range. A bullish reversal here on a daily chart or 4H chart view, would instill confidence to go long again. Maximum possible downside is seen at 1,150 level as per weekly Fibonacci levels. Remain flat for now and await a clear buy signal.

Trading recommendations:

Flat for now.

Good luck!

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EurJpy: Selling pressure remains. Hold short positions Trend News

Technical outlook and chart setups:

The single currency pair is poised to accelerate downfall once 125.00 level gives way. It is recommended to remain short for now and add further on intraday rallies. Immediate resistance is at the tweezer top formation around resistance line at 130.00 level, followed by 131/132, and 134.00 levels on the higher side; while immediate support is at 125.00 level, followed by 119.00 and lower. A possible head and shoulder reversal is under formation, and once 125.00 breaks down, we can expect acceleration towards 121.00 level. Looking lower from here on.

Trading recommendations:

Remain short, stop is at 132.0, and target is at 121.00 at least.

Good luck!

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GbpChf: Hold on long positions. 1.4300 support Trend News

Technical outlook and chart setups:

The single currency pair seems to have formed an intermediate bottom ahead of 1.43 level and is pushing higher at the moment. The sloping downtrend line is converging at 1.46 level. Hence a push higher than that would instigate further confidence that bulls are in control. Immediate resistance is at 1.47, followed by 1.48, while strong resistance is at 1.5 level. The current wave extensions are pointing towards at least 1.5150 level, before a meaningful reversal occurs. It is recommended to hold long positions for now with a risk below 1.43, and also use intraday dips as fresh buying opportunities. Immediate support is at 1.43 level, followed by 1.4075 and lower.

Trading recommendations:

Hold long positions, stop is just below 1.43, and target is at 1.5150.

Good luck!

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Elliott Wave analysis of EUR/NZD for June 27, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.6789

R2: 1.6746

R1: 1.6700

Current Spot: 1.6661

S1: 1.6625

S2: 1.6578

S3: 1.6519

Technical overview:

With the break below important support at 1.6825 (top of red wave i) we knew that we had seen the top of black wave v and wave C at 1.7111. Even though we believed that we had more more room towards the upside. We warned that a top could be in place any time, as we had a complete five wave rally from the 1.5080 low. So what can we expect from here? First of all we are likely looking for a corrective X-wave building. The ideal target would be just below 1.6388. Therefore, we will have to switch our mind-set towards a corrective decline rather than an impulsive rally higher. In the short term we expect a minor corrective rally towards 1.6789, from where the next part of the X-wave decline is taking place towards 1.6529.

Trading recommendation:

We are looking for a possibility to sell EUR and will sell at 1.6780 with a stop at 1.6855. We will place our take profit at 1.6550.

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EUR/JPY Elliott Wave analysis for June 27, 2013 Trend News

Today's support and resistance levels:

R3: 128.45

R2: 127.95

R1: 127.50

Current Spot: 127.40

S1: 127.03

S2: 126.85

S3: 126.13

Technical overview:

The short-term important support was attacked again yesterday and once again the attempt failed. The lack of downside pressure is kind of worrying and as the structure of the decline from 129.90 is very overlapping, we should stay alert. The very overlapping decline from 129.90 can mean two things. 1) That a leading diagonal has been building. If this is the case we should likely see a rally towards 127.80 and maybe even higher towards 128.24 or 128.63 in wave ii before the real downside pressure takes over. 2) That the decline from 129.90 has been a triple zigzag correction. If this is the case, we should soon see a new much bigger rally materializing towards at least 131.46. Both scenarios are calling for some upside pressure for now, but the slightly longer outcome will be totally different. For now we will just have to wait and see, which scenario is the right one. However our slightly preferred count is the leading diagonal count.

Trading recommendation:

We short EUR from 128.20 and we will book our nice little profit here at 127.40. We will resell EUR near the falling channel resistance line at 128.63 or upon a break below 127.03 with a stop at 129.25.

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