AUD/USD - Rebound 0.9170 - daily strategy for July 26, 2013 Trend News

It is notable that the Australian dollar recovers. While the Aussie is moving in a narrow price range that has as immediate resistance 0.9323 area, it could stretch its gains beyond this level to the 0.95 and 0.98. So we must wait a weekly close above this level to enter the new movement upward, like the other commodity currency, the New Zealand dollar has recovered considerably in recent days amid the possibility of a rate increase by the RBNZ. Therefore, it is likely to observe a new bounce in the 0.9170 area, which will be a new buying opportunity with target 0.9310 in the short term.

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Gold Elliott wave analysis for July 26, 2013 Trend News

Gold completed 5 waves down from 1,348 as expected by our previous analysis. We mentioned before that we expect a reversal around 1,350. This reversal came and prices fell from 1,348 to 1,309 in an impulsive 5 wave down formation. Yesterday we saw the final wave of the formation being complete and then prices pulled back up towards the 76.4% Fibonacci retracement. According to Elliott wave theory, after a 5 wave movement (corrective or impulsive, it doesn't matter) we should expect a counter trend move and then another impulsive move following the initial trend. In our case, the first impulsive move was down from 1,348 to 1,309. The counter trend move pushed prices towards 1,340. Now we expect a new downward move that will most probably give a new lower low than 1,309.

The entire upward correction from 1,180 is most probably over. However, confirmation of this scenario will come if much lower price levels are overlapped. Until then we should trade cautiously with close stops. The market is now giving us the opportunity to sell with a small risk as prices are very close to our stop level at 1,348 and the upward correction was deep and not shallow. Therefore we prefer to go short near 1,335-40 area with the recent high at 1,348 as stop.

We expect prices to at least test the lower long-term boundaries of the upward sloping channel. If prices pause there, then this could be a signal for a long-term trend change. If prices break below and outside of those barriers, then our primary scenario will become stronger.

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Elliott Wave analysis of EUR/NZD for July 26, 2013 Trend News

Today's Support and Resistance дevels:

R3: 1.6525

R2: 1.6487

R1: 1.6460

Current Spot: 1.6411

S1: 1.6393

S2: 1.6349

S3: 1.6339

Technical overview:

As we broke below important support at 1.6475 and even more important support at 1.6427 we have been forced to change our count. Our preferred count is now that wave ii is still in motion from the 1.6798 high. As we already is way past the 61.8% corrective target we will be looking for support at Harmonic support at 70.7% (Gann target), which comes in at 1.6393 and again at the 78.6% Fibonacci level at 1.6349. However, it should be remembered, that second waves are allowed to correct 100% of the first wave, but it can never ever break below the start of the first wave, which in this case will be below 1.6225. However, we doubt that this wave ii correction will be that deep. That said, we will be looking for a possible bottom at 1.6393 for a break above 1.6487, which will be the first indication, that wave ii could be over. However, we will need a break above 1.6686 to confirm the bottom for a continuation higher towards 1.6798 and higher in wave iii.

Trading recommendation:

Our stop at 1.6420 was taken out, but we will re-buy EUR here at 1.6411 with a stop at 1.6220. If you want to wait for a more conservative signal, then buy EUR upon a break above 1.6487 with the same stop at 1.6220.

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Silver finds intermediary support at 19.70 Trend News

Technical outlook and chart setups:

The metal finds interim support at 19.70, just ahead of the rising trend line. Short-term view is still pointing towards a possible 21.00 mark but looking into gold setups, Silver has really been lagging behind in rallying towards fresh highs. It is recommended to book profits on long positions held earlier and remain flat for now. Aggressive traders may opt to initiate fresh short positions against the recent highs at 20.50 level. Immediate resistance is 20.50/60, followed by 22.50 on the higher side; while support is at 19.20/30 on the lower side.

Trading recommendations:

Book profits on long positions, initiate fresh shorts at 20.20/25, and stop is at 20.90.

Good luck!

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Gold preparing fall towards 1,250.00 Trend News

Technical outlook and chart setups:

The metal is setting up for a short-term reversal towards 1,250/60 levels. As discussed yesterday, the counter trend expectations around 1,330/1,332 have been met and short positions could be initiated at current levels 1,335/36. The region of reversal is around a sloping down trend line and also a fibonacci ratio; hence it could also be a possible extension below 1,180.00 level. For now, the extensions are pointing towards 1,290/95 and 1,250. Immediate resistance would be 1,349/50, followed by 1,400 on the higher side; while support is around 1,270.00. Short-term implications are towards short side.

Trading recommendations:

Initiate short positions for now, stop is at 1,351.50, and target is at 1,250/60.

Good luck!

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EurJpy: Rising channel remains intact Trend News

Technical outlook and chart setups:

It seems that the single currency pair could be preparing to print higher highs from here on. The channel line depicted here has remained intact till now and it continues to hold, we would not be surprised to see fresh highs. It is recommended to remain flat for a while and let the prices react at 131/132 region which is the 0.786 resistance zone of the fall from 134.00 level to 125.00. Only a break below the channel line support would be a proof to sell aggressively again. Immediate resistance is the 133.80/134.00 region; while support is around 128.00 on the channel line. Prices could take a dip around 131.00 level before rallying again.

Trading recommendations:

Flat for now. Looking to sell on a channel line break or buying at channel support.

Good luck!

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