GBP/CHF tests backside of trendline at 1.43 levels; bearish move to resume Trend News

Technical outlook and chart setups:

The single currency pair has tested backside of the broken uptrend line yesterday, which is now resistance at the 1.43 level. The pair is more likely to continue drifting lower from here on and it is recommended to remain short against the 1.44 level. The downside extensions are pointing towards 1.4 levels and lower. Resistance is the 1.4800 levels followed by the 1.5 mark, while support is at the 1.4 level. Looking into the overall trend structure and uptrend line break here, the next big move should be on the lower side from here on.

Trade recommendations:

Remain short, stop above 1.44, target below 1.4.

Good luck!

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#USDX Analysis for August 5, 2013 Trend News

The Dollar Index has made an upward impulsive move from 81.40 to 82.50. The short-term trend has changed to up. Prices pulled back in a corrective three wave pattern and pushed prices towards the 61.8% Fibonacci retracement level. This price level is according to our Elliott wave analysis the best entry level for long positions and the low at 81.40 as stop.

The short-term upward move towards 82.50 has broken the short-term resistance levels and the sequence of lower highs and lower lows has ended. This is a signal of trend reversal. We believe that despite the selling pressures that pushed prices below 82 again, the bullish trend will resume upwards soon. Short-term resistance is found at 82.10 and if prices break above it, this will be a good sign for the bulls. Support is found at 81.65 next where the 76.4% Fibonacci retracement is.

Our long-term view remains unchanged and we still are bullish as long as prices trade above the recent low at 81.40. We expect prices to resume the upward trend and we plan on adding to long positions when prices break above 82.10-82.50-83.45. We target a new higher high than 84.75.

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Gold Elliott wave analysis for August 5, 2013 Trend News

Despite breaking below and out of the upward sloping trend channel, prices bounced right back up from our first target at 1,287 making a low near 1,284. Trend remains down and we believe that as long as the prices trade below 1,330-40 resistance, the bearish scenario has more chances of success.

Short-term support is found at 1,304 and then at 1,295. Short-term resistance is found at 1,323 and then at 1,330. We remain bearish and we will add if support fails. The long-term wave count remains the same although the bullish scenario survived in the last minute as it was put to the test with the last decline to 1,284. If prices move below 1,266 then the bullish alternative will be canceled as wave 4 cannot overlap wave 1.

The back test of the broken upward sloping channel may still be another bearish sign if prices cannot manage to move above 1,325 and 1,330 soon. Concluding we remain bearish with 1,260 as the first target if the low at 1,,284 is broken. A good sign for bears will also be the break of the 1,304 support. On the other hand, bears do not want the highs at 1,330-40 to be retested.

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Silver: Immediate resistance seen at 12.50 level Trend News

Technical outlook and chart setups:

Silver remains locked in a trading range for now. Support region is around 19.00/20, while resistance is around 12.30/50. As depicted here, the metal broke the rising counter trend line last week and is testing the backside, which is resistance now. It is recommended to initiate fresh short positions on a bearish signal appearance here. Immediate resistance is around the 20.50 mark, followed by 21.80/22.00 region; while support is now at 18.70/80 region. Looking lower on a turn around at the backside of trend line test.

Trading recommendations:

Flat for now. Looking to initiate short positions again.

Good luck!

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Gold hits first target at 1,280 region and pulls back. Flat for now Trend News

Technical outlook and chart setups:

The metal almost met the short targets around 1,270/80 levels last week before pulling back sharply on Friday after NFP Release, as depicted here. The rising counter trend line was broken earlier and it is being tested on the back side, which is resistance at the moment. Resistance with respect to price is at 1,330/35 region, followed by 1,351.00 and 1,400.00; while support is at 1,270.00 and lower. Fibonacci extensions are pointing towards a possible bottom around 1,249/50 levels. It is recommended to remain flat for now and initiate fresh short positions on bearish signal appearing on shorter timeframes.

Trading recommendations:

Flat for now. Looking to initiate short positions again.

Good luck!

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EurJpy bounces off channel support line again. Break here would be bearish Trend News

Technical outlook and chart setups:

The single currency pair has again tested the channel support line and bounced off sharply into 131.50/75 region. At the moment, it is recommended to exit long positions taken last week. Fridays' rally and close has produced a dogi; and could possibly indicate a reversal ahead. Resistance is still around 132.50/60 (the last swing high) and 133.80/134.00 levels. It would be recommended to initiate 50% short positions on bearish signal appearance on smaller timeframes at the moment, against 132.50/60 levels. Initial support is at 128.00 level at the channel. Looking for a turn around here.

Trading recommendations:

Sell 50% capacity now, and remaining on a channel break, stop is above 1.3250/60, and target is open.

Good luck!

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