Elliott Wave analysis of EUR/NZD for August 9, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.6946

R2: 1.6872

R1: 1.6796

Current Spot: 1.6743

S1: 1.6674

S2: 1.6623

S3: 1.6572

Technical summary:

We are looking for a C-wave of the major flat correction to develop towards strong support at 1.6225. In the short-term prospect, we expect minor resistance at 1.6796 to protect the upside trend from a break below 1.6703 and more importantly a break below 1.6673, which confirms next impulsive decline towards 1.6414. However, if resistance at 1.6796 is broken it will delay the downside pressure and we will see a move slightly higher towards 1.6872, but under no circumstance for a break above 1.6946 it will be allowed to invalidate this bearish count.

Trading recommendation:

Stay short on EUR from 1.6760 with a 1.6875 stop. If you have not been short on EUR yet then sell upon a break below 1.6703 with the same stop at 1.6875.

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Gold Elliott wave analysis for August 8th, 2013 Trend News

Gold bounced upwards yesterday towards 1,296 after respecting thу support at 1,270. The 1,260-70 is very important support zone that is crucial for our bullish alternative wave scenario that we've been talking about for so long. We still prefer the bearish wave scenario as our primary choice and we still remain short with 1,320-30 stop. Yesterday's move was most probably just another corrective bounce as the price did not manage to move above 1,300.

The upward move from the lows is a three wave pattern and it could be already over. However, we could see continuation of the upward correction towards 1,300. As we see in the 1 hour chart above, the downward move is taking place within a downward sloping channel and since the trend remains down so do we remain short. Breaking out and above the channel will be a bullish sign but an alert for bears.

The longer-term trend remains downward as shown in the daily chart above. This chart confirms our view that the upward correction from 1,180 is over and we should expect a down move towards 1,100. We remain short as long as the price in the daily levels stays inside the green downward sloping channel. Resistance at 1,300 could be crucial for the short-term trend. A rebond from that level will push the price back down towards 1,270. Breaking above it could push the price towards 1,320 to test crucial resistance levels.

Concluding, today we expect to see weakness below 1,300 and if the price breaks below 1,282 we will most probably test 1,266 and 1,254 support levels. Resistance is found at 1,294, 1,301 and 1,310.

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