Elliott Wave analysis of EUR/NZD for August 20, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.6798

R2: 1.6759

R1: 1.6730

Current spot: 1.6701

S1: 1.6666

S2: 1.6629

S3: 1.6572

Technical summary:

The decline only made to 1.6325 before a very powerful rally took over and with the break above important resistance at 1.6570 we must consider the major X- wave, that began from 171.13, as finished. Therefor we are looking for a new powerful zig-zag combination higher towards 1.7643 and more likely towards 1.8463 longer term. Short term we are looking for support at 1.6666 to protect the downside for the move higher towards 1.6798 and maybe even higher towards 1.6870.

Trading recommendation:

The stop at 1.6575 was hit for a nice profit. Buy EUR at 1.6675 with a stop at 1.6550.

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#USDX analysis for August 19, 2013 Trend News

The Dollar Index continues to trade below the short-term resistance levels at 81.90-82. Prices although have not made a new lower low below 80.86 and although the correction from 81.40 seems complete, there is still no upward strength to push prices above resistance.

We still favor a bullish reversal in the Dollar Index but the bullish signs are still not there or are too few. We need more evidence to support our bullish scenario. Otherwise we are going to see new lows as prices will not stay for long under the resistance.

The daily chart shows in a clearer way that prices continue pulling back at resistance of the blue downward sloping trend line. Breaking above this trend line will give bulls more hopes for the trend reversal we are expecting. First bulls will need to break above 81.40 and after that above 82. Once these resistances are broken, a great step towards trend reversal will be made. Additionaly prices should stay above 81 and not break below it.

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Gold Elliott wave analysis for August 19, 2013 Trend News

Gold continued to move towards 1,380.00 as it was expected and reached our target of the break out from 1,351.00. Resistance is strong at this price level and I expect the price to pull back. Bulls should be cautious as the pull back could push the price towards 1,340.00 or lower.

The rise from 1,270.00 is most probably in 3 waves and we could see a pull back towards 1,360.00-50 and then a final push higher towards 1,400.00. However, we cannot rule out the scenario that the entire move is over. This implies that Gold prices will enter a period of price correction with tendencies towards 1,300.00. For the time being support is found at 1,367.00 and if it broken we will see a test of the 1,355.00. Breaking below that level will probably push the price towards 1,340.00.

Concluding, we are changing from being bullish to neutral as either we are near a top or prices have already topped. Support at 1,367.00 should be respected and if broken I will exit the position I reversed from 1,351.00. Prices could make a new high towards 1,390.00 where profits are best to be taken. We are now neutral and look to take our profits.

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