Elliott wave analysis of EUR/JPY for August 23, 2013 Trend News

Today's Support and Resistance levels:

R3: 133.81 (top on May 22)

R2: 132.74 (top of wave c of the triangle)

R1: 132.34

Current Spot: 132.14

S1: 131.92

S2: 131.52

S1: 131.05

Technical summary:

We have seen the expected rally towards the triangle resistance-line near 132.00 and we will now be looking for the final e-wave of the triangle. This e-wave could fall all the way towards the the triangle support-line near 129.00, but it is more likely to end early, which would likely mean a termination of wave e close to 129.60. Once wave e is in place we should be looking for a new impulsive rally higher towards 140.98 as the next major upside target, but longer term we are looking for much higher levels closer to 170.00

Trading recommendation:

Look to buy EUR at 130.10 or upon a break above 132.74 (buy at 132.85). Place your stop at 127.90 expecting to be able to rais it soon after your entry.

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Silver attempting to push higher. Flat for now. Trend News

Technical outlook and chart setups:

Silver is looking to push higher up towards the next resistance level at 24.80/25.00. It is recommended to exit short positions for now and remain flat. A major reversal structure could be unfolding at the moment and a push through 24.80 would confirm the same. The metal would turn to buy on dips from there on. Int support is 22.25 and below that is 19.00; while resistance is 25.00. On the flip side, a failure to break the recent swing highs at 23.60 would again bring back bears into action and we shall consider initiating short positions again.

Trading recommendations:

Flat for now.

Good luck!

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Gold resistance seen at 1,425.00. Exit short positions. Remain flat Trend News

Technical outlook and trading setups:

The metal is trading in a tight range for now. It is recommended to exit short positions and remain flat. It is possible that Gold pushes higher up towards next resistance ahead at 1,425.00 region before a meaningful correction takes place. Currently trading at the 1,370/71.00 levels, the metal faces immediate support at the 1,348/50.00 region which was marked as past resistance turned support now. A push above 1,385.00 would ascertain that 1,425.00 is on cards. Aggressive traders can turn long now with a higher up target at 1,420/25.00. Conservative approach would be to remain flat and commit after 1,425.00 is reached. As noted here, the rising trend line support is at 1,320/25.00 levels which is a good entry level to buy.

Trading recommendations:

Flat for now.

Good luck!

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EURJPY rallies as expected. Stay long Trend News

Technical outlook and chart setups:

The currency pair rallied as expected above 131.00 levels on the backdrop of the FOMC minutes out last night. It is recommended to remain long for now since and also buy further on intraday dips. Resistance is placed at 132.00/50 and 133.80/134.00; while intermediary support is at 128.00, followed by 125.00 and 119.00 respectively. The overall structure is that of a rising wedge and hence a break higher should be expected from here on. Also please note that the single currency pair has bounced off the 0.618 fibonacci support at 128.00 of the recent upswing from 125.00 to 132.00/50. Looking higher from here on.

Trading recommendations:

Remain long, set stop at 128.00 (would revise soon), target is open.

Good luck!

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