Elliott wave analysis of EUR/JPY for August 29, 2013 Trend News

Today's Support and Resistance Levels:

R3: 131.37

R2: 131.04

R1: 130.56

Current Spot: 130.12

S1. 129.88

S2: 129.65

S3: 129.24

Technical Summary:

We saw a break above resistance at 130.50, but the lack of a follow-through rally could indicate that we need one last decline to just below 129.65 before the e wave of the triangle is finally over. No matter if we need one last decline or we are going to see a direct break above resistance at 130.56 (yesterday's high). We should see a new impulsive rally soon and a break above the triangle resistance-line near 132.20 for a continuation towards 139.21 as the first major upside target. However, in the longer term we are looking for much higher levels closer to 170.00.

Trading recommendation:

Stay long in EURJPY from 130.25 with a stop at 127.85. If you are not long yet, then buy after a break above 130.56 with the same stop at 127.85.

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Silver begins retracement. 21.00/22.00 levels interesting now Trend News

Technical outlook and chart setups:

Il looks that the metal is initiating a possible retracement as well as Gold. The levels of interest are 22.00/21.00 as depicted in the chart. It is recommended to initiate short positions on a small pullback towards the 24.70/80 levels with a risk around 26.00 to take advantage of the counter-trend being in play now. Immediate resistance is at the 25.10/20 area and it should remain till the counter-trend plays out. Support is at 22.00/50, followed by 19.50 and lower. The possible levels, where retracement should end are between 21.00 and 22.00, which are also near the past resistance turning support now. Looking lower temporary, then long again.

Trading recommendations:

Initiate short positions around 24.70/80, stop is at 26.00, target is open.

Good luck!

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Gold begins retracement. The 1,330/40 levels are of interest now Trend News

Technical outlook and chart setups:

The metal seems to have begun retracement now. Resistance seems fixed at the 1,430/32 levels, which should remain utill the counter-trend is in place. It is recommended to initiate sell positions around 1,420.00 with risk above 1440.00 to take advantage of the counter-trend. The chart setups are playing out a retracement towards the projected fibonacci levels in the chart. The most prominent being between 1,340/45, which appeared after resistance turned support. Furthermore, the rising trendline extended from the 1,180.00 levels is also passing through the 1,330.00 levels at the moment, which would coincide around 1,340/50 in a few days. Looking lower for a counter-trend, but Gold is setting up for an extended rally later.

Trading recommendations:

Initiate short positions around 1,420.00, set stop at 1,440.00, target is at 1,350.00

Good luck!

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EURJPY rally to quicken pace. Remain long Trend News

Technical outlook and chart setups:

The currency pair has ticked up from the support of the short-term falling trendline as depicted here. Short-term resistance shall be faced around these levels but a push through the 131.00 levels would confirm reversal towards fresh highs. Initial support is at 129.00, followed by 128.00 and 125.00, while resistance is at 132.50 and 133.80/134.00, respectively. Furthermore, the currency has bounced off the fibonacci 0.618 support of the entire rally from 128.00 to 133.25. It is recommended to hold long positions and also initiate fresh longs. Looking higher from here.

Trading recommendations:

Remain long, place stop below 129.00, target is open.

Good luck!

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GBPCHF Bouncing off support around 1.42/43 Trend News

Technical outlook and chart setups:

The currency pair bounced off the expected support area between the 1.42/1.43 levels as it was discussed yesterday. The probability of bullish reversal may be unfolding at the moment that could drag prices higher upto 1.49 levels atleast. Hence it is recommended to initiate long positions now, with a risk below 1.4200. Swing resistance is at 1.48, followed by the major resistance at the 1.5 levels, while support is fixed at the 1.4 levels now. A push through the falling trendline at 1.4400 would instill further confidence in a bullish reversal.

Trading recommendations:

Initiate long positions now (1.4330), set stop below 1.42, target is open.

Good luck!

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Gold Elliott wave analysis for August 28, 2013 Trend News

Gold continues to make higher highs and higher lows. The support levels are being tested but only the resistance ones are broken. This is indicative that the upward trend dominates. The price reached our upper target levels near 1,430. The trend remains upward, but we feel that bulls should be very cautious. Raising their stops will protect their long positions. Exiting is also considered if you believe the top is in.

As it is shown above, the trend remains upward as the price continues to trade within the upward sloping channel. If the price breaks out and goes below this channel, then we will see confirmation that the entire move from1,270 is over. If the price breaks below the blue trendline support at 1,405, then we should expect Gold prices to move towards 1,360-70.

The short-term support, as shown above, lies at 1,412. If that level is broken, then we will expect the price to test the intermediate-term support at 1,400-1,405. The top is near so bulls are advised to raise their stops to 1,412 or exit now at 1,426.

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Silver reached 25.00. Remain flat now. Trend News

Technical outlook and chart setups:

Similar to Gold, the white metal has also exceeded expectations and gone up to 25.00 now, taking out the major resistance as depicted in Daily chart. It is recommended to book profits on long positions taken earlier (aggressive trade setup suggested), and remain flat for now. Most probably, a pullback should materialize soon towards 21.00 from here. Please, note that the area around 21.00 is re-enforced by the past resistance turned support. Also, the wave structure suggests that the metal may reverse to the long term now. A pullback towards 21.00 and a bullish bounce would confirm it.

Trading recommendations:

Book profits on long positions if you have any. Flat for now.

Good luck!

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EURJPY looking to form a base ahead of 129.00 levels. Remain long Trend News

Technical outlook and chart setups:

The currency pair is moving in a triangle as it is depicted in the daily chart. It looks like the pair is bottoming around 129.50/130.00 for now. Furthermore, this is also fibonacci 0.618 support level. A bullish bounce should be encouraging long positions further and pushing the price higher towards a breakout. Hence, it is recommended to remain long for now with risk below 129.00. Immediate support is 129.00, though stronger support is at 128.00, followed by 125.00 and lower levels. Resistance is seen at 132.00/50 and 133.80. We are looking for higher movement from here.

Trading recommendations:

Remain long for now. Set stop below 129.00, target is open.

Good luck!

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GBPCHF at support around 1.42. Exit short positions Trend News

Technical outlook and chart setups:

The currency pair is trading at the lower end close to the 1.42 levels for now. It is recommended to book profits on short positions taken earlier between the 1.44/1.45 levels. Two scenarios seem to be possible for now and, hence, staying flat is recommended. Looking into the overall trend structure, we can say it is bearish, the pair could continue dropping lower below the 1.4 levels or a rally could materialize from the 1.42 levels that could extend above 1.48. The probabilities should get clear in 1-2 trading sessions. Resistance is at 1.48 for now, followed by 1.5, while support is at 1.4030 and below the 1.4 levels, respectively.

Trading recommendations:

Book profits on short positions. Flat for now.

Good luck!

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USD/CAD H1 analysis for August 28, 2013 Trend News

General overview for 28/08/2013 07:30 CET

The last leg of corrective wave 4 green needs one small downward sub-wave to be completed.

The intraday resistance level of 1.0498 should hold and the price should decline to 38%Fibo level of 1.0461.

In case the 38%Fibo is broken, next support is 50%Fibo level of 1.0429.

Please notice that there is nothing wrong with the correction to retrace even to 61%Fibo level of 1.0396 and then to bounce and reverse.

Only a break of the 1.0368 level invalidates the impulsive green bullish count.

Support/Resistance:

1.0567 - Swing High

1.0501 - 23%Fibo

1.0490 - 1.0498 Technical Resistance | Intraday Supply |

1.0475 - Weekly Pivot

1.0469 - Technical Support

1.0461 - 38%Fibo

1.0429 - 50%Fibo

1.0396 - 61%Fibo

1.0368 - Invalidation Line

Trading recommendations:

For intraday scalping, place short positions in the range of the 1.0490 - 1.0498 levels with SL just above it and a potential TP at 1.0461 or below at one of the mentioned Fibo levels.

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Elliott wave analysis of EUR/NZD for August 28, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.7341

R2: 1.7274

R1: 1.7218

Current Spot: 1.7182

S1: 1.7143

S2: 1.7081

S3: 1.7042

Technical summary:

Wave ii only corrected 23.6% of wave i. This is what we would call a sub-normal correction for wave ii. It indicates lots of underlying strength on this pair. With wave ii in place already, we will be looking for higher wave iii, at least, towards 1.7859 and, more likely, wave iii will extend higher towards 1.8397. As wave iii is the most likely candidate to extend, this is the wave we will like to participate in for sure. With the very small wave ii we now know, that we can expect a deep and time consuming wave iv, but we will concentrate on that, when the time comes. For now, it is time for the powerful wave iii. A break above 1.7274 confirms next part of wave iii is under way.

Trading recommendation:

Buy EUR at 1.7185 with a stop at 1.6985. After a break above 1.7274 raise your stop to 1.7105. If you are more conservative, wait for a break above 1.7274 and place your stop at 1.7105.

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