Elliott wave analysis of EUR/NZD for August 30, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.7144

R2: 1.7095

R1: 1.7066

Current Spot: 1.7033

S1: 1.7005

S2: 1.6968

S3: 1.7005

Technical summary:

With a break below 1.6996 we knew that wave ii had not finished yet and that it was expanded flat correction (the top of wave b ended higher than the top of wave a and the bottom of wave c was lower than the low of wave a). An impulsive rally that follows expanded flat correction will be an extended wave, so once wave ii is finished we should expect a very powerful ascending wave iii. In the short term, we are looking for a decline towards 1.6989 and, maybe, even lower - towards 1.6912 as long as resistance at 1.7066 and more importantly resistance at 1.7095 protects the upside. However, a break above 1.7095 indicates that wave c of the expanded flat correction is in place and wave iii has taken over for a rally, at least, to 1.7166 and more likely higher towards 1.7274.

Trading recommendation:

Our stop at 1.6985 was hit. Look for a new EUR-buying opportunity near 1.6912 or after a break above 1.7066 (one done order cancels another).

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#USDX analysis for August 29, 2013 Trend News

The Dollar Index has broken above the short-term resistance at 81.55-65 and is now testing 82. Prices have moved upwards in an impulsive pattern after correcting 61,8% of the initial rise from 80.76 to 81.71. It is breaking above these highs and our bullish target is now at 82.70. The signs are bullish and a longer-term trend reversal is expected to be confirmed.

The extended target for this upward move is near 83, but until then we will remain cautiously bullish with our stop at 81.20. We believe that the trend is changing to an ascenedant one and it can be clearly seen if you look at the daily chart below, where prices have broken upwards and above the downward sloping trendline.

Resistance is now found at 82 and 82.45. Breaking above 82.50 will bring more buyers and could accelerate prices towards 83. We are confident that the trend has changed and that we will not see for some time a break below 81 again for the Dollar Index. The longer-tem target is a new high above 85, but this will be confirmed as long as the upward momentum has power and the price patterns look impulsive (5 wave moves).

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Gold Elliott wave analysis for August 29, 2013 Trend News

Gold has turned down as it was expected by our analysis yesterday from 1,433 to 1,405. We mentioned before that bulls have more to lose at these price levels than bears. The upward move from 1,270 seems complete and we expect, at least, a pullback towards the 38% Fibonacci retracement at the 1,370 price area.

The price broken out below the upward sloping channel and we expect this weakness to continue towards the important support of 1,380-70. For the short term, the price broken our first support at 1,415-12 and are now testing the next support at 1,400. We believe that a downward move starts now and bears should use the highs as stop.

As we mentioned above, the price broken the short term support and are heading downwards. The trend is downward, at least, for the short term and we believe that the tension in US markets will ease and this will bring some sellers for profit taking in GOLD. The downward sloping red trendline is the short-term resistance for Gold, but bears should use the highs around 1,380-70 as a stop and a target. We are bearish and we think it is time for correction.

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