Elliott Wave analysis of EUR/JPY for September 4, 2013 Trend News

Today's Support and Resistance levels:

R3: 131.95

R2: 131.60

R1: 131.28

Current Spot: 131.12

S1: 130.94

S2: 130.70

S3: 130.56

Technical summary:

We are still looking for a rally towards 131.95 as the most likely target for this first impulsive rally of the 129.30 low. The short-term correction we expected turned out to be a bit more complex, but it should be a matter of time now, before we see a break above 131.28 and more importantly a break above 131.40 to confirm that the last minor wave of this first impulsive rally is developing. The most likely target is at 131.95, but it could extend towards 132.28 and even 132.59 before we should see a minor correction in wave ii towards 130.95.

Trading recommendation:

Stay long in EUR from 130.25 and raise you stop to break even. Place you take profit target at 131.90.

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Silver pullback should be underway. Remain short Trend News

Technical outlook and chart setups:

The metal is in line with Gold movements and a corrective wave 3 should be underway today. It is recommended to remain short with risk above the 25.00 levels for now; which are resistance. The initial downside extensions are pointing towards the 21.80 levels at least. Intermediate support is at 22.50, followed by strong support at 19.20 and lower. The counter rally that begun from the 23.00 sublevels seems to be over now, around 24.50 (which is also around fibonacci 0.618 resistance). Downward extension towards the 21.80/22.00 levels should materialize any moment now.

Trading recommendations:

Remain short, stop above 25.00 (shall be changed soon).

Good luck!

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Gold ripe to fall now. Remain short Trend News

Technical outlook and chart setups:

Gold is preparing for a pullback now. After rallying to 1,410/15 overnight, the metal can be near resistance at the moment, and wave 3 within the overall correction can be under way any moment now. It is, therefore, recommended to remain short for now. Initial targets are pointing towards the 1,335/40 levels. This is the confluence of fibonacci retracements and extensions of upswings and downswings respectively. Furthermore, the rising trendline also passes through the same area as seen here, with the previous resistance turned to support around the 1,345/50 levels. Keeping all the above facts in mind, we can conclude that the metal is heading towards the 1,330/50 area.

Trading recommendations:

Remain short, stop above 1,440 (to be revised soon), target is at 1,350.

Good luck!

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EURJPY looks to consolidate/retrace before rallying further. Trend News

Technical outlook and chart setups:

4H chart shows that prices have been out of the cone consolidation for a while now, and may be looking to retrace, before inching towards 133.00 and higher levels. It is recommended to remain long and also look to buy at intraday/interday dips from here on. Resistance levels are 132.50 and 132.80; while support is at 129.25, followed by 128.00 and lower levels. At the moment, prices are looking to consolidate either sideways or a minor pullback towards the 130.50 levels before rallying further. Remain long for now.

Trading recommendations:

Remain long, stop at 129.00, target is open.

Good luck!

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GBPCHF rally gains momentum. 1.4200 is support. Remain long Trend News

Technical outlook and chart setups:

The currency pair rose towards the 1.46 levels as it had been discussed and expected earlier. It is strongly recommended to remain long and add positions on dips. Bulls now clearly want to challenge the 1.48 levels and later 1.5. Both areas were proven to be strong resistance earlier. Support is strong now at the 1.42 levels, followed by 1.4 and lower. Furthermore, the price exceeded the falling down trendline as depicted here. This is confirmation that bulls are in control and want to push through the previous resistance levels. The near-term extensions are pointing towards the 1.49 levels at least.

Trading recommendations:

Remain long, add further on dips, stop at 1.42, target is 1.49.

Good luck!

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Gold Elliott wave analysis for September 3, 2013 Trend News

Gold prices have found very strong resistance to break at 1,395, as it was expected, and now turning lower towards the recent low at 1,372. Yesterday, we bought at 1,380 and sold again at 1,393 with a target at 1,370-75. Prices trade below the trendline resistance and our heading towards the 38% Fibonacci retracement. We expect that if the low is broken, prices will head towards the 50% and/or the 61,8% Fibonacci retracement.

The downward move is strong as any try to bounce is met by more selling. Trend is downward and we believe that 1,370 is going to be tested. 1,380 is short-term support and 1,400 is short-tem resistance. Breaking below 1,380 will make us more confident that 1,370 is going to be tested. If 1,370 is broken, then we expect prices to move towards 1,350.

The daily chart above shows that prices are heading towards the upward sloping blue trendline. 1,350 is a target, if prices touch the support trendline. Our view at 1,430 that prices have topped and that it was time for a pull back have been confirmed. Breaking below this blue trendline will put in danger the longer-term bullish trend in Gold. For now, we remain short as long as prices trade below 1,400 and 1,395 with 1,350 as a target.

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