Elliott Wave analysis of EUR/NZD for September 5, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.6847

R2: 1.6799

R1: 1.6750

Current Spot: 1.6697

S1: 1.6674

S2: 1.6625

S3: 1.6572

Technical summary:

As minor, but important, resistance at 1.6933 had protected the upside from a break below support at 1.6801 we had to change our short-term count slightly (see the 15-minute chart below). With the decline to 1.6625 (deeper than expected) we have seen a 61.8% correction of wave i and wave c of the expanded flat correction has become 3 times longer than wave a. In the short-term, we will need a break above 1.6750 as the first indication, that wave ii could be over, but it will take a break above 1.6933 to confirm that wave ii is indeed over and wave iii is developing for a rally higher towards at least 1.8037 and possibly higher. However, as long as minor resistance at 1.6750 protects the upside we could see a slightly deeper correction in wave ii, but we are very close to a bottom now.

Trading recommendation:

Our stop at 1.6801 was hit. Buy EUR at 1.6590 or upon a break above 1.6750. Place stop at 1.6320 expecting to be able to raise your stop quickly.

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Elliott Wave analysis of EUR/JPY for September 5, 2013 Trend News

Today's Support and Resistance levels:

R3: 132.59

R2: 132.28

R1: 131.95

Current Spot: 131.50

S1: 131.38

S2: 131.02

S3: 130.64

Technical summary:

We have seen the expected short-term rally towards the first target at 131.95. We have not hit 131.95 yet, but we still think, that there will be one more rally towards 131.95 before this wave i is over and wave ii takes over in a correction of wave i towards 130.95 and maybe even 130.64 before we can expect the next impulsive rally in wave iii towards at least 133.09. However, for now we should focus on pinpointing the top of wave i, which likely will be at 131.95, but with a possibility of extending higher towards 132.28 and even 132.59 before the wave ii correction takes over.

Trading recommendation:

Stay long in EUR and move your stop higher to 131.25 and take profit at 131.90. When the stop or the take profit is hit place a new order to buy at 130.75 with a stop at 129.30.

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Silver resumes pullback. Remain short. Trend News

Technical outlook and chart setups:

Silver resumes the third wave down as expected yesterday. Modest extensions are pointing towards 21.70/80. The fibonacci 0.618 level is passing through 21.45/50 as well. It is recommended to remain short for now, and also move risk to break even levels. Intermediary resistance is at 24.50, followed by 25.00; while intermediary support is at 23.00, followed by 22.30 respectively. A push below 23.00 would confirm bearish expectations towards 21.40/50. Furthermore, it is also possible that prices fall till 20.50/21.00 levels, where the rising trendline is passing through.

Trading recommendations:

Remain short for now, move risk to breakeven levels, target is at 21.40/50.

Good luck!

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Gold resumes downleg towards 1,330/50. Remain Short Trend News

Technical outlook and chart setups:

As discussed and expected yesterday, the metal resumes its third downward wave towards 1,330/50, as depicted here. The rising trendline is also passing through 1,340.00 area at the moment. Moreover fibonacci retracement/extension confluences are around 1,335/50; and the past resistance turned support area is also passing through 1,348/50. Looking at all these facts, it is recommended to remain short for now, but plan to book profits ahead of the confluence later. The overall structure indicates a bounce, which would push prices higher to new levels again. On the flip side, a break of the 1,270.00 levels would delay matters again.

Trading recommendations:

Remain short for now, move stop to break even levels, target is at 1,350.00

Good luck!

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EURJPY needs a push above Resistance line Trend News

Technical outlook and chart setups:

The structure remains quite simplified at the moment, with the currency pair consolidation within the cone structure. As depicted here, prices are bouncing off the resistance and support lines; which are passing through 132.00/20 and 129.50 at the moment. It is recommended to remain long with risk just below 129.00 as a push above 132.00 would confirm bullish breakout. Higher, resistance is placed at 132.50 and 133.80/134.00 while support is at 129.00, 128.00, 125.00 and lower respectively. Looking to push higher for now.

Trading recommendations:

Remain long, stop at 129.00.

Good luck!

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GBPCHF rally continues. Book partial profits and move risk to breakeven Trend News

Technical outlook and chart setups:

The currency pair looks to be heading steadily towards measured extension levels at 1.49, as depicted in the chart. It is still recommended to book partial profits on long positions taken earlier and also move risk/stop to breakeven levels. Immediate resistance is at 1.48, followed by 1.5 while support is around 1.42 and 1.4 respectively. Prices are comfortably into the buy zone of the sloping down trendline, which was acting as resistance and as support now. By all probabilities, a back test of the resistance line is possible before the rally continues. Any dips would be opportunity to enter long again.

Trading recommendations:

Book partial profits, remain long for the rest and move stop to breakeven.

Good luck!

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Gold Elliott wave analysis for September 4, 2013 Trend News

Gold broke our short-term resistance at 1,395 yesterday and signaled that a bounce was coming. Prices moved higher towards 1,415. This price is in the middle between the 61,8% and 76,4% Fibonacci retracement from the highs to 1,372. This is a place where the rally is expected to pause and the downtrend to resume.

Prices are expected to make a new low in the intermediate term towards 1,350-60. The resistance at 1,420-30 is very strong and we do not believe that it is going to be broken upwards. Instead, we believe that prices are heading lower with the first short-term support at 1,400. If this support fails, then we should see prices to go towards the support level of 1,385. If that support fails too, then we should see our target of 1,350-60.

The upward price pattern is corrective. Prices have risen towards 1,415 in three waves, a pattern that suggests upward correction. The trend remains down unless there are bullish signals. Such bullish signals will be a 5 wave upward move and a break above 1,421. Concluding, we remain bearish with final target at 1,350. Stop for bears is at 1,421. Prices are starting to fall down in an impulsive pattern as we can see in the 1 hour chart prices have already completed 5 waves down from 1,415.

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