Elliott Wave analysis of EUR/JPY for Spetember 6, 2013 Trend News

Today's Support and Resistance levels:

R3: 132.14

R2: 131.48

R1: 131.16

Current Spot: 131.07

S1: 130.86

S2: 130.64

S3: 130.26

Technical summary:

Wave i of the new impulsive rally ended at 132.14 and was followed by an zig-zag wave ii correction. This wave ii correction is still ongoing to minor resistance at 131.16 and more important resistance at 131.48, which protects the upside. As long as these resistance levels protect the upside we will be looking for one last decline closer to our target at 130.64. That said we have to remember, that this is a wave ii correction and the second waves are allowed to correct all of the first wave, but it can never break below the starting point of the first wave, which in this case is at 129.30. However, once we have seen a test of support at 130.64 or a break above 131.48 we are looking for a new powerful rally higher, at least, towards 133.48 and more likely 135.24.

Trading recommendation:

Our stop at 131.25 was hit first for a nice profit. Buy EUR again at 130.75 or upon a break above 131.48 and place stop at 129.29

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Elliott Wave analysis of EUR/NZD for September 6, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.6806

R2: 1.6744

R1: 1.6654

Current Spot: 1.6586

S1: 1.6582

S2: 1.6485

S3: 1.6409

Technical summary:

This wave ii correction has proven to be a harder nut to crack than expected. Once again we have taken out what could be the final low and once again we had to adjust our short-term count. Once again we could be at the low for this wave ii correction, which now has corrected 70.7% of wave i. However, the second waves are allowed to correct the whole wave i, but can never break below the starting point of wave i, which in this case is at 1.6325. Again we see a possible hidden divergence, but it could also be a warning that we still have more downside moves to come. To end this wave ii correction we need a break above the resistance at 1.6651 and more importantly a break above 1.6806. A break above the latter will confirm that wave ii has finally come to the end and wave iii is moving higher, at least, to 1.7968.

Trading recommendation:

If you are long from 1.6752, stay long, otherwise buy EUR upon a break above 1.6651 with a stop at 1.6325 expecting to be able to raise you stop higher soon.

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Gold Elliott wave analysis for September 5, 2013 Trend News

Gold prices fell sharply yesterday as expected after topping 1,415. Support at 1,400 failed and prices fell sharply below the recent low at 1,384 confirming that trend is down. Now trading at 1,388, we expect downward pressures to continue towards 1,360.

The short-term resistance is found at 1,395. If this resistance is broken upwards we could see a move towards 1,405. Important resistance is the recent high at 1,415. We do not think prices will manage to break that level. We expect prices to continue their pattern of making lower lows and lower highs. Next important support is 1,372.

If the 1,372 support is not broken and if there is no higher high above 1,415, then we could very well be inside a sideways triagnle. It is too early to confirm this scenario but until then we will remain bearish with 1,415 as stop. Our first target still remains at 1,350-60 area specially if 1,372 is broken. The longer term trend however remains bullish as no upward channel has been broken and all our automatic indicators still are green. This downward move could very well just be a small correction. In the next few sessions things will get clearer.

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#USDX Analysis for September 5, 2013 Trend News

The Dollar Index after having topped 82.55, has now made an initial pull back towards the 23,8% Fibonacci retracement and is now re-testing the highs. We do not think the correction is over and we believe there is more downside to come.

The short-term resistance is found at 82.50-60 and short-term support is found at 82.25 and 81.95. We believe that prices are going to end the downward correction near the 38% Fibonacci retracement. The move from the lows at 80.75 is a three wave upward pattern and we now need the 4th wave correction to come and then the 5th wave to end an impulsive move from the lows. The alternative scenario will be that prices have already topped as the three wave pattern looks complete. So the alternative implies that we will not see higher prices than the recent high.

Prices have retraced the 38% of the entire decline from 84.75 to 80.75 and this shallow retracement also coincides with the strong resistance found at 82.50. As it was said above, you can see in the daily chart above that the upward pattern is in three waves now. The next couple of sessions will clear things up regarding which scenario will prevail. Concluding we are slightly bearish below 82.60 with 81.90-82 as a target.

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