Elliott Wave Analysis of EUR/NZD for September 18, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.6348

R2: 1.6304

R1: 1.6274

Current Spot:1.6241

S1: 1.6230

S2: 1.6187

S3: 1.6157

Technical summary:

With the clear break below the support at 1.6247 we knew, that the next important support at 1.6117 is in play. Short-term minor resistance at 1.6274 should protect the upside for the next decline towards 1.6187 and 1.6157 before we hit the cluster of supports near 1.6117. That said, we should be aware that this wave C decline from 1.7274 is loosing momentum fast, and, therefore, a bottom could be found at any time now for the next impulsive rally higher towards 1.7274 and higher in the longer term. However, we need a break above 1.6348 to get the first indication that the bottom is in place, while a break above 1.6420 confirms the bottom and the development of the next impulsive rally higher.

Trading recommendation:

The stop at 1.6200 was hit. Buy EUR at 1.6125 or upon a break above 1.6355 (one order done cancels the other). Place stop at 1.6095.

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Elliott Wave Analysis of EUR/JPY for September 18, 2013 Trend News

Today's Support and Resistance levels:

R3: 133.37

R2: 133.17

R1: 132.64

Current Spot: 132.49

S1: 132.34

S2: 132.10

S3: 131.87

Technical summary:

We are still looking for the break above important resistance at 132.64 to give us the "go" for the next impulsive rally higher towards 133.87 and 138.00 as the next long-term target.

Ideally, resistance at 132.64 will be broken at the next attempt, but as long as it protects the upside we must accept the possibility for a renewed downside pressure towards 132.10 and maybe even lower towards 131.87, but we should not break below 131.87. If we do break below 131.87, we should expect even more downside pressure towards strong support at 130.98. This has become a waiting game and a silent fight between the Bulls and the Bears and we need to be patient and wait for confirmation who becomes the winner.

Trading recommendation:

Stay long in EUR from 132.60 and keep you stop at 130.95. If you are not long in EUR, wait for the break upon 132.64 before buying EUR, with the same stop at 130.95

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Silver near 0.618 Fibonacci support. Trend News

Technical outlook and chart setups:

The metal has dropped/retraced to the 21.50 levels as expected earlier. This level is also the 0.618 fibonacci support of the recent rally from 19.00 to 25.00, as depicted here. A bullish reversal here would confirm the next leg is up towards at least the 27.00 levels and more. As shown here, the support trendline is passing through the 20.00 area at the moment. Till the time prices remain in the buy zone of the support line, it is recommended to buy on dips. Intermediary resistance is seen at the 25.00 levels, while support is at 19.00, followed by 18.00/25 respectively. Hold on to long positions for now.

Trading recommendations:

Remain long for now, set stop below 19.00

Good luck!

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Gold falls further below the 1,300 levels. Support is at 1,270 now Trend News

Technical outlook and chart setups:

The metal has dropped below 1,300.00, clearly breaking the support line extending from the 1,180.00 levels earlier. Long positions has been taken earlier with a stop below the 1,270.00 levels. The immediate support level is at 1,270.00, followed by 1,210.00 and 1,180.00; while resistance is at 1,430/40 respectively. Gold is headed to fresh lows, an exit is recommended at the counter trend rally (the back side of the support line); on the other hand, a bullish bounce back from the 1,275/80 levels now, could still cause the revival of bullish trend. Watch out for a reaction around 1,270.00 to take cues of further action; the beginning of a bearish trend cannot be ruled out yet.

Trading recommendations:

Remain long with stop below 1,270.00. If stopped out, start selling on rallies.

Good luck!

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EURJPY ahead of major resistance at 133.80/134.00 Trend News

Technical outlook and chart setups:

As depicted here, the currency pair has broken out the triangle resistance earlier, and is presently testing the back side around 132.00/50, which should act as support now. It is recommended to hold long positions for now, expecting a push towards resistance at the 133.80/134.00 levels. Immediate support is at 130.00 followed by 128.00 and 125 respectively. Normally, triangle breakouts are powerful towards the breakout direction (in this case north), but not the case this time. Nonetheless, implications should be bullish till prices remain above the line of resistance.

Trading recommendations:

Remain long for now. Stop is below 130.00.

Good luck!

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GBPCHF is stalling at resistance. Exit long positions Trend News

Technical outlook and chart setups:

The currency pair seems to be stalling at intermediary resistance level around the 1.48 levels as depicted in the daily chart. It is recommended to book profits on long positions taken earlier for now. The major resistance is at the 1.5 levels while the intermediate support is at 1.42, followed by the 1.4 levels respectively. A push above the 1.48 levels could take it towards 1.49, while a failure would be seen at least at the 1.45 levels. The major fundamental event is awaited before the next direction is decided, the FOMC to be out tonight. Technical implications favor downside from here on.

Trading recommendations:

Book profits on long positions. Aggressive traders can initiate short positions with stop above 1.4850.

Good luck!

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Gold Elliott wave analysis for September 17, 2013 Trend News

Gold, as expected by our analysis, completed wave ((4)) yesterday and made a new low to complete 5 descendant waves with the beginning at 1,393. Now we expect another sideways wave 4 formation at a bigger degree that could push the prices even to 1,340. Our bearish view, however, still holds expecting a new lower low below 1,300 to complete 5 downward waves starting from 1,415.

The trend remains downward and the short-term support is found at 1,316. Making, at least, a one-hour candlestick below that level will push prices towards the lows again. Our view remains bearish as long as prices trade below 1,360. The short-term resistance is found at 1,326 and then at 1,335-40. The short-term support lying at 1,316 will push prices towards 1,300-1,298 after it is broken.

The wave pattern continues to unfold downwards in an impulsive manner confirming our view that the low at 1,270 will most probably be broken. The trend remains downward, thus, we remain biased to be short. Bulls do not want the support level of 1,300 to be broken, as this will put a 1,270 low in danger. On the contrary, bulls want prices to test the resistance level of 1,350-60. Concluding we continue to prefer short positions as prices trade below 1,360, targeting 1,280 at least.

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USD/CAD H1 Analysis for September 17, 2013 Trend News

General overview for 17-09-2013 09:30 CET

It looks like the red rectangle area of weekend GAP has been closed as it was mentioned yesterday.

The black channel is an acceleration channel for an alternate count, so if this count is right one, then the price should not break above it. The confluence of levels for black channel, GAP and Weekly Pivot is 1.03364. Only this level breakout would expose Intraday Supply for a test and maybe even golden descending trendline.

On the other hand, the Intraday Support level of 1.0304 should hold, otherwise the price might test the recent lows.

Support/Resistance:

1.0255 - WS1

1.0281 - Intraday Low

1.0304 - Intraday Support

1.0336 - Weekly Pivot

1.0350 - Wave b high

1.0359 - WR1

1.0366 - Intraday Supply

Trading recommendations:

Higher time frame count is a Triangle and bias is to the upside as long as no new low is made. For intraday scalps:

- long entry for a break out of 1.0336 with tight SL and TP at 1.0360

-short entry for a break out of 1.0304 with tight SL and TP at 1.0281

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