Elliott Wave analysis of EUR/NZD for September 26, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.6542

R2: 1.6473

R1: 1.6407

Current Spot: 1.6392

S1: 1.6368

S2: 1.6329

S3: 1.6302

Technical summary:

We saw a attempt top break clearly above resistance at 1.6380, but it was not successful, instead we are seeing a consolidation just around this resistance, but it should only be a matter of time, before we will see the next rally higher. In the short term we will see a slight downside pressure as long as minor resistance at 1.6407 protects the upside, which could cause a move towards 1.6329, but from here or upon a break above 1.6407 the upside is open again for the next rally higher towards strong resistance at 1.6542.

Trading recommendation:

Stay long in EUR from 1.6275 and move your stop higher to 1.6255. If you are not long in EUR, buy near 1.6329 or upon a break above 1.6407 (one order done cancels the other), with the same stop at 1.6255.

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Silver consolidates for now. 21.00 remains key Trend News

Technical outlook and chart setups:

The metal is consolidating in a small range just ahead of 21.00 level. A break down here would warrant further weakness in the counter towards the 20.00 region. On the flip side, a rally past 22.00 would run up into mid 24.00 before deciding further moves. Intermediary resistance is at 23.50, followed by 25.00 on the higher side, while support is at 21.00, followed by 19.00 level respectively. It is recommended to remain long for now, with a stop just below 21.00 level in anticipation for a wave 3 rally into 24.00 level, before deciding to move further.

Trading recommendations:

Remain long, stop is below 21.00, and target is open.

Good luck!

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Gold might be forming intermediary support at 1,290.00 Trend News

Technical outlook and chart setups:

The metal is virtually unchanged since last 2-3 sessions and is moving in a tight range 1,320/30 region. A push above 1,330.00 would confirm that the metal would want to retest the backside of support line, which is acting as resistance now into 1,400 level. On the flip side, a break of 1,290.00 level would confirm that a meaningful top is formed at 1,440.00 and a subsequently at 1,370/80. In the latter scenario, our trading strategy would change to selling on rallies. For now, it is recommended to remain long with risk just below 1,270.00.

Trading recommendations:

Remain long, stop is below 1,270.00, and target is at 1,405/10.

Good luck!

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EurJpy consolidating. 131.75 support Trend News

Technical outlook and chart setups:

The single currency pair is consolidating/forming base at the following convergence depicted on chart view:

1. Recent support trend line.

2. Fibonacci 0.618 retracement of the latest upswing around 132.50.

3. Past resistance turned support region.

A bullish reversal signal appearance here, would warrant that the pair is heading towards fresh highs above 135.00 level. Immediate support is at 131.75, while resistance is at 134.80/135.00 respectively. Looking for a bullish reversal.

Trading recommendations:

Remain long, stop is at 131.50, and target is open.

Good luck!

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GbpChf remains unchanged around 1.46. Remain long Trend News

Technical outlook and chart setups:

The single currency pair remains virtually unchanged from yesterday. It is recommended to remain long for now, keeping risk below 1.4500 from here on. Immediate resistance level is 1.48, while support begins from 1.42, followed by 1.4070 respectively. Please note that strong resistance is seen at 1.49 level, re-enforced by the Fibonacci 0.618 retracement level of the entire down swing from 1.54 to 1.4. The recent lows formed around 1.4550 level is also re-enforced by past resistance turned support. High probability remains for a possible last leg rally into 1.49, before reversing. Looking higher for now.

Trading recommendations:

Remain long, stop is below 1.45, and target is at 1.49.

Good luck!

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#USDX analysis for September 25, 2013 Trend News

The Dollar Index has broken outside of the downward sloping trend channel. However, the break out has not been accompanied by an upward impulsive move. The move is a sideways pattern with overlapping structure and no clear trend. The pattern looks more like a bearish flag ready to break downards.

The Dollar Index currently trades at 80.50 having tested yesterday our resistance at 80.65, but not being able to break impulsively above it. Support is found at 80.45. If broken then the bearish flag pattern will have given a sell signal with 80.20-80 as target.

The above chart shows how prices have moved outside of the downward sloping channel. This is a good sign for the bulls. But there is no upward impulsive move. The prices did not even manage to break above 80.65. We remain bearish biased as long as the prices stay below 80.65 with 80.20-80 as target.

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Gold Elliott wave analysis for September 25, 2013 Trend News

Yesterday Gold managed to break above the 1,329 resistance but it got rejected. Gold has most probably made 5 waves up from the low of 1,305 and we expect a small pullback towards 1,315 to take place. We are bullish as long as the prices trade above 1,305. It is important to note the important resistance and support levels but also to make a good position and risk management when it comes to this bullish view. We are going to enter the minimum position possible long near 1,315 with 1,305 stop and will add to this position if the prices break above 1,330.

This way we are going to take part in the bullish move upwards if the prices confirm our view and move towards 1,330. But if Gold breaks our stop level then we would have risked a minimum position. If our view proves correct, then the resistance at 1,330 will break and we will add to our long position. Our initial target, if resistance at 1,330 is broken, is the 1,375 high and then 1,390-1,400.

Gold seems like it has found support above 1,300 and we could soon expect an upward move. We are cautiously bullish near 1,315 with stop at 1,305.

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Elliott Wave analysis of EUR/NZD for September 25, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.6507

R2: 1.6451

R1: 1.6389

Current Spot: 1.6372

S1: 1.6311

S2: 1.6255

S3: 1.6227

Technical summary:

What should have been the final decline to a new low near 1.6011 turned out to be a fifth failure, with a low at 1.6089 and we have now begun a new major rally. The first major target for this rally is at 1.7475. Of cause we will meet resistance as we move higher towards 1.7475 the first coming in at 1.6389 followed by resistance at 1.6542 (38.2% of wave C); 1.6682 (50% of wave C) and 1.6821 (61.8% of wave C). As long as resistance at 1.6380 protects the upside we could see a decline towards 1.6230 before the next move higher, but once resistance at 1.6380 breaks we should see an acceleration higher. At this point only a break below 1.6089 will invalidate the bullish outlook.

Trading recommendation:

The stop (for a small loss) + revers of the short position to a new long position was hit at 1.6275. The new stop for the long EUR position will be placed at 1.6085.

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