Silver remains bullish above the 21.00 levels Trend News

Technical outlook and chart setups

There has not been much change in the metal since last few trading sessions. A tight consolidation setup is seen here, with the 22.00 levels as bullish breakout and 21.00 is seen as bearish breakout respectively. It is recommended to remain long positions taken earlier, the risk remains at the 21.00 levels. Initial resistance is seen at 23.50, followed by the 24.50/25.00 levels, while support is seen at 21.00, followed by the 19.00 levels respectively. Please, note that prices have found support at the fibonacci 0.618 support, of the recent upswing between 19.00 and 25.00 around the 21.40/50 area before going into consolidation, hence, bullish reversal stands to be more probable.

Trading recommendations:

Remain long for now, set stop below 21.00, target is open.

Good luck!

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Gold is poised to rally towards the 1,410.00 levels Trend News

Technical outlook and chart setups:

The metal has consolidated within a tight range recently, but initial support at 1280.00 is intact. As depicted here, the metal should be poised to rally, at least, to the 1,410.00 levels, which are still resistance-faced at the back of the support line. It is recommended to remain long for now and also look to add further positions, risk is 1,270.00. Intermediary resistance is 1,380.00, followed by 1,410.00 and 1,440.00, while support is 1,270.00 for now. The probability of printing fresh lows below 1,180.00 cannot be completely ruled out yet, but at the same time the reversal should materialize from the 1,410 levels. Looking higher at least till 1,410.00.

Trade recommendations:

Remain long, set stop at 1,210.00, target 1,405/10.00

Good luck!

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EURJPY tests support ahead of 131.50. Remain long for now Trend News

Technical outlook and chart setups:

The currency pair has just tested the 131.50 levels, before bouncing back sharply. As shown here, the short-term support trendline has been broken and the pair has bounced off just ahead of the intermediary support trendline passing through the 131.50 area now. It is still recommended to remain long with risk below 131.50. Initial intermediary resistance is at 133.75/134.00, followed by 134.80/135.00, while support is at 131.50, followed by 129.00 and 128.00 respectively. Looking into other JPY crosses, it looks that bottom formation is in process for the next upside rally here; stay long.

Trading recommendations:

Remain long, place stop below 131.50, target is open.

Good luck!

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GBPCHF long positions can be held above 1.4550 Trend News

Technical outlook and chart setups:

The currency pair has been consolidating lately between the 1.4550-1.4650 levels. As depicted in the chart, this area is also re-enforced by the past resistance turned support. Initial resistance is at the 1.48 levels, followed by 1.5, while initial support is at 1.42, followed by the 1.40 levels as discussed earlier. It is recommended to remain long for now and also look to add further positions ahead of the 1.4550 levels. The initial extensions are pointing towards the 1.49 levels in the Daily chart. Please, also note that the 1.49 level is the fibonacci 0.618 retracement of the entire downfall from the 1.54 levels to 1.4. We expect major reversal from those levels. Looking higher for now.

Trading recommendations:

Remain long for now, set stop below 1.4550, target is at 1.4900

Good luck!

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#USDX Analysis for October 1, 2013 Trend News

The impulsive move downwards finally unfolds as expected. The bearish flag and the rejections at the 80.65 resistance that we noted in the previous posts finally paid off our patience. The index fell to new lows as its major component EURUSD has made new short-term highs. The index is heading towards 79.50 and clearly the trend remains downward.

The short-term resistance is now found at 80.31 and at 80.70. Support is found at 79.75 and 79.50. We remain bearish as this leg down is starting and we believe it can reach in the longer term the 79-78 level.

The picture is clearer in the daily chart. The downtrend never ended just paused and as expected by the bearish flag formation prices start falling in an impulsive pattern to new lows. Investors should not have open long positions as all stops were hit for bulls and the trend remains downward with no signs of a trend reversal. We remain short with 80.31 as our first stop.

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Gold Elliott wave analysis for October 1, 2013 Trend News

Gold is trading within an upward sloping price channel, but the entire upward move from 1,304 is not impulsive. There are many overlapping price movements in this channel and the most possible scenario is that this upward move is just a correction. Strong resistance is found at 1,345 and 1,360. The support at 1,320 is important as it was tested yestreday and prices did not break below it.

The above chart shows the short-term uptrend, but we feel it is a fragile uptrend. The breaking below 1,320 will test 1,300 and then 1,270. Bulls will need to stay above 1,320 and then try and break above this channel and test the last high at 1,375.

Currently, we are cautiously bullish as long as prices trade above 1,320. This price level could be used as a stop reverse, as it is important support. On the other hand, long positions should be held as long as support holds and traders should add to longs if prices break above 1,345 and 1,360. Confirmation will come with the break above 1,375 that will push prices towards 1,400.

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USD/CAD H1 Analysis for October 1, 2013 Trend News

General overview for 01/10/2013 08:30 CET

Currently, there is some indication that Running Flat wave 2 violet might be finished here and the price has developed the first wave to the upside.

The alternate count, however, points out the possibility of a little more extended wave b green in the shape of Irregular Flat.

So, currently this all depends where wave (ii) green will retrace and what low/high will be taken out first:

- if the high of 1.0327 is taken out first, then the main count is in play,

- if the low of 1.0273 is taken out first, then alternate count is in play.

Due to a higher time frame the unfinished cycles bias is to the upside.

Support/Resistance:

1.0379 - WR2

1.0344 - WR1

1.0332 - 1.0347 - SUPPLY ZONE

1.0307 - Weekly Pivot

1.0285 - Intraday Support

1.0274 - WS1

1.0261 - Technical Support

1.0236 - WS2

Trading recommendations:

The price is in the middle of the range, so it is recommended to wait for some kind of a breakout (upside/downside) and then enter the market accordingly.

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