Elliott Wave Analysis of EUR/NZD for October 3, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.6515

R2: 1.6473

R1: 1.6430

Current Spot: 1.6382

S1: 1.6366

S2: 1.6336

S1: 1.6316

Technical summary:

The decline from 1.6492 became deeper than expected. The deep decline did take some of the immediately bullishness out of the picture, but, overall, we are looking for support at 1.6336 to protect the downside from a break above 1.6430 and more importantly a break above 1.6515, which calls for an impulsive rally higher towards 1.7000 and 1.7275 in the longer term.

The risk is a break below 1.6336 which will delay the upside pressure for a decline towards 1.6219, but that is not the preferred outcome.

Trading recommendation:

The stop at 1.6380 was hit for a profit. Look for a new EUR buying opportunity. Buying at 1.6366 or upon a break above 1.6398 (one cancels the other) with a stop at 1.6315.

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#USDX Analysis for October 2, 2013 Trend News

The Dollar Index has completed 5 waves down from 80.65 and is now making an upward corrective bounce. Short term trend remains down as long as prices trade below 80.65-70.

Prices have reached the 50% retracement after making a new low as expected near 79.85. If the short-term price action moves above 80.25, then we could see an upward move towards 80.35 or 80.45, where the next two important Fibonacci retracements are. However, it is also very possible that the entire upward move is finished, and a new downward leg is starting with targets near 79. For this to happen, the support at 79.95 should break.

On the daily chart nothing much has changed. The trend remains downward and we should expect to see below the 79 level in the coming weeks as long as it trades below 80.65. If 80.65 is broken upwards, we should expect the move to reach 81.50-82. Concluding, we remain short as long as prices trade below 80.65. We will change to long if prices break that resistance level with the 82 target.

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Gold Elliott wave analysis for October 2, 2013 Trend News

Gold was trading in an upward sloping sideways channel with an overlaping pattern that we noted yesterday. We also noted that this upward move could be a corrective pattern if the support at 1,320 was broken. Our next target would be at 1,300-1,290 if support was broken and this is exactly what happened. Support levels failed and the precious metal tested the 1,272 lows by reaching near 1,277.

The cuurent pattern is bearish as a new low below 1,291 was made yesterday initiating a pattern of lower lows (1,304-1,277) and lower highs (1,375-1,350). This pattern combined with the fact that the upward moves were overlapping thus corrective and the downward moves impulsive, makes us confident that the bigger downward trend is in force once again and we should expect more downside pressures.

In the daily chart a bearish pattern is being formed. A head-and-shoulder pattern is being formed and the neckline support at 1,275-80 if broken could justify a move to new lows towards 1,140. We are bearish as long as prices trade below 1,350. The short-term resistance is found at 1,305 and 1,325. It would be good for bears that the precious metal does not test those resistance levels, but, on the other hand, it would be great to see the neckline support break. Support is found at 1,275-80 by the neckline. If this support fails, the road towards 1,140 is open and we should expect a sharp decline towards that level.

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EUR/JPY H1 analysis for October 2, 2013 Trend News

General overview for 02/10/2013 08:30 CET

Overlaping price action and lack of impulsive wave development might suggest that alternate count could be in charge IF the low of the wave (i) OR A green is taken out.

The level of 131.62 is very important for overall wave progression and important support levels, so please keep an eye on that level.

The Expanding Leading Diagonal might be invalidated if the price breaks out to the downside, below the 131.62 level, because this would be first clue that alternate count is in charge here.

Next support level for this pair is at 131.00 (green triangle line support) and then 129.91 level (technical support).

Support/Resistance:

129.91 - Technical Support

131.00 - Green trend line support

131.62 - 131.74 - Techncial Support Zone

132.32 - Intraday Resistance

132.48 - Weekly Pivot

Trading recommendations:

If 132.61 is broken to the downside, further short positions should be in play. Entry should be on a TEST MOVE FROM THE DOWNSIDE as close as possible to the 132.61 level with tigh SL. Potential TP levels are 131.00 and 129.91.

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USD/CAD H1 Analysis for October 2, 2013 Trend News

General overview 02/10/2013 08:30 CET

The price development is pointing to the upside and the current wave progression indicates that wave (iii) is developing.

To confirm this movement, the 1.0350 level must be taken out. Then, the next resistance for the price is WR2 at 1.0379.

Support provides the 1.0335 level.

Momentum on AO oscilator is increasing and no divergence is presented yet.

Support/Resistance:

1.0379 - WR2

1.0245 - WR1

1.0338 - 1.0350 - SUPPLY ZONE

1.0335 - Intraday Support

1.0307 - Weekly Support

1.0274 - WS1

1.0236 - WS2

Trading recommendations:

As long as intraday support level holds, long positions should be in play with tigh SL and potential TP at 1.0379.

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Gold tanks but 1,270.00 still intact. 1,350/52 is hurdle now. Trend News

Technical outlook and chart setups:

The metal fell below the 1,290.00 levels yesterday on the backdrop of U.S Government shutdown, but the technical support of 1,270.00 remains intact. In 4H chart it is depicted a tweezer bottom formation and that the metal should be poised to rally from current levels. It is still recommended to remain long, till prices are above the 1,270.00 levels. A break there would change our trade strategy to sell on rallies. For now, support is 1,270.00; while resistance is at 1,350.00, followed by 1,375.00, 1,410 and 1,440.00 respectively. A break higher of the sloping downward trendline and subsequently 1,350.00 as depicted here, would be extremely bullish for the counter.

Trading recommendations:

Remain long with stop just below 1,270.00

Good luck!

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GBPCHF finds Resistance at 1.47 for now. Exit longs Trend News

Technical outlook and chart setups:

The currency pair seemed to find interim resistance at the 1.4700 levels yesterday. An engulfing bearish formation is underway at the moment in daily chart. It is, therefore, recommended to quit long positions now. Aggressive trade setups would be to go short with stop at the 1.4750 levels. This looks like a bearish leg in a corrective form that could last potentially towards the 1.4350 levels. Interim resistance is 1.47, followed by 1.47 and 1.5; while strong support remains at 1.42 and 1.40, respectively. Please note that the back side of the downward trendline, which acts as support now, could be tested before the next rally higher. Looking lower fin the short term.

Trading recommendations:

Exit long positions. Aggressive trade setup to go short, set stop at 1.4750/60, target is at 1.43.

Good luck!

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