Silver takes out immediate resistance at the 22.00 levels. Trend News

Technical outlook and chart setups:

The metal has raised past 22.00 levels for now and is expected to push higher through 22.20/30 region as well soon. It would be recommended to buy on dips after that; keeping stop at the 20.00 levels. The following convergences are found at 20.50 region:

1. The fibonacci 0.786 support region of the rally between 19.00 and 25.00.

2. Rising trendline support.

3. Past Resistance Turned Support Region.

4. Bullish Bounce.

Till the time 20.50 remains intact, bulls would attempt to take out lined up resistance levels at 23.40, 24.00 and 25.00 levels on the higher side.

Trading recommendations:

Flat for now; buy on dips after 22.20/30 breaks.

Good Luck !

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Gold immediate resistance is at 1,350. Bullish above it Trend News

Technical outlook and chart setups:

As it is seen here, the metal has recently bounced off the 0.618 support region at 1,277.00 recently. The past support of 1,270.00 remains intact as well. It is, therefore, recommended to remain long in the counter with stop at 1,270.00. Also note that resistances are lined up from 1,350.00 levels, followed by 1,385.00, 1,410 and 1,440; while immediate support is 1,270.00 respectively. A push through 1,350.00 region would be bullish again, and a rally towards 1,500.00 can be expected. On the flip side, a fall below 1,270.00 levels, would bring full control again with bears, trying to push it further towards fresh lows below 1,180.00.

Trading recommendations:

Remain long above 1,270.00.

Good luck!

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EURJPY bounces of support line at the 131.40 levels. Remain long Trend News

Technical outlook and chart setups:

The currency pair has bounced off right at the trendline passing around the 131.40 mark, just within the 131.50 area. If stopped out, it is recommended to remain long again, with a stop of 131.10/20 again. The following convergences can be seen occurring here:

1. Rising trendline bounce.

2. Fibonacci 0.618 support region passing through.

3. Past resistance turned support region.

4. Morning Star Appearance.

Trading recommendations:

Remain long, stop is at 131.10, target is open.

Good luck!

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GBPCHF pullback is on track. Expect the 1.4370/50 levels Trend News

Technical outlook and chart setups:

The currency pair has broken the past 1.4550 levels, as depicted in Daily chart. It is recommended to remain short with risk above the 1.47 levels. Immediate resistance is now at 1.47, followed by 1.48 and 1.5; while support levels are 1.4200, and 1.4 respectively. As it is seen here, the extension lines are spreading towards the 1.4370 levels at least; where the back side of the falling trendline and intermediary support trendline are converging as well. At the moment, we could consider the fall as retracement, and till the time prices are ahead of 1.42, a bullish bounce is expected. If prices fall back below the down trendline, only then scenario would change.

Trade recommendations:

Remain short for now. Stop is at 1.4750, target is at 1.4380.

Good luck!

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#USDX Analysis for October 3, 2013 Trend News

Our analysis for the last few days has noted that the trend remains downward and unless a break above the 80.65 resistance is made, new lows towards 79 are the most possible outcome. The Dollar index has completed 5 waves down from 80.28 to 79.74 and we now expect a pullback towards at least 79.95 and then the continuation of the downtrend towards 79.

Short term resistance is found at 79.95-80 and intermediate-term resistance that could push prices towards 80.50 is the 80.15 price level, where the downward sloping blue trendline is. Short-term support is found at 79.75-79.80 and then below at 79.45-35. Longer-term support is found at 78.88.

The daily chart continues to confirm that the trend is downward and unless prices move above 80.70 the trend is not changing. We remain bearish biased with targets near 79 as long as this trend continues. The longer-term view is bearish as well since prices have broken out and below the upward sloping channel as shown in the chart below.

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Gold Elliott wave analysis for October 3, 2013 Trend News

Gold has found support in the Head-and-Shoulders neckline at 1,280 and has made an upward bounce above 1,300 yesterday. The upward move from the lows is most probably a corrective bounce after the sharp decline from 1,351 to 1,276.

Gold is currently in an uptrend, but we feel that trend is going to reverse soon downwards. Short-term support is found at 1,309,1,305 and 1,290. Short-term resistance is found at 1,330 and 1,350. We favor taking short positions when support at 1,305 and 1,290 is broken and will certainly add to short positions if the neckline at 1,280-72 is broken and the downward target of 1,140 is confirmed by the H&S pattern.

Bulls, on the other hand, will need to break above 1,355 and break above the downward sloping trendline that is connecting the lower highs from 1,433. Concluding we remain neutral expecting the trend to reverse down again. Once a sell signal is triggered we are going short. Until then we remain neutral. Major bearish signal if prices break below 1,272.

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EUR/JPY H1 Analysis for October 3, 2013 Trend News

General overview for 03/10/2013 09:00 CET

Two scenarios that I mentioned in the beginning of the week are still valid and now I am waiting for more wave development.

It looks like the price is moving in a descendig golden channel and only a breakout in either direction might give more clues about further wave development.

Currently, the price has hit intraday resistance level and channel resistance level as well. Because the move up has been done in three waves, it might jump even higher if this resistance levels are broken and next resistance would be the level of 133.48

Nevertheless, if this resistance levels would hold, the price might test Weekly Pivot level again.

Any price below Weekly Pivot level invalidates the bullish count.

Support/Resistance:

131.41 - 131.62 - DEMAND ZONE

132.12 - Intraday Support

132.47 - Weekly Pivot

132.97 - Intraday Resistance

133.17 - WR1

133.48 - Techncial Resistance

133.98 - Demand Breakthrough Zone

134.93 - Swing High

Trading recommendations:

The short side of the market should be in play from current levels with SL above 133.10 and potential TP at 132.76.

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Wave analysis of the GBP/USD pair for October 3, 2013 Trend News

Wave analysis:

Despite the fact inner wave structure of the fifth wave in 5 looks rather completed, during yesterday’s trading session the GBP/USD pair resumed its growth, having tested the level of 1.6250 in the second half of the day. Meanwhile, there is an alternative in the development of wave structure; its implementation will lead to complication of the fifth wave in 5 and test of the level of figure 63. If this assumption is correct, then at the stated level the currency pair will start dropping, which the indicators that reversed against the trend indicator points.

Targets for down wave:

1.6142 – 200.0% of Fibonacci

1.6051 – 161.8% of Fibonacci

Targets for up wave:

1.6289 – 261.8% of Fibonacci

Summary and trading recommendations:

The British pound continues building of uptrend channel; corresponding changes have been done to its structure. The increase of the quotes continues with targets placed near the level of 1.6289, which is corresponding to 261.8% of Fibonacci in terms of assumed wave 5 in 5. After completion of building of up wave, building of down wave or a series of waves with targets placed near 1.6142 and 1.6051, which is corresponding to 200.0% and 161.8% of Fibonacci start. Upward channel preserves the perspectives of the continuation of upward trend channel. The break of its lower line suggests that the pair is ready to build the down wave.

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