EURJPY at the 133.00 levels. Book partial profits Trend News

Technical outlook and chart setups:

The currency pair bounced off the trendline support at 131.00 lately. Immediate support is at the 128.00/129.00 levels followed by 126.00 and lower. It is recommended to book partial profits on long positions taken earlier and buy further on dips ahead of the 131.00 levels. The extensions are pointing at 136.00 and higher for now. Only a break of the rising trendline would delay matters for bulls. Intermediary resistance is seen at the 135.00 levels for now. Fresh long positions can be taken around the 132.00 levels.

Trading recommendations:

Book partial profits for now, remain long on rest.

Good luck!

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GBPCHF is consolidating. 1.44 Levels Remain best buy Trend News

Technical outlook and chart setups:

The currency pair seems to be consolidating at the moment, before the next rally upwards. As depicted here, 1.44 remains the best buy as the 0.618 fibonacci support and trendline convergences are seen there. It is recommended to hold long positions taken earlier for now. Intermediary resistance is seen at the 1.48 levels, followed by strong resistance at 1.5, while support begins from 1.42, followed by 1.4 respectively. The chart structure indicates that a rally towards the 1.49 levels remain possible till prices are above 1.42. Furthermore, the best buy remains at the 1.44 levels as seen here.

Trading recommendations:

Remain long, buy more at 1.44, stop below 1.43.

Good luck!

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#USDX Analysis for October 14, 2013 Trend News

The dollar index remains supported at 80.25-20. This is a crucial support level that if broken the whole Elliott wave count could change, as there are no impulsive waves with overlaping waves. For now, the wave count we prefer is shown in the first chart below.

We expect prices to have finished wave 4 and wave 5 to be under way. We expect a new high towards 80.80-81 to complete this move that started at 79.64. Short-term support is found at 80.20 and then at 80.05-10. Short-term resistance is found at 80.45-55 that if broken would accelerate the upward move towards 81.

The trend in the daily chart still remains downward, but there are small signs of a trend reversal. The downward trend is being challenged and if 5 waves upwards are completed from the low, then there is high probability to see the index reaching the 81.70-82 area over the coming months. We remain in the short term bulish, as long as prices trade above 79.85.

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Gold Elliott wave analysis for October 14, 2013 Trend News

Gold broke the Head-and-Shoulders neckline on Friday and pushed below the support area of 1,270-80 towards 1,260. Prices are moving downwards in an impulsive pattern breaking support levels and are now back testing the support level at 1,270-80.

The bigger picture remains bearish with 1,200-1,150 as the most probable target area for this downward move is to end. The chart above shows how weak gold is right now. Prices are making lower lows and lower highs and are unable to break above the red downward sloping trendline from 1,433. We remain short-biased and one could add to its short position if prices break below 1,270 with 1,240-50 as a take profit.

The short-term resistance level is 1,277 and then 1,286. The short-term support is found at 1,270 and 1,262. The upward move looks corrective as prices have an overlapping pattern and there is no clear impulsive move upwards. These signs favor the bearish view that there is more downside for gold over the coming days. Expect prices to fall sharply and fast towards 1,200-1,150.

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Elliott Wave Analysis of EUR/NZD for October 14, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.6406

R2: 1.6356

R1: 1.6314

Current Spot: 1.6278

S1: 1.6272

S2: 1.6219

S3: 1.6173

Technical summary:

Important support at 162.19 has been tested and held firm, which leaves us lock inside this messy sideways consolidation. Have we begun a new impulsive rally higher from the 1.6071 low or was the rally from 1.6071 to 1.6515 red wave iv and red wave v lower towards 1.6071 and 1.5872 is ahead of us? At this point we think the two possibilities has a fifty-fifty percent chance and the deciding factor will be either a break above 1.6406 or a break below 1.6219. So for now it is just a waiting game...

Trading recommendation:

We do not like our short position from 1.6255 very much, but we will protect ourselves with a close stop stop lower to 1.6290 to minimize a possible loss. If our stop order is done we will place two new orders: 1 is a EUR-sell order at 1.6215 and 2: a buy order at 1.6410. One order cancels the other.

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