Elliott wave analysis of EUR/NZD for October 17, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.6239

R2: 1.6183

R1: 1.6136

Current Spot: 1.6068

S1: 1.6017

S2: 1.5945

S3: 1.5872

Technical summary:

We have seen the expected decline towards 1.6018 (the low has been at 1.6017). After a minor consolidation in the 1.6017 - 1.6136 area, we should see the next decline towards 1.5945 and the ideal target for this C-wave at 1.5872, from where we expect the next major impulsive rally higher towards 1.6515 and higher towards 1.7274.

Short-term minor resistance at 1.6136 will ideally protect the upside for the next decline, but a break above 1.6136 will delay the downside pressure for a move closer to 1.6211 before downward move starts again. At no point, we should trade above 1.6233, as that would indicate that an important low is already in place.

Trading recommendation:

Stay short from 1.6255 and move lower your stop to 1.6140. Keep you take profit and reverse a short EUR-position to a long EUR-position at 1.5890.

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Silver rally to gain momentum. Remain long against 19.00-20.00 Trend News

Technical outlook and chart setups:

The metal has bounced off the rising trendline support, fibonacci 0.618 support and past resistance turned support area near 20.50. It is recommended to remain long from positions initiated yesterday. Immediate resistance is 22.50, followed by 23.50, 24.50 and higher; while support is 19.00 and 18.00 respectively. Furthermore, the dropping trendline resistance is passing through 22.00 at present, and a push through that shall confirm further rally towards at least the 24.00 levels. The entire structure may be unfolding into a larger downswing, which could potentially print fresh lows below 18.00; but we shall review the situation around 24.00 levels.

Trading recommendations:

Remain long in the short term, set stop at 20.00

Good luck!

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Gold pullback resumes. Hold long for now. 1,250.00 is interim support Trend News

Technical outlook and chart setups:

The metal seems to have resumed the probable counter trend rally now. Resistance levels are lined up from 1,330.00, followed by 1,350.00, 1,375.00, 1,400.00 and 1,440, while support levels are 1,210 and 1,180, respectively. If the 1,330.00 level is expected now, then we will decide further movements. For now, it is recommended to remain long on positions taken yesterday with risk just below 1,250.00. As depicted here, the structure may be unfolding as a larger downswing which could finally end up printing fresh lows below 1,180.00 levels. General strategy is selling into rallies.

Trading recommendations:

Long for now against 1,248.00 (short-term strategy)

Good luck!

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EURJPY targeting fresh highs. 131.00 should hold Trend News

Technical outlook and chart setups:

As depicted here, the currency pair has held the short-term support trendline well till now. Furthermore, prices have bounced off the 0.618 fibonacci support around the 131.00/20 levels. Hence, it is recommended to hold the remaining long positions for now. Immediate support is now seen at 132,60, followed by 131.20/25 and strong support at the 129.90 levels, while resistance is at 135.00, respectively. The overall structure remains bullish for now and buying on dips is encouraged. Looking to print fresh highs till 131.00 remains intact.

Trading recommendations:

Remain long for now, stop at 131.00

Good luck!

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GBPCHF consolidation continues. Hold long positions for now Trend News

Technical outlook and chart setups:

The currency pair continues sliding in a 100 pip range for now. It is still recommended to hold long positions taken earlier, and also plan to add near the 1.44 levels, if prices reach there. The 1.45 area is intermediary support for now, followed by 1.42 and 1.4070 on the lower side; while resistance begins from the 1.48 levels, followed by 1.5 on the higher side. As depicted here, the convergence area is the 1.4900/30 level, where the next short opportunity shall be presented. On the other hand, if prices break the rising trendline support, we shall review the situation again.

Trading recommendations:

Hold on to long positions for now. Set stop below 1.43, target is 1.49

Good luck!

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1,290/1,300 remain immediate resistance for Gold Trend News

Technical outlook and chart setups:

The metal broke 1,270.00 and created fresh lows just around the 1250.00 levels. It is recommended to book profits on short positions taken earlier and await for a pullback to go short again. The short-term rally could possibly extend till 1,350.00, before reversing lower again. It is now encouraged to initiate short positions after a counter rally materializes. The short-term resistance is lined up from the 1,290.00/1,300 levels, through 1,325/30, 1,350 and 1,375.00; while support begin from 1,210.00, followed by 1,180.00 respectively. The 1,440.00 level should act as the major intermediary resistance for now. A possible downfall below 1,180.00 may be unfolding now.

Trading recommendations:

Book profits on short positions. Aggressive trading setup is to go long, with stop at 1,245.00, target is at 1,340.00

Good luck!

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Silver bounces off the 0.618 Fibonacci Support Trend News

Technical outlook and chart setups:

The metal is seen to be bouncing off the convergence of:

1. The rising support trendline.

2. The fibonacci 0.618 support of the entire rally from 18.00 to 25.00

3. The past resistance turned support area as well.

Looking into all above, it is now recommended to initiate long positions with a stop below the 19.00 levels. If there is not a fresh high, one can expect a meaning full pullback towards the 24.00 levels.

Trading recommendations:

Initiate long positions now, set stop at 19.00, target is open.

Good luck!

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EURJPY remains bullish above 131.00 Trend News

Technical outlook and chart setups:

The currency pair seems to have been consolidating during the last two sessions, after reaching a high of 1.33. It is recommended to keep long positions if you have taken them earlier.The support levels begin from 131.00, followed by 129.00, 128.00 and at 125.00; while resistance is at the 135.00 levels respectively. The entire structure depicts that the pair should remain bullish, as long as prices are above 131.00. In the short term, prices may fall back and test support at the 131.00 levels, before rallying further towards the 136.00 levels. Fresh buying should be made on a retracement/dip from the current levels.

Trading recommendations:

Remain long, stop is below 131.00, target is at 136.00 and higher.

Good luck!

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GBPCHF eyeing a rally. The 1.44 levels remain best buy Trend News

Technical outlook and Chart Setups:

As depicted here, the single currency pair has bounced off ahead of the1.4420/30 levels as expected earlier. The possibility still remains that of a dip towards 1.44 before rallying. It is recommended to hold long positions taken earlier and also look to add further on dips. Intermediary resistance is at 1.48, followed by 1.5; while support begins from 1.42 and extends through 1.4. We shall be focusing on 1.49 levels to build short positions in the long run. This region is convergence of a fibonacci 0.618 retracement level of the entire fall from 1.54 to 1.4; and extension of the upswing between 1.4070 and 1.4500. A final rally could be expected to sub 1.49 levels, before a major reversal.

Trading recommendations:

Remain long, stop is at 1.43, buy further at 1.44, target is at 1.49.

Good luck!

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#USDX Analysis for October 16, 2013 Trend News

The Dollar index continues its sideways corrective movement towards the blue upward sloping trendline. This support trendline is crucial for this wave count and the continuation of the upward momentum. The short-term support is found at 80.25-30. It will not be a good sign for this trendline to break downwards.

We remain bullish biased as long as prices trade above this trendline and above the wave 2 low near 79.85. Adding to our long positions will happen if a new high above 80.70 comes.

The daily chart has not changed much since last time. The upward move from the lows looks impulsive and the short-term trend is upward. The longer-term trend is still downward and we need to break above the 81.70 level to change. Concluding we remains bullish as long as prices stay above 79.85. Today buying near 80.35-40 could give profits near 80.60 with 80.25 as stop.

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Gold Elliott wave analysis for October 16, 2013 Trend News

GOLD reached 1,255 yesterday, but reversed upwards to turn positive and reached the 1,290 levels. This pull back although may have put the bearish scenario in danger, it most probably was another back test of the broken neckline. The previous support is now resistance and prices are testing that levels once again.

Now trading is below 1,280 once again, it seems that prices got rejected at the resistance level and we should expect prices to fall towards new lower lows. The trend remains downward as long as prices trade below the red downward sloping trendline. The short-term resistance is found at 1,290 and if prices break below the 1,275 support, then we could see prices test yesterday's lows.

The short-term chart shows that the upward move is not a clear impulsive wave and we believe it is a part of an upward correction pattern. We expect prices to continue lower towards 1,260 and a new low could be seen even today. The Head-and-shoulders pattern, we noted in the previous posts, remains active and its target is 1,150. We will start taking profits near 1,200, but we also would not want to be short if prices break above 1,320.

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EUR/JPY H1 Analysis for October 16, 2013 Trend News

General overview for 16/10/2013 08:45 CET

The green abc Irregular Flat corrective cycle wave (ii) is done UNLESS it is the first leg of the correction.

So far, in this intraday time frame three upward legs are done, so there is still a possibillity of one more lover leg down. This is why alternate labeling of the low of wave (ii) green has alt:(iii) label there. To invalidate the scenario of a this last lower wave down, the price can not break below brown line level.

Break out above wave b green high will confirm further strength.

Break out below Weekly Pivot level will expose lower DEMANC ZONE level to be tested.

Support/Resistance:

133.98 - DEMAND BREAKTHROUGHT ZONE

133.82 - Intraday High

133.34 - Intraday Resistance

132.72 - Weekly Pivot

132.64 - 38.6%Fibo

132.45 - Lowel DEMAN ZONE level

131.89 - WS1

Trading recommendations:

As correction has ended bias is to the upside so long positions are favouired.

For intraday scalp the entry level is at 132.95 with tight SL and potential TP at 133.34 and beyond.

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