Elliott wave analysis of EUR/NZD for October 18, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.6263

R2: 1.6233

R1: 1.6183

Current Spot: 1.6149

S1: 1.6115

S2: 1.6068

S3: 1.6017

Technical summary:

The break above minor resistance has extended the consolidation from 1.6017 higher to 1.6173. As long as the minor support at 1.6131 and more important as support at 1.6115 holds firm, we could see a move closer to 1.6211, but at no point should we see a rally beyond 1.6233 as that would indicate that an important bottom is already in place at 1.6017. However, that scenario does not fit our count, that the rally from 1.6017 only is blue wave iv and that blue wave v lower soon should take over for a decline towards at least 1.5977 and more likely closer to 1.5872 before a firm low is in place and a new impulsive rally is ready to take over.

Trading recommendation:

As we should be entering the last decline, any short EUR-positions should be traded with a close stop. However, we still think there is a potential downside of more that 300 pips, therefore we recommend to short in EUR at 1.6175 or upon a break below 1.6131 with a stop at 1.6240.

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Elliott wave analysis of EUR/JPY for October 18, 2013 Trend News

Today's Support and Resistance levels:

R3: 135.05

R2: 134.55

R1: 134.10

Current Spot: 133.86

S1: 133.84

S2: 133.57

S1: 133.30

Technical summary:

We have seen the expected move higher, but no acceleration, which does worry. However, as long as the minor support at 133.84 and more importantly as long as the support at 133.57 protects the downside, we will be looking for a continuation higher towards 134.55 and 135.05, as the next targets on the way higher towards the ideal red wave iii target near 137.04.

If, however, we do break below 133.55, we will have to consider the rally from 132.61 as a part of an more complex correction, but for now we will keep our focus towards the upside, as long as the support at 133.84 holds firm.

Trading recommendation:

Stay long from 133.65 and raise your stop to break-even. If you are not long in EUR, then buy EUR upon a break above 134.10 with the same stop at 133.65.

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Silver rallies as expected. 22.50 is immediate resistance. Exit long positions Trend News

Technical outlook and chart setups:

The metal has bounced off from a series of convergence as depicted in the chart. The rising trendline, the fibonacci 0.618 retracement level, the past resistance turned support. It is recommended to exit long positions for now and await for the next clarification in the wave structure. Immediate resistance is at 22.50, followed by 23.50 and 25.00; while initial support begins at 20.50, followed by 19.00 and 18.00 respectively. If the rising trendline breaks down, the metal would be heading towards fresh lows; on the flip side, a break of resistance at 22.50 and at 23.50 would confirm a continued rally. At the moment, keeping the larger trend in view (downward), selling rallies should be preferred.

Trading recommendations:

Exit long positions for now. Initiate small quantities in short positions, stop is at 23.50.

Good luck!

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Gold rallies to the 1,320.00 area. Exit long positions now Trend News

Technical outlook and chart setups:

The metal has rallied to the 1,310/20 levels as expected. It is quite possible that this rally extends to the 1,350/60 levels but after a retracement/pullback. It is, therefore, recommended to exit long positions taken earlier. Resistance levels are lined up from the 1,330.00 levels, followed by 1,350.00, 1,375.00 and 1,440.00; while supports begin from the 1,210.00 levels, followed by 1,180.00 respectively. The overall structure still indicates that a fresh low below 1,180.00 remains possible. Keeping this in view, an aggressive trade setup would be to initiate 50% capacity into short positions, risk is 1,375.00. If the metal does not break the 1,250.00 levels in the near term, an impressive rally would materialize.

Trading recommendations:

Exit long positions for now, initiate short positions in small quantity, set stop at 1,375.00.

Good luck!

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EURJPY may be looking to fall/retrace from 1.33/34. Exit long positions Trend News

Technical outlook and chart setups:

The currency pair looks to be poised to print higher highs according to current wave structure. But a retracement looks to be due before rallying further ahead. It is recommended to exit long positions for now. Aggressive traders might want to go short, risk is at the 135.20 levels. Prices maybe looking to retrace, at least, towards the 132.00/50 area for now. Intermediary support is at 131.00, followed by 129.00, 128.00 and lower; while resistance is at 135.00 respectively. Please note that the pair may be preparing to fall below the 131.00 levels as well. Looking lower at least for now.

Trading tecommendations:

Exit long positions for now. Aggressive trading setup would be to go short with a stop above 135.20/30.

Good luck!

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#USDX Analysis for October 17, 2013 Trend News

The upward move for the Dollar index has been reversed by a sharp pull back that has broken our short-term trendline that keep us bullish. The short-term trend is downward and it looks like that Dollar index is heading towards new lows.

Early today, we saw the Dollar Index break our blue support trendline and thus changing our view to bearish as it was noted yesterday in case support failed to hold prices. Resistance is found at 80.25 and 80.75. Support is found at 79.85 and 79.64. The trend is downward and we believe that a new low is more probable to be seen than a new high above 80.75.

The sharp decline shows that strength is to the downside. Prices needed several days to move from 79.85 to 80.70, but only a few hours to take it all back. This is a bearish sign. Strong selling implies that more downside is possible. Concluding we will be looking to sell after any upward bounce with 80.75 as a stop and targeting a new low towards 79.50.

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Gold Elliott wave analysis for October 17, 2013 Trend News

Gold moved upwards nearly 40 pips within an hour on early trading today. Prices broke above the 1,288 yesterday's high and reached 1,320 earlier today. The price pattern looks impulsive and the trend is changing to bullish at least in the short term. 1,250 is an important support now and 1,270 is an intermediate support. The sudden upward spike has moved prices above the H&S neckline and is testing the longer-term downward sloping trendline.

The short-term downward sloping trendline was broken upwards and is now being back tested. Three upward waves from 1,250. Intermediate low at 1,268 should hold for prices to continue upwards. Short-term resistance is now found at 1,325-30 and afterwards at 1,350. Short-term support is found at 1,290 and 1,270.

The daily chart shows clearly that the downtrend is being challenged. Breaking above the red downward trendline will open the way for a move towards 1,350-1,400. The H&S neckline remains critical support. If broken, the lows at 1,250 will be challenged. If the lows are broken, then we shall see 1,180-1,150.

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EUR/JPY H1 Analysis for October 17, 2013 Trend News

General overview for 17/10/2013 11:00 CET

Yesterday's target has been hit as it is shown in the chart, and now the price is trying to rebound in the impulsive wave progression form the level of 133.34.

The grey rectangle zone is the main resistance now for this pair and the breakout above this zone is very bullish.

The golden trendline is still intact and provides support.

Support/Resistance:

134.29 - WR1

133.82 - 133.98 - DEMAND BREAKTHROUGH ZONE

133.34 - Intraday Support

132.72 - Weekly Pivot

Trading recommendations:

As long as the golden trendline holds long positions should be in play with entry at the 133.34 level with SL below 133.33 and potential TP1 at 133.98 and TP2 134.29.

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