Elliott wave analysis of EUR/JPY for October 21, 2013 Trend News

Today's Support and Resistance levels:

R3: 135.05

R2: 134.55

R1: 134.18

Current Spot: 133.97

S1: 133.60

S2: 133.33

S3: 132.96

Technical summary:

With a break below the short-term support at 133.84, we have seen a correction lower to 133.60, but we could still see a slightly deeper correction towards 133.57 and maybe even to 133.33, before the impulsive rally higher towards 135.76 and possibly higher towards 137.70 in wave iii of iii. Only a break below the important support at 132.61 will invalidate the bullish count and indicate that a much more complex correction is unfolding and a decline towards 131.52 before moving upwards again.

Trading recommendation:

The long EUR-position was stopped out at breakeven, and we are looking for a new EUR-buying opportunities. Buy EUR at 133.40 or upon a break above 134.18 with a stop at 132.55.

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Silver bounces off trendline support. Buy on dips towards 21.20/50 Trend News

Technical outlook and chart setups:

The metal rallied last week as expected; it is depicted here. Furthermore, the bounce has been off the rising trendline as seen, which is extremely bullish. Initial resistance begins from the 22.50 levels followed by 23.50, 25.00 and higher towards 28.00; while support is at the 19.00 levels, followed by 18.20 respectively. It is recommended to buy on dips towards the 21.20/50 levels from here on, since it has been the fibonacci 0.618 support level of the rally between 20.50 to 22.20 from the last week. The structure is turning good for bulls to take control back and stage an impressive rally ahead of 25.00 levels in the sessions to come.

Trading recommendations:

Buy on dips between 21.20/50.

Good luck!

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Gold might be turning into buy-on-dips strategy. 1,280/1,300 good support Trend News

Technical outlook and chart setups:

The metal rallied as expected last week towards the 1,320.00 levels. As depicted here, the falling line of resistance has been broken during this rally from 1,250 to 1,320 recently. An aggressive short trade setup was recommended on Friday, keeping in view a possible retracement towards the 1,280/1,300 region, before the rally resumes. Whether a short position is taken or not, it is strongly recommended to buy towards the 1,280/1,300 levels, upon a bullish bounce. Also please note that 1,280.00 remains the fibonacci 0.618 support of the entire rally from 1,250 to 1,320. Intermediary resistance is at 1,440.00, followed by 1,475/80 and 1,520/30.00; while support is at 1,250, 1,210 and 1,180 respectively.

Trading recommendations:

Buy on dips between 1,280 and 1,300.

Good luck!

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EURJPY retracement possible. 1.35 remains resistance for now Trend News

Technical outlook and chart setups:

The currency pair is due at least for a pullback, before printing fresh highs. Intermediary support is the 131.00 mark, followed by 129.00, 128.00 and lower; while resistance is fixed at 135.00. It is still recommended to hold short positions initiated last Friday, as an aggressive trade setup. It remains possible that prices fall back as a retracement towards the 132.00 levels, before staging a rally towards fresh highs extending to 136.00 and higher levels. Please note that a fall back into the triangle, as depicted here, would prove extremely bearish and potentially push prices towards the 128.00/129.00 levels.

Trading recommendations:

Remain short (aggressive setup), set stop above 135.00.

Good luck!

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GBPCHF bullish above 1.44 Trend News

Technical outlook and chart setups:

The currency pair swings between 1.45 and 1.46 for now. It is recommended to hold long positions taken earlier. Support begins from 1.4470/80, followed by 1.42 and 1.4075; while resistance is fixed at 1.48, followed by 1.5 respectively. The structure indicates that a rally should materialize towards the 1.49 levels, before a meaningful swing top is in place, for a huge reversal. Please also note that the 1.44 area is fibonacci 0.618 support of the rally between 1.42 and 1.48. It is encouraged to add more long positions if prices manage to reach there. Looking higher for now.

Trading recommendations:

Remain long for now. Set stop at 1.43, target is at 1.49.

Good luck!

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