Elliott wave analysis of EUR/JPY for October 23, 2013 Trend News

Today's Support and Resistance levels:

R3: 135.76

R2: 135.32

R1: 135.05

Current Spot: 134.78

S1: 134.55

S2: 134.31

S1: 134.10

Technical summary:

We finally saw some acceleration higher as wave iii is getting under way. That said, we expect even more acceleration higher and once we clear 136.00, this wave iii should really take off. In the short term we expect support at 134.55 and more importantly 134.10 to protect the downside for the next rally higher towards 135.76 and higher. A break below support at 134.10 will be frustrating, but only a break below 133.60 will indicate that the rally of the 132.61 low only was a part of a complex correction and a new decline below 132.61 should be seen.

Trading recommendation:

Stay long from 134.18 and move you stop higher to 133.50. If you are not long in EUR, then buy EUR near 134.10 with the same stop at 133,50.

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Elliott wave analysis of EUR/NZD for October 23, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.6406

R2: 1.6356

R1: 1.6300

Current Spot: 1.6297

S1: 1.6265

S2: 1.6230

S3: 1.6196

Technical summary:

We have seen an unexpected rally above important resistance at 1.6233, which tells us, that blue wave v became the fifth wave failure (no new low was seen), that also means that we have likely seen the low of the expanded flat correction, which has been developing since early August. In the short term we should meet resistance at 1.6300, but it will likely not hold for long and once broken we should see a continuation higher towards 1.6381 and 1.6406. In the longer term we are looking for a break above 1.6518 to confirm that wave C of the expanded flat correction is indeed over and that a new impulsive rally is developing. If we do not break above 1.6518, we could be developing a large ending diagonal, which could take many weeks to finish and that will keep the 1.5872 target alive.

Trading recommendation:

The stop and reverse at 1.6240 was, which means that you should now be long in EUR. Place your stop at 1.6160 and take profit at 1.6450.

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Silver rallies above past resistance at 22.50. Buy on dips now. Trend News

Technical outlook and chart setups:

The metal has rallied above the past initial resistance at the 22.50 levels as depicted here. It is recommended to exit short positions if any and change the trading strategy to buying on dips from here on. Fibonacci retracement levels are pointing towards the 21.30/50 levels as best buy for the next projected rally towards 24.00 and higher. Initial resistance is at 23.40/50, followed by 24.00 and higher up; while intermediary support is at 20.50, followed by 19.00 and 18.00 respectively. Please also note that the falling resistance line, which would act as support now, is also passing across the same region around 21.30/50 for the next potential rally.

Trading recommendations:

Buy on dips towards 21.30/50.

Good luck!

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Gold rallis into 1,340.00 Resistance region. Await retracement before going long Trend News

Technical outlook and chart setups:

The metal has rallied the past resistance at 1,330.00 clearly. It is recommended to exit short positions for now since the rally could extend straight from current levels towards 1,400.00 and higher. Best trade strategy would be to go long on dips from here on. Fibonacci retracement levels are pointing towards the 1,286.00 levels, as optimum long entry level. Also note that the back side of the resistance line is also passing through the same region, which would act as support from here on. Resistance levels are at 1,350.00, followed by 1,370.00, 1,410.00 and higher, while intermediary support is at 1,250.00, followed by 1,210.00 and 1,180.00 respectively.

Trading recommendations:

Buy on dips towards 1,285/1,300.

Good luck!

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EURJPY prints fresh highs. Flat for now Trend News

Technical outlook and chart setups:

The currency pair stopped us out yesterday and printed fresh highs above the 135.00 levels. It is recommended to remain flat for now and await a possible reversal signal to go short or retracement to go long from here on. Initial trendline support remains at 131.00, followed by 129.00 and 128.00; while resistance levels are pointed by fibonacci extensions at 136.00 and higher. It is recommended to refrain from fresh buying at this point and await for at least a retracement towards 132.00 to initiate long positions again.

Trading recommendations:

Flat for now.

Good luck!

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GBPCHF at trendline support near 1.4500. Trend News

Technical outlook and chart setups:

The currency pair is seen to be near the bottom of the trading range of 1.45 and 1.46. Please note that the short-term support trendline is passing through the same region at the moment indicating a bullish bounce. It is recommended to remain long and also add further positions now. 1.44 remains the 0.618 fibonacci support. Immediate resistance is seen at 1.48, followed by 1.5 on the higher side; while support is at 1.42, followed by 1.4075 respectively. Fibonacci extensions are pointing towards 1.49 on the higher side before major reversal occurs. Furthermore, the 1.49 level is the fibonacci 0.618 resistance of the entire fall from 1.54 to 1.4.

Trading recommendations:

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

Good luck!

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#USDX analysis for October 22, 2013 Trend News

The Dollar index is trying to move higher. The upward corrective bounce is still in force and we could see the index move higher towards 80.05. This upward move is a correction. This upward move is not an impulsive move as prices are rising in an overlapping pattern.

As long as prices trade above the upward sloping trendline, we should see higher levels near 80.05-80.15. If the trendline is broken, we should see another leg down to test the recent lows. We expect this upward bounce to continue higher still to test 80.05. Once this upward move completes the bounce, we should expect another leg down to new lows.

The longer-term trend remains down and this is supported by the lower lows and lower highs pattern and the negative slope of our Moving Averages. We remain bearish for the longer-term trend as long as prices stay below 80.75. Target is now at 79.25-79.

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Gold Elliott wave analysis for October 22, 2013 Trend News

Gold continues yesterday's consolidation. Gold is trading within a price range and the boundaries are clearly defined. If a breakout occurs to the upside or downside, there is high probability that a small trend will start.

The lower support level is at 1,311-12 and the upper resistance level is at 1,324-25. If prices break the support, then we expect prices to move towards the 1,290-95 price level, where the previous resistance trendline is. This could very well be a back test of the previous resistance that is now support. If prices break above 1,325, then we should anticipate a move towards the 1,333-35 resistance level.

The daily chart shows us that prices have paused the rise at the 1,325 resistance that is placed by our Moving average. The downward longer-term trend is still intact and in order to change the trend to upward, bulls will need to push prices above 1,325 and test the 1,375 resistance. Stop for bulls is the 1,250-70 price area. If broken, expect prices to move towards 1,180-1,150.

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USD/CAD H1 analysis for October 22, 2013 Trend News

General overview for 22/10/2013 09:45 CET

This is the general characteristic of wave B that it is the most difficult and choppy of all corrective waves and the current price action in this pair is a good example of it.

Yesterday's level of 1.0298 has been broken and the golden trendline has been broken as well, but the reaction was mere 10 pips and none of the target level has been hit yet.

Currently , I am waiting for the golden trendline to be tested from below and the further upside continuation to the level of 1.0330.

Please notice that the price action is range bound right now and range zone is from 1.0275 to 1.0312.

Only a breakout of this zone will give more clues for next wave progression.

Support/Resistance:

1.0275 - Technical Support |RANGE START|

1.0288 - Intraday Support

1.0308 - Intraday Resistance

1.0312 - Weekly Pivot

1.0330 - Technical Resistance

Trading recommendations:

Only a range breakout in either direction is a strategy to trade for a intraday scalp. No swing trades are recommended yet.

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