Elliott wave analysis of EUR/NZD for October 28, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.6740

R2: 1.6684

R1: 1.6654

Current Spot: 1.6623

S1: 1.6559

S2: 1.6498

S3: 1.6444

Technical summary:

There was no time for a correction Friday, as we continued directly higher to the next resistance at 1.6685 (we have seen 1.6684 as the high for now). However, we still think that we should soon see wave ii unfold, but to confirm that wave ii is unfolding, we need a break below 1.6559 that would call for a continuation lower towards 1.6498 and 1.6444, before the ideal wave ii target near 1.6325. That said, we have to be aware that as long as support at 1.6559 protects the downside, we could see a continuation directly higher towards 1.6740 if wave i extends even more.

Trading recommendation:

Stay short from 1.6595 with your stop at 1.6695 and take profit at 1.6420. If you are not short in EUR yet, then sell upon a break below 1.6559 with the same stop and take profit levels.

The material has been provided by InstaForex Company - www.instaforex.com



For detail explanation and best discovery on market trends you may visit via Elliott wave analysis of EUR/NZD for October 28, 2013 . Thanks for your support on Elliott wave analysis of EUR/NZD for October 28, 2013

Elliott wave analysis of EUR/JPY for October 28, 2013 Trend News

Today's Support and Resistance levels:

R3: 135.76

R2: 135.32

R1: 135.76

Current Spot: 134.72

S1: 134.52

S2: 133.88

S3: 133.60

Technical summary:

We have seen a bottom at 133.88 (our target was at 133.89). The following rally is not yet the most convincing we have seen, but we will give it the benefit of our doubt, as long as minor support at 134.52 and more importantly support at 133.88 protects the downside. In the short term we are looking for a break above 134.96 which indicates a continuation higher towards 135.32 and 135.76 as the next targets. A break below 134.52 will be frustrating, but only a break below 133.88 and more importantly a break below 133.60 will invalidate our bullish scenario and indicate that a much more complex correction is unfolding.

Trading recommendation:

Stay long in EUR from 134.18 and move your stop higher to 134.30. If you are not long in EUR, buy after a break above 134.96 with the same stop at 134.30.

The material has been provided by InstaForex Company - www.instaforex.com



For detail explanation and best discovery on market trends you may visit via Elliott wave analysis of EUR/JPY for October 28, 2013 . Thanks for your support on Elliott wave analysis of EUR/JPY for October 28, 2013

Silver is following buy-on-dips strategy. The 21.20/50 levels are in focus Trend News

Technical outlook and chart setups:

The metal rallied last week and took off the initial resistance at 22.50 as depicted here. This indicated that the bulls are in control, and it would rally further after a meaningful retracement. The metal is expected to retrace at the following convergence level:

1. Fibonacci 0.618 support at the 21.30/40 levels.

2. Back side of the downtrend line, which is support now.

3. A potential right shoulder of a possible head-and-shoulder reversal.

Trading recommendations:

Flat for now. Looking to buy lower.

Good luck!

The material has been provided by InstaForex Company - www.instaforex.com



For detail explanation and best discovery on market trends you may visit via Silver is following buy-on-dips strategy. The 21.20/50 levels are in focus . Thanks for your support on Silver is following buy-on-dips strategy. The 21.20/50 levels are in focus

Gold retracement is due towards 1,300-1,280 Trend News

Technical outlook and chart setups:

The metal rallied above the resistance levels at 1,350.00 last week. This indicates that bulls remain in control now, and we should buy on any meaningful dips from here on. Levels of interest are 1,280-1,300 to enter long positions. As depicted here, the short-term support line is still intact and for prices to produce a meaningful retracement, the trend line needs to break. It is recommended to remain flat for now and await for the pullback to materialize lower. Initiating short positions now would be too risky. Please also note that the fibonacci 0.618 support is also passing through the 1,290.00 area.

Trading recommendations:

Flat for now. Looking to buy lower.

Good luck!

The material has been provided by InstaForex Company - www.instaforex.com



For detail explanation and best discovery on market trends you may visit via Gold retracement is due towards 1,300-1,280 . Thanks for your support on Gold retracement is due towards 1,300-1,280

EURJPY retracement should continue further. 1.32 in focus Trend News

Technical outlook and chart setups:

The currency pair seems to be poised to retrace further lower towards the 1.32 levels at least, as depicted here. Please note that the rising trendline is also passing through the same levels at the moment. It is recommended to initiate short positions (only 50%) with the risk at the 136.00 levels. Support levels are spread through 131.00-129.00, and 128.00; while resistance is fixed at the 135.50 levels, respectively. A bullish bounce at 132.00 would be favourable for building long positions again. In the short term, expect prices to retrace lower at least.

Trading recommendations:

Initiate short positions in small capacity, stop is at 136.00 target is at132.00

Good luck!

The material has been provided by InstaForex Company - www.instaforex.com



For detail explanation and best discovery on market trends you may visit via EURJPY retracement should continue further. 1.32 in focus . Thanks for your support on EURJPY retracement should continue further. 1.32 in focus

GBPCHF preparing to rally after bouncing off the 0.618 support Trend News

Technical outlook and chart setups:

The overall structure still remains unchanged, and the currency pair is seen bouncing off the 0.618 fibonacci support around the 1.4380/1.44 levels here. Therefore, it is recommended to keep long positions taken earlier and also to add further at the current levels (1.4440). Rally extensions are pointing towards 1.49 from here on. Please note that 1.49 is also the 0.618 retracement between the 1.54 and 1.4 levels fall earlier. It would be the next level to initiate short positions in the long term. Resistance is fixed at the 1.48 levels, followed by 1.5; while support levels are spread through 1.4200 - 1.4075, respectively. Looking higher from here on.

Trading recommendations:

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

Good luck!

The material has been provided by InstaForex Company - www.instaforex.com



For detail explanation and best discovery on market trends you may visit via GBPCHF preparing to rally after bouncing off the 0.618 support . Thanks for your support on GBPCHF preparing to rally after bouncing off the 0.618 support