Elliott wave analysis of EUR/NZD for October 29, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.6800

R2: 1.6736

R1: 1.6684

Current Spot: 1.6662

S1: 1.6617

S2: 1.6559

S3: 1.6498

Technical summary:

Important short-term support at 1.6559 held firmly yesterday and protected the downside for a new rally towards the top at 1.6684. We are still looking for a break below 1.6559 to confirm a deeper wave ii correction towards 1.6498 and likely lower towards 1.6444, but we have to accept, that as long as support at 1.6559 protects the downside the uptrend is intact and a possibility of a break above resistance at 1.6684 is a possibility, which will open for a continuation higher towards 1.6736. That said, we do prefer, that resistance at 1.6684 holds firm for the break below 1.6559.

Trading recommendation:

Stay short from 1.6595 with your stop placed at 1.6695. If you are not short yet, wait to sell EUR upon a break below 1.6559 with the same stop at 1.6695.

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Silver retracement is due. 21.00/20 remain best buy Trend News

Technical outlook and chart setups:

The metal is poised to retrace further to the 21.00/20 levels. It is recommended to refrain from buying at the current levels and allow retracement to materialize. The 21.00 area is confluence of the falling downtrend line, which is acting as support, the fibonacci 0.618 retracement level and a potential right shoulder formation of a possible head-and-shoulder reversal. The metal may be unfolding a long term bullish structure if recent swing lows at 20.50 are held. At the moment, short term looking lower towards 21.00/25 and then higher up.

Trading recommendations:

Look to buy from lower levels.

Good luck!

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Gold buy on dips. 1,280-1,300 remain best buy Trend News

Technical outlook and chart setups:

Gold should be on the verge of a retracement now. Please refrain from long positions at the current levels. The metal needs to correct towards the 1,280-1,300 levels first, before rallying towards fresh highs. The longer-term structure might be unfolding as favoured to the bulls if 1,250.00 holds from here on. Immediate resistance is offered by the 1,370/75 levels, followed by 1,410 and 1,440.00; while support is at 1,250.00, 1,210.00, 1,180.00 and lower. 1,280/90 remain best buy for the confluence of fibonacci retracement, backside of trendline, which is now acting as support and a possible right shoulder formation.

Trading recommendations:

Look to buy lower.

Good luck!

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EURJPY retracement still possible towards 132.00 levels. Trend News

Technical outlook and chart setups:

The currency pair still needs to retrace at least to the 132.00 levels from here on. As depicted here, prices have fallen back from the highs of 135.50 lately and bounced off the 0.382 retracement levels till now. A meaningful correction towards fibonacci 0.618 levels still remains possible at 132.00, before any further action towards the trend happens. If short positions have been initiated, the risk remains at 136.00 from here on. On the other hand, if the shorter-term trend line breaks down, prices would look to target the 131.00 levels, which are immediate support now. In the short term we are looking lower, buy after a bullish bounce.

Trading recommendations:

Hold short positions till 132.00, stop at 136.00.

Good luck!

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GBPCHF poised to stage a rally. Remain long Trend News

Technical outlook and chart setups:

A short term view has been depicted here for a closer look into the waves. The currency pair has halted its retracement at the fibonacci 0.618 support levels of 1.44, as depicted here. It is extremely likely that a rally from here should take off any moment now. Hence, it is suggested to hold on to long positions taken earlier and also add if possible. Immediate resistance seen here is at the 1.4525 levels, followed by 1.47 and 1.48; while support is at the 1.42 levels, followed by 1.4075 and lower. Extensions are pointing at the 1.49 levels in the near future, before a meaningful reversal takes place. Looking to rally for now.

Trading recommendations:

Hold on to long positions. Stop is below 1.43, target is at 1.49.

Good luck!

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EUR/JPY H1 analysis for October 28, 2013 Trend News

General overview for 28/10/2013 10:00 CET

Alternate count is in play, where wave c green of wave (b) blue must be finished before more downside will be in play.

The price is above the Weekly Pivot and the current resistance level is at 134.87, which is in confluence with blue intraday down sloppping trend line. The target level for wave c green is SUPPLY zone at 135.08 - 135.16. This zone is in confluence with One-to-One market geometry level of equal legs: a=c (green). Please notice that if this zone is broken to the upside, the immediate test of the recent high is in view.

Small weekend gap acts as a intraday support now - the level is 134.52. Break of this level would put the navy trend line to test somewhere the area of 134.00.

Please notice that this last wave to the downside, wave (c) navy, must develop in five impulsive waves to confirm the current wave progression. A failure at this point would mean that correction might get more complex and time consuming.

No visible divergence yet.

Support/Resistance:

135.49 - Swing High

135.08 - 135.16 - SUPPLY ZONE

134.89 - Intraday Resistance ( weak)

134.59 - Weekly Pivot

134.52 - Intraday Support ( gap)

133.87 - Intraday Support

133.69 - WS1

133.60 - Technical Support

132.99 - Target Level for wave (c)

Trading recommendations:

Due to unfinished cycles on higher time frames the bias is to the downsiade to complete the wave (c) navy of the corrective wave (ii) green.

Entry level is SUPPLY ZONE, SL is above 133.48 and potential TP is 133.00. R/R for this trade is 7:1.

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#USDX analysis for October 28, 2013 Trend News

The Dollar index is currently in a sideways corrective phase. Prices are making overlapping patterns, and there is no sign of a clear impulsive trending move. The trend in bigger time frames may remain downward, but for the short term, prices are trendless.

The decline from 80.75 could very well be completed, so for the short term, we are not much in favor of short positions. Prices could make a move towards 79.75 if the short-term resistance at 79.35 is broken upwards. For the time being, we give more chances for an upward bounce than a continuation of the decline to new lows.

The daily chart shows very clearly how the trend remains downwards. Important support level for this downward move is the 78.90-70 area that is going to be tested over the coming weeks. Prices are trading within a downward sloping channel and unless the index breaks above 80.85, then we cannot talk about a trend reversal. Any upward bounce is corrective and should be met with selling. Until the trend channel is broken upwards, this is our longer term view.

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