Elliott wave analysis of EUR/NZD for October 30, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.6800

R2: 1.6773

R1: 1.6723

Current Spot: 1.6646

S1: 1.6611

S2: 1.6572

S3: 1.6498

Technical summary:

The rally from the 1.6057 low continues higher, and we have seen 1.6723 tested, however, we are clearly observing a loss of momentum, which does indicate that a top could be in place or be nearby. To confirm the top, we need a break below 1.6611 and more importantly a break below 1.6572 that would call for a correction towards at least 1.6469 and possibly even lower towards 1.6311. That said, we have to respect the ongoing uptrend as long as support at 1.6611 protects the downside, for a possible extension higher towards 1.6773.

Trading recommendation:

The stop at 1.6695 was hit for a loss. we are still looking for wave ii to unfold and recommends selling EUR upon a break below 1.6611 with a stop above 1.6723 and take profit at 1.6390.

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Silver remains in buy-on-dips situation. 21.20/30 is of interest Trend News

Technical outlook and chart setups:

The metal is on track to a retracement due, towards 21.30/50 levels now. Please note that the above level is a confluence of the fibonacci 0.618 support, back side of the trend line which is support now and a potential right shoulder being carved out of a head-and-shoulder reversal. It is recommended to go long on dips for a possible rally towards 25.00 and higher. Intermediary resistance levels are spread through 23.50, followed by 24.50 and 25.00; while support is strong at the 20.50 levels, respectively. Looking lower now, then turn to bullish strategy.

Trading recommendations:

Buy lower from here on.

Good luck!

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Gold begins retracement. 1,280-1,300 is the best buy Trend News

Technical outlook and chart setups:

The metal looks to have begun retracement lower towards the1,280-1,300 area, as seen in the 4H chart. It is recommended to initiate long positions around the fibonacci 0.618 support area at 1,280/90. Though it remains possible that prices may dip further to the 1,275.00 levels before rallying further up. The 1,280/90 area is the best buy due to confluences of Fibonacci retracement levels, backside of the trend line that is support now, and a potential right shoulder of a possible inverted head-and-shoulder reversal here. Only a break of 1,250.00 would be a worry for the bulls now.

Trading recommendations:

Look to buy lower from here.

Good luck!

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EURJPY directs at 132.00 Trend News

Technical outlook and chart setups:

The currency pair looks to have resumed its fall towards 132.00 now, as seen in the 4H chart. An A-B-C retracement is due at least towards 132.00 from here on. It is recommended to hold short positions taken earlier with risk above the 135.50 levels. Support levels are spread through 131.00, 129.00, followed by 128.00 and lower; while resistance is at 135.00. The pair is looking lower in the short term and then ling on a bullish bounce around the 132.00 area. If the support line breaks, 131.00 would be a target for bears to continue lower.

Trading recommendations:

Remain short with risk at 136.00 and a target at 132.00.

Good luck!

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GBPCHF at Fibonacci support of 1.44. Hold long positions Trend News

Technical outlook and chart setups:

The currency pair has bounced off the fibonacci 0.618 support level of the rally between 1.42 to 1.49, as seen in the 4H chart. Intermediary resistance levels are spread through 1.4625, followed by 1.47 and 1.48; while support levels are spread through 1.42 and 1.4075, respectively. It is recommended to hold long positions for now and add further. A push through 1.4530 would confirm that prices are inching towards fresh intermediary highs around the 1.49 levels in the sessions to come. Please note that 1.49 is the fibonacci 0.618 retracement of the previous fall from 1.54 to 1.4. This level would be of interest to go short again.

Trading recommendations:

Remain long with risk at 1.42

Good luck!

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USD/CAD intraday technical levels and trading recommendations for October 29, 2013 Trend News

Four months ago, a prominent bottom was established around 1.0260. This happened after the pair found strong bearish pressure around 1.0555-1.0600, this was followed by intensive bearish momentum that led to 1.0254.

An important key level was located around 1.0505. This was the key level for the previous weeks' movement as the re-closure below it enabled the pair to break down 1.0455 as well, where the lower limit of the depicted consolidation range was located.

The nearest support zone is located around 1.0250. On September 19, the pair expressed a false breakdown reaching 1.0180 where obvious bullish rejection was expressed to get the pair back above 1.0250 again on Thursday, resulting in a bullish hammer weekly candlestick. Since then, the pair has been consolidating within narrow range between 1.0260-1.0340, until we had a bullish breakout at the daily closure of October 8.

As Expected, bullish momentum was expressed at retesting of the lower limit of the ongoing channel around 1.0280 pushing higher towards 1.0460 then probably 1.0500.

The price level around 1.0465 remains the nearest considerable resistance for the pair. A valid sell entry is recommended at retesting with SL located above 1.0530, while TP should be located at 1.0390 then 1.0305.

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#USDX analysis for October 29, 2013 Trend News

Yesterday, we noted how increased was the probability to see an upward bounce in the Dollar index. Short-term resistance was broken and prices are starting to make an upward bounce towards the next resistance level at 79.85-95.

Short-term resistance is found at 79.70 and then at 79.85. Short-term support is found at 79.30 and 79.15. The upward move is overlapping and thus corrective. Despite the corrective nature of the rise, this upward move could continue towards 80. We are bearish overall and will sell the upward corrective move near 80.

The longer-term trend remains downward and any upward move is labeled corrective as long as prices trade below the two downward sloping trend lines that touch previous highs. We could see a test of the first downward sloping trend line near 80-80.20. The longer-term trend will change only if prices break above 80.70.

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Gold Elliott wave analysis for October 29, 2013 Trend News

Gold has broken down as expected by our last analysis ending diagonal pattern, and we now expect prices to make a retracement of the entire rise from 1,250. Prices are expected to move at least towards the 38% Fibonacci retracement which is at 1,318.

Short-term support is found at 1,334 and then at 1,318 (our first target). Short-term resistance is found at the recent high of 1,361 and then at 1,375. We expect prices to continue their move downwards and start a pattern of lower lows and lower highs in the 1-hour chart.

The daily chart confirms that prices have met strong resistance in the 1,350-1,375 area. This could be the right hand shoulder forming. This is a bearish scenario that could lead prices towards 1,250 again and test that important support. If broken then we should anticipate 1,140. If prices stop the decline above 1,300, then the chances of seeing a new higher high above 1,433 are increased.

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