Elliott wave analysis of EUR/JPY for October 31, 2013 Trend News

Today's Support and Resistance levels:

R3: 136.27

R2: 135.76

R1: 135.27

Current Spot: 134.89

S1: 134.76

S2: 134.26

S3: 133.88

Technical summary:

Having reviewed the price action since the mid-June low at 124.96, we have decided to shift our preferred count to the above. Instead of triangle formation, we have seen a slow overlapping move higher, and we think that an ending diagonal describes this move in the best way. As it can be seen, we are currently in the last wave higher towards a high of 138.39 (wave iii can not be the shortest of the impulsive waves). Ending diagonal consists of three wave zig-zags of wave v, we have only seen the first leg (wave a) of this zig-zag and is currently working on the b-wave, which is likely to be a flat correction. If this is correct, we will likely see a break below 134.76 indicating a decline to just below 133.60, before the final rally higher to finish wave iv of 5.

Trading recommendation:

Place a stop and reverse your long EUR positions from 134.65 to 134.70. If done, place your new stop at 135.55.

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Silver retracement begins. The 21.20/50 levels in sight Trend News

Technical outlook and chart setups:

The metal structure is unchanged from what has been discussed recently. The retracement began yesterday as it had been expected few sessions ago, and expectations are towards the 21.20/50 levels at least. Support levels are spread through the 20.50 levels, followed by 19.00 and sub 18.00 levels, while resistance levels are spread through the 23.50 levels, followed by 24.50 and higher, respectively. Till the time 20.50 is intact, the trend has possibly reversed to long-term and higher levels at 25.00 can be expected soon after retracement is finished.

Trading recommendations:

Look to buy lower.

Good luck!

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Gold retracement resumes. 1,280/90 in sight Trend News

Technical outlook and chart setups:

The metal has resumed retracement after printing highs at 1,361.00 recently. The Fed's outlook has proved to be the trigger for the fall late night. It is recommended to await prices to retrace up to 1,280/1,300, before planning to go long again. Immediate resistance is at the 1,370/80 levels, while support levels are spread through 1,250.00, followed by 1,210 and 1,180 respectively. 1,280-1,300 is the confluence of backside of the trend line which is support now, the fibonacci 0.618 support and a potential right shoulder for the inverted head-and-shoulder reversal. Till the time prices remain above the 1,250.00 levels, look higher.

Trading recommendations:

Look to buy lower.

Good luck!

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EURJPY short positions remain valid Trend News

Technical outlook and chart setups:

The currency pair has raised higher to test the recent highs before retreating lower. The short setup still remains valid until 136.00 remains intact. It is recommended to remain short and also look to add further at current levels with risk at 136.00. Immediate resistance is at 135.80/136.00, while support is spread through 132.75, followed by 131.00, 129.00 and lower. The current retracement should probably extend itself towards the 132.00 levels, which is the fibonacci 0.618 support of the recent upswing from 131.00 to the 136.00 levels, respectively. Looking lower till prices are below 136.00.

Trading recommendations:

Remain short, risk is at 136.00, target is at 132.00

Good luck!

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GBPCHF consolidates around 1.44 Trend News

Technical outlook and chart setups:

The currency pair has been trading within the vicinity of 1.4380/1.44 for a couple of days as shown here. Please note that this level is also re-enforced by the fibonacci 0.618 support as depicted here. It is still recommended to remain long; also fresh long positions could be taken at this time (1.4410/20). Immediate intermediary resistance is spread through 1.4620/30, followed by 1.4700, and 1.4800; while support levels are fixed at 1.42 and 1.4075 respectively. The overall structure suggests that a push higher should materialize any moment and that a push higher to 1.4650 would confirm the same.

Trading recommendations:

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

Good luck!

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#USDX analysis for October 30, 2013 Trend News

The Dollar index has reached the 38% Fibonacci retracement as expected by our latest analysis. Prices are trading within an upward sloping trend channel as depicted in the chart below.

Short term trend is upward and currently this upward move is labeled corrective. This means that the longer-term trend should resume downwards any time soon if prices break below and under the upward sloping channel. Prices have reached the 79.70-90 resistance and are now put to the test. Prices could make a small pull back towards the lower boundaries of the channel before resuming upwards towards 80.

Daily resistance is found at 80 and then at 80.65-70. Two red downward sloping trend lines confirm that the trend is downward, as long as prices trade below them. If prices break above those two trend lines, then trend will have changed with possible target the 82.50-83 area. For now the longer-term trend remains downward, and we are neutral as long as the short-term upward bounce is labeled as corrective.

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Gold Elliott wave analysis for October 30, 2013 Trend News

Gold prices managed to make a new lower low at 1,338 just one dollar below the 1,339 low. The current trend is downward in the short term. Prices are expected to continue lower towards 1,320 at least as long as prices trade below 1,353. Short-term resistance is found at 1,353 and the pivot point is found at 1,348. Support is found at 1,338. As long as prices trade below 1,348 there are more chances of the support test. If prices move above 1,348, then the resistance is going to be tested.

The first short-term target of this move that started at 1,360 is the 38% Fibonacci retracement at 1,319. The downward move is not a clear impulsive move yet; therefore, we favor the bullish scenario that implies that only a shallow retracement should be expected after the end of the upward move from 1,250 to 1,360.

The daily chart has not given us anything new to study. Chances of either bullish or bearish scenario are equally shared. Important daily levels to watch out for are the 1,320 and 1,290 support levels and the 1,375 resistance. Concluding, we favor, in the short term, short positions as long as prices trade below 1,353 with 1,320 as the first target.

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