Elliott wave analysis of EUR/NZD for November 1, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.6515

R2: 1.6487

R1: 1.6461

Current Spot: 1.6433

S1: 1.6390

S2: 1.6356

S1: 1.6312

Technical summary:

Support at 1.6469 was broken without troubles, and we are now close to our next target near 1.6390. We could still see a slightly deeper decline towards 1.6312 as long as resistance at 1.6485 protects the upside, before this wave ii is over and a new powerful rally higher towards 1.7424 is expected as wave iii is developing. In the longer term we are still looking for much higher levels once this new impulsive rally really gets strong development. It should also be remembered that wave 3 is the wave we really want to be exposed as this normally is the longest wave.

Trading recommendation:

Take profit on your short EUR-positions from 1.6610 here at 1.6433 for a profit. Place a new buy order at 1.6325 or upon a break above 1.6485.

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Elliott wave analysis of EUR/JPY for November 1, 2013 Trend News

Today's Support and Resistance levels:

R3: 134.22

R2: 134.05

R1: 133.83

Current Spot: 133.57

S1: 133.45

S2: 133.01

S3: 132.61

Technical summary:

Our new preferred count has worked out perfectly and red wave c of b is developing now. With the decline below 133.60, red wave c could end any time now. However, we are looking for minor resistance at 133.83 to protect the upside for one last decline towards 133.01, before red wave c of b is finally in place, and the c wave of wave v will take over for a rally towards 137.69 and maximum 138.39.

Only a direct break above 134.20 indicates that red wave c already has finished and the final wave c of v is developing already.

Trading recommendation:

We recommend to book your profit on the short positions from 134.70 here at 133.57 for a nice profit. Place a new EUR buy order at 133.20 or upon a break above 134.20.

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#USDX analysis for October 31, 2013 Trend News

The Dollar index continues to move higher inside our upward sloping channel. Our short-term view was bullish from two days ago, and we continue to get confirmation of short-term uptrend as pries make short-term higher highs and higher lows breaking above short-term resistance levels.

Prices have reached the 50% Fibonacci retracement level and the upper boundaries of the upward sloping trend channel. We might see a pause in the upward move today, but still there is no signal that this upward bounce has ended. A sell signal will come if prices break below the critical support area noted in the chart above near 79.55.

The longer-term trend is bearish still, but we see the index that now tries to challenge the downward sloping trend lines as shown in the chart above. Important intermediate and long-term resistance levels are found at 80 and 80.60 and for longer-term trend to change to up, these resistance levels must be broken upwards. Short-term trend is upward and is challenging the intermediate term trend.

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Gold Elliott wave analysis for October 31, 2013 Trend News

Gold did not manage to break above its previous high and made a double top and reversal confirming our bearish view. Prices initially broke below the 1,353 pivot support and then failed to hold the support levels at 1,346 and 1,338.

Prices are heading towards the 1,318 price level, where the 38% Fibonacci retracement is. Prices are making lower lows and lower highs confirming bearish trend. We remain bearish with the 1,318 first target. Below that, I see 1,300-1,290.

Gold is forming the right hand shoulder in the daily chart. Prices are going to test the MA support at 1,318-20. Important support level for bulls in the daily chart is the 1,250-60 area. If this support is broken, expect prices to move towards 1,140. For now, we remain bearish with 1,360 as a stop.

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USD/CAD H1 analysis for October 31, 2013 Trend News

General overview for 31/10/2013 09:00 CET

Although it looks like wave 5 of wave A green has been done and the target level I had mentioned yesterday has been hit, there is still a possibility of an Ending Diagonal wave 5 navy.

This scenario for wave A green termiantion is in play as long as the low of wave alt:(ii) is not taken out: 1.0440.

If this low is broken to the downside, the alternate count is invalidated and the market is giving traders the first clue that top for wave A green might be in place.

The Key Level here is at 1.0428 Technical Support. Only if this level is taken out the downside is more probable than upside.

Support/Resistance:

1.0496 - Swing High

1.0470 - Intraday Resistance

1.0455 - Golden Channel Trend Line Support

1.0440 - Key Level

1.0428 - Techncial Support

1.0405 - Weekly Pivot

Trading recommendations:

Short positions should be in play from current levels with SL above 1.0497 and TP1 at 1.0440 and TP2 at 1.0427

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EUR/JPY H1 analysis for October 31, 2013 Trend News

General overview for 31/10/2013 08:40 CET

The corrective wave 2 OR (b) has been finished with (w)(x)(y) complex corrective Double Three pattern at 134.40.

Currently, the pair is in the first stages of impulsive decline that might reach the level of 133.68 - 133.58.

Sub-wave (iv) has resistance so far at 134.80, but it can move a little bit higher to the 135.00 level, before reversing to the downside again. It would make another H&S pattern again, little bigger that the last one.

The breakout to the downside from the uprising golden channel is needed to confirm further weakness. Please notice the Weekly Pivot level and lower channel line are providing support now.

The real key level to the downside here is 134.25 Technical Support level. If the price will break below this level, then a test of 133.58 is in view.

Support/Resistance:

135.50 - Swing High

134.74 - 38%Fibo

134.60 - Weekly Pivot

134.51- 50%Fibo

134.30 - 134.25 - 61%Fibo | Technical Support |

133.99 - 133.88 - 78%Fibo | Technical Support |

133.68 - 133.59 - WS1 | Techncial Support |

Trading recommendations:

Short positions should be in play if channel trend line is broken below Weekly Pivot with TP1 at 134.25 and TP2 at 133.88. Tight SL.

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