Elliott wave analysis of EUR/NZD for November 6, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.6241

R2: 1.6185

R1: 1.6133

Current Spot: 1.6090

S1: 1.6057

S2: 1.6016

S3: 1.5929

Technical summary:

We are getting very close to the Invalidation point at 1.6016 for our preferred count. If the above count is valid, we can not accept a break below 1.6016 as the second wave are not allowed to break below the starting point of wave i. Therefore, we are expecting support at 1.6057 and more important support at 1.6016 to protect the downside for a break above 1.6133 and more importantly a break above 1.6241, which calls for a rally higher towards 1.6349 and 1.6422 on the way higher.

However, if we see a break below the invalidation point at 1.6016, we will be forced to shift to a much more bearish count calling for a continuation lower towards at least 1.5493, but for now we are holding firm and are looking for a bottom soon.

Trading recommendation:

Our stop at 1.6240 was hit for a small loss. We will buy EUR again at 1.6057 or upon a break above 1.6133 (one order cancels the other). We will place stop and reverse at 1.6010 and be ready to ride the downside if needed.

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Elliott wave analysis of EUR/JPY for November 6, 2013 Trend News

Today's Support and Resistance levels:

R3: 134.84

R2: 134.15

R1: 133.70

Current Spot: 133.42

S1: 132.85

S2: 132.55

S3: 132.27

Technical summary:

We saw important resistance at 133.42 protecting the upside for one last decline closer to 132.20 (the final low came in at 132.37). Following the low at 132.37, we have seen a powerful rally and a break above important resistance at 133.42, which indicates that the final rally higher in wave c of v is developing. The ideal target for this wave v is at 137.05 and the absolute maximum for this rally is at 138.39 as wave iii can not be the shortest wave and that it will be the case if we see a break above 138.39.

In the short term we are looking for support at 133.11 to protect the downside for a break above 133.45 towards 133.70 and higher towards 134.15 and 134.75 on the way higher to 137.05.

Trading recommendation:

Stay long in EUR from 133.20 and lift your stop to 132.30. If you are not long in EUR already, then buy near 133.11 or upon a break above 133.45 with the same stop at 132.30.

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Silver remains unchanged at 21.00/50. Should produce bullish bounce Trend News

Technical outlook and chart setups:

The metal has remained flat since the last 2-3 trading sessions. It is hence recommended to remain long on positions taken earlier, with risk at the 20.50 levels. Immediate intermediary support levels are at 20.50, followed by 19.00 and subsequently 18.00; while resistance levels are spread through 23.00 levels, 23.50 and 24.50 respectively. The entire structure seems to be unfolding as a potential head-and-shoulder reversal and the right shoulder is being carved out at current levels (21.00/50). Also note that the fibonacci 0.618 level is passing through the same levels. Looking higher for now.

Trading recommendations:

Remain long, set stop at 20.50, target is open.

Good luck!

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Gold subdued to 1,300. Trend News

Technical outlook and chart setups:

The metal is looking to form a base between the 1,290-1,300 levels. It is recommended to remain long for now with risk at 1,250. Intermediary support is at 1,250.00, followed by 1,210.00 and 1,180.00, while resistance is spread through 1,370/75, followed by 1,410/15 and 1,440 respectively. The overall structure might be unfolding as an inverted head-and-shoulder pattern, as discussed earlier. At the moment, it looks like the right shoulder is being carved out at the 1,290.00 levels; which still remains the best buy. Also the fibonacci 0.618 retracement level is also passing through the same area as seen here. Looking higher from the 1,290/1,300 levels for now.

Trading recommendations:

Remain long, set stop at 1,250.00, target is open.

Good luck!

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EURJPY testing the support line now. 131.00 is critical for bulls Trend News

Technical outlook and chart setups:

The currency pair is found to be testing the immediate trend line support for now. It is still recommended to hold long positions initiated earlier and also plan to buy more. Immediate support is at 131.00, followed by 130.00/128.00 and 125.00; while resistance remains fixed at the 135.00 levels respectively. The bullish trend shall prevail till the time prices remain above the 131.00 levels. On the other hand, if the support line breaks and prices test the 131.00 levels in near future, subsequent rallies must be sold as a change in the trade strategy.

Trading recommendations:

Hold long positions, stop is at 131.00.

Good luck!

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GBPCHF rallies as expected. 1.4350 remains critical support Trend News

Technical outlook and chart setups:

The currency pair is moving higher as discussed yesterday. Currently trading is comfortable above the 1.46 levels; one can expect it to rally further after dips. It is recommended to remain long on positions taken earlier, and buy more during intraday dips as well. Immediate support is 1.4350, followed by 1.4200 and 1.4075; while resistance is fixed at 1.48 and 1.5 respectively. Please note that the entire structure is bearish, but an intermediary counter trend is being materialized towards the 1.49 levels for now. We shall watch the reaction at 1.49, which is more likely to turn bearish. Looking higher for now.

Trading recommendations:

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

Good luck!

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Silver is best buy between 21.00/50 Trend News

Technical outlook and chart setups:

There has been structurally no change in the counter since yesterday. It is very much recommended to hold long positions initiated yesterday and buy more around the 21.00 levels. It is the fibonacci 0.618 retracement of the rally between 20.50 and 23.00. Intermediary support is at 20.50, followed by 19.00 and sub 18.00 levels; while resistance is spread through 23.50, followed by 24.50 and higher respectively. The metal might have reversed in the long term, and 21.00 levels if reached, it would be the potential right shoulder of the possible inverted head-and-shoulder reversal.

Trading recommendations:

Remain long, set stop below 20.50, target is open.

Good luck!

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Gold rally to gather pace. 1,290/1,300 remains best buy Trend News

Technical outlook and chart setups:

The metal has been almost unchanged since yesterday, after bouncing off from the 1,310.00 levels. As depicted here, it is quite possible that the retracement or pullback might be over around the 1,310.00 levels; hence, it is recommended to remain long on positions initiated yesterday. As shown here, the best buy still remains between the 1,290/1,300 levels which is the fibonacci 0.618 retracement of the entire rally from 1,250.00 to 1,350.00. Intermediary support here is at 1,250.00; followed by 1,210.00 and then 1,180.00; while resistance is at 1,370/75, followed by 1,410.00 and 1,440.00, respectively. Looking higher from here on.

Trading recommendations:

Hold on to long positions, buy more between 1,290 and 1,300, set stop at 1,250, target is open

Good luck!

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EURJPY remains bullish above 131.00 Trend News

Technical outlook and chart setups:

The currency pair has bounced off the fibonacci 0.618 retracement levels recently, of the rally between 131.00 and 135.00. It is recommended to remain long on positions taken yesterday and also buy on further dips as long as prices are above 131.00. This is immediate support (131.00), followed by 130.00/129.00 and lower; while intermediary resistance is fixed at 135.00 respectively. As seen here, immediate line of support is still intact, so one should consider buying on dips as a safe trading strategy for now. On the other hand, a break of the trend line and subsequently 131.00 would shift our focus to selling on rallies.

Trading recommendations:

Remain long for now, stop at 131.00, target is open.

Good luck!

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GBPCHF rally poised to gather pace. Remain long Trend News

Technical outlook and chart setups:

The currency pair should gather pace on the higher side after bouncing off the fibonacci 0.618 retracement levels at 1.4380/1.44 recently. It is, hence, recommended to hold long positions for now and also look to add further on dips. Initial support is at 1.4350 (intermediary), followed by 1.4200, and 1.4075, while resistance is at 1.48 followed by 1.5 respectively. The extension levels are pointing towards the 1.49 levels, which are convergence of retracement from 1.54 to 1.40 and extension from 1.4075 to 1.46 respectively. We would look to enter selling at the 1.49 levels from here on.

Trading recommendations:

Hold on to long positions, set stop below 1.43, target is at 1.49

Good luck!

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#USDX analysis for November 5, 2013 Trend News

The Dollar index remains in the upward trend as prices continue to trade within the upward sloping channel. Prices are moving upwards impulsively, and we believe that at least one more new higher high is expected.

The short-term support is found at 80.50 that if broken will most probably push the index towards 80.15. The short-term resistance is found at 80.75-70. If broken, we will then see a move towards 81 to complete the upward move from 79. Prices are trending upwards, and we remain bullish. Prices have most probably reversed in all time frames, and we should respect the 79 low as an important low and the start of a new upward move.

The weekly chart above is showing signs of trend reversal in the longer-term degree. We expect prices at least to move towards the lower boundaries of the big blue upward sloping channel near 82. If this move that started at 79 is of a bigger degree, we cannot rule out the possibility of a new high above 85 in the longer run. For now, we remain bullish as long as prices trade above 80.50.

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Gold Elliott wave analysis for November 5, 2013 Trend News

The upward attempt which Gold prices made yesterday was weak and had an overlapping corrective pattern. The upward move was not impulsive and prices fell back down easily towards 1,310. This sideways move makes us believe that the downward move from 1,360 is not over yet.

Prices have stopped below the 1,325$ resistance and moved back down below the 1,317 pivot point. This favors bearish positions and we have a short-term expectation of reaching 1,300-1,290, where the 61,8% Fibonacci retracement is.

An upward break above 1,325 could cancel this view, but for now we give more chances of seeing a new low rather than an upward move. The daily chart continues to favor the bearish Head-and-shoulders scenario with the first target within the 1,250-60 area. For this scenario to be invalidated, we need to see prices break above 1,360.

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EUR/JPY H1 analysis for November 5, 2013 Trend News

General overview for 05/11/2013 06:40 CET

The range of a Triangle is being maintained and so far it looks more and more like one more wave to the downside needed to complete the cycle.

It is very possible that the DEMAND zone is the target for this fifth wave (unless it would get extended). That would be wave Y brown of the overall corrective cycle wave (ii) green, and traders might expect a poerfull wave (iii) green to come. In case this wave (iii) would not come that means correction is not over yet OR some other Elliott Wave progression is more applicable to the current market stage.

Support/Resistance:

132.42 - Wave 5 target zone

132.45 - 132.60 - DEMAND ZONE

132.65 - Intraday Support

133.10 - Intraday Resistance

133.41 - Intraday Resistance

133.57 - Weekly Pivot | INVALIDATION LINE |

Trading recommendations:

Short positions should be in play in anticipation of a Triangle pattern breakout to the downside from the level of 133.25 with SL above 133.58 and TP at 132.45.

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