EUR/JPY H1 analysys for November 11, 2013 Trend News

General overview for 11/11/2013 14:00 CET

The ZigZag wave WXY brown has been done now and corrective wave up is in progress.

The anticipated level for corretion to complete is 50%Fibo area at 133.32.

If SUPPLY ZONE is violated then alternate green count is invalidated as well as immediate impulsive wave progression is canceled.

Bias is still to the downside as long as SUPPLY ZONE holds.

Support/Resistance:

131.21 - Swing Low | WS1 |

132.19 - Intraday Support

132.45 - Weekly Pivot

132.70 - Intraday Support

133.32 - 50%Fibo Target

133.60 - 133.70 SUPPLY ZONE | WR1

Trading recommendations:

Short positions have two possible enties:

- 133.32 with SL above 133.83 and TP below 131.21.

- 133.60 with SL above 133.83 and TP below 131.21

The material has been provided by InstaForex Company - www.instaforex.com



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Gold analysis for November 11, 2013 Trend News

Gold prices are trading near 1,280 after continuing the lower lows and lower highs pattern. Resistance level at 1,325 was not broken and as we noted in our previous analysis, as long as the prices were trading below that level, then it would be more possible to see 1,290 and lower.

Important levels for bears and bulls to watch out for are 1,315-18 and 1,250-60. The chart above shows those two levels we mentioned. If the neckline support at 1,250-60 is broken, then the longer term bearish scenario will have prevailed and we will have 1,140$-1,080, as a possible target. On the other hand, if the prices manage to break above the green trend line at 1,315-18 short-term resistance, then 1,360 will be challenged.

Gold prices are nearing important daily support at 1,270. The prices have retraced nearly 76.4% of the entire rise from 1,250 to 1,360 and the prices should bounce upwards soon if the bulls want to have any chance of success. Breaking the blue support line in the daily chart above will bring more pressures for Gold prices that will challenge the 1,250, low where the Head and Shoulders neckline is. The bulls will need a reversal to take place soon if they want to avoid a new low below 1,180.

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Elliott Wave analysis of EUR/NZD for November 11, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.6294

R2: 1.6223

R1: 1.6190

Current spot: 1.6137

S1: 1.6036

S2: 1.5917

S3: 1.5821

Technical summary:

We are currently in wave c of a major correction which began from 1.7274, the ideal target for this correction is at 1.5525, where wave c will be equal in length to wave a. Looking at the structure of wave c from 1.6726 it looks as we already has four sub-waves in place and that would mean, that red wave v will be an extended wave. A break below 1.6036 will indicate that red wave v is developing for a decline towards at least 1.5724 and likely even lower towards 1.5525. However as long as support at 1.6036 protects the downside we could see a move closer to 1.6190 before lower.

Trading recommendation:

Stay short EUR from 1.6180 or sell a break below 1.6036 with a stop at 1.6245.

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