Elliott wave analysis of EUR/NZD for November 26, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.6498

R2: 1.6457

R3: 1.6412

Current Spot: 1.6382

S1: 1.6341

S2: 1.6298

S1: 1.6259

Technical summary:

The correction from 1.6636 has become deeper than we expected and that opens up the case of our alternative count (see the chart below). We still prefer the bullish count we presented yesterday, but the break below support at 1.6458 has opened up for a deeper correction towards 1.6341, which will ideally protect the downside for a break above 1.6457 confirming a new rally towards 1.6636 and beyond. Under our preferred count, we can under no circumstances allow a break below support at 1.6259. A break below 1.6259 will cause an overlap between wave i and wave iv, which is not allowed under the Elliott Wave Principle and that will cause us to shift towards our alternative count below.

If the alternative count becomes our preferred count this count will call for a continuation lower towards 1.5831 in wave c of Y.

Trading recommendation:

The stop at 1.6445 was hit for a loss. We are looking for a new buying opportunity at 1.6350 with a stop at 1.6255.

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Elliott wave analysis of EUR/JPY for November 26, 2013 Trend News

Today's Support and Resistance levels:

R3: 138.30

R2: 137.99

R1: 137.58

Current Spot: 137.33

S1: 137.02

S2: 136.60

S3: 136.02

Technical summary:

After a high at 137.99 touched yesterday, we have seen a correction towards the important support at 137.02. As long as this support protects the downside, we will be looking for one last rally to a new high just above 137.99, but not beyond 138.30. As a break above 138.30 will make wave iii the shortest wave and that is not allowed under the Elliott Wave Principle. That means from just above 137.99 or upon a break below 137.02, we will be looking for a major correction towards at least 124.74.

Trading recommendation:

Keep your stop+reverse on long EUR-positions at 137.02 and your take profit + reverse at 138.20. Place stop at 138.35

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GBPUSD reverses from resistance at 1.6200. Hold on short positions Trend News

Technical outlook and chart setups:

The currency pair was consolidating between 1.59 and 1.62 broadly as discussed last week. As expected the pair run into the resistance area at 1.62 levels and reversed. This possibly should be the break down leg below the 1.59 support. Minimum implications are towards 1.57 levels and possibly 1.54 as well. It is recommended to remain short and also look to add further at current levels. Resistance is at 1.6250 now and support is at 1.59, followed by 1.54, respectively. Look to remain short and also sell during intraday rallies from here on. A break down below 1.59 should see accelerated fall.

Trading recommendations:

Remain short, stop is at 1.63, target is at 1.57.

Good luck!

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USDCHF bottom in place. Hold on long positions. Trend News

Technical outlook and chart setups:

The currency broke out of the falling trendline resistance and back tested it, which is support now. A bullish reversal remains grave possibility from here on and 0.9050 region should hold well in the coming sessions. As depicted here, the 0.618 fibonacci support is at 0.9020/30, which should be the maximum downside if prices reach there. It is recommended to remain long and also look to add further at the current levels (0.9100). As seen here, support is at the 0.89 levels now and resistance is at 0.9250 (intermediary) and 0.9450 levels respectively. The structure reveals at least a 3 wave rally towards 0.94/95 from here on.

Trading recommendations:

Remain long, stop is at 0.89, target is open.

Good luck!

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USDJPY breaks consolidation. 99.60 is immediate support. Remain long Trend News

Technical outlook and chart setups:

The currency pair has clearly broken the cone consolidation, which was discussed last week. Also, prices have exceeded the resistance at the 101.50 levels; it is recommended to remain long on positions taken earlier and also look to add further on dips from here on. Immediate support is the 99.60 region, followed by 98.00, 97.00 and 96.00; while the major resistance is above 103.00 respectively. The structure reveals that next upside extension should be way above the 103.00 levels, possibly towards 110.00 also. Simple trading strategy should be buy-on-dips from now on.

Trading recommendations:

Remain long, stop below 99.60, target is open.

Good luck!

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EURUSD resistance at 1.36. Remain short Trend News

Technical outlook and chart setups:

The currency pair produced an engulfing bearish candle last week as expected. Immediate resistance is 1.36, followed by 1.38. It is recommended to remain short on positions initiated between 1.35 and 1.36, as recommended last week and also add further at the current levels. Intermediary support is at 1.33, followed by 1.31 and lower. The entire structure reveals at least a 3 wave correction towards the 1.29 levels, if not lower. Till the time prices remain below 1.36 and subsequently below 1.38, look lower and selling rallies should remain the trading strategy.

Trading recommendations:

Remain short, stop above 1.36, target is at 1.29.

Good luck!

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#USDX analysis for November 25, 2013 Trend News

The Dollar index retraced 76,4% of the previous 5 wave upward move from 80.50. Prices made a downward correction and we should expect soon an upward reversal. The short-term pattern favors the bulls as after the 5 waves up and their downward correction, we should anticipate a new upward 5 wave move towards 81.50 at least.

Short-term resistance is found at 81.15 and short-term support is found at 80.65. The decline is currently in a 3 wave form and this supports our short-term bullish view. Bulls however will need to break above 81.15 to confirm our view in an impulsive pattern.

The daily chart shows how the current sideways consolidation between 81 and 80.50 is near its end. The triangle correction will soon end and prices are expected to start a new move. Breaking below 80.50 could push prices towards 80.15. Breaking above 81.15 could push prices towards the recent highs at 81.50. Breaking above those highs we should expect a move towards 83.

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Gold analysis for November 25, 2013 Trend News

Gold prices continue to move lower in an impulsive pattern, and we believe that it could very well reach our second target of 1,200. Prices continue to be in a downward trend and below the downward sloping trend line as shown in the 4-hour chart below. Although the trend is downward, we could see another bounce towards 1,245 as prices have completed a very short-term 5 wave formation from 1,300. A bounce could push prices towards 1,240-50 before resuming lower towards 1,180.

The trend remains downward and short-term resistance is found at 1,260 and at 1,245. Short-term support is found at 1,229 and at 1,200. We expect the longer-term trend to remain downward. Bulls will need to break above 1,260 in order to have a chance of seeing the gold prices near 1,300 again.

The daily chart is unfolding as expected. The broken neckline brings in more weakness and we are going to test previous lows at 1,180 with 1,140 as the Head-and-Shoulders pattern target. In the daily time frame we remain bearish looking for new lows below 1,180.

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Silver triggers stops At 20.00 levels. Flat for now Trend News

Technical outlook and chart setups:

The metal has stopped us out at the 20.00 levels, on long positions taken earlier. Currently, at the fibonacci 0.786 support level, it is recommended to remain flat for now and wait for a reaction here. Initial support is at 19.00, followed by sub 18.00 levels; a sustained break of the19.50 levels, it would be further bearish towards 19.00 and 18.00 respectively. Immediate resistance is at 22.00; followed by 23.00, 25.00 as stronger ones. On the flip side, a bullish bounce now, it would still warrant to initiate long positions against the 18.00 levels. We would wait for a possible reaction in the daily chart view before committing further on long side.

Trading recommendations:

Remain flat for now.

Good luck!

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Gold triggers stops at 1,250 levels. Flat for now Trend News

Technical outlook and chart setups:

The metal triggered stop (at 1,250.00) on long positions taken earlier. At the moment, the metal is at 0.786 retracement level of the entire rally between 1,180.00 and 1,440.00; around 1,234.00 region. It is recommended to remain flat for now and await a reaction here. A break of 1,230.00 levels would prove to be further bearish for the counter, possibly towards 1,210.00 and 1,180.00 levels; which are support levels for now. Resistance is seen at 1,280.00, followed by a strong level at 1,370.00 respectively. On the other hand, a bullish reversal in daily chart view here would warrant buying on dips from there on.

Trading recommendations:

Remain flat for now.

Good luck!

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EURJPY continues to print higher highs. Flat for now Trend News

Technical outlook and chart setups:

The currency pair stopped us out at the 135.80/136.00 levels on short positions initiated last week. At the moment, the sequence of higher highs and higher lows is continuing and the uptrend is very much intact, keeping bulls in control. The fibonacci extensions are pointing at the 142.00 levels as shown here, and recommendations are to buy on intraday dips. Immediate support is at 136.00, followed by 134.00 and lower; while resistance is around 139.00 and 142.00, respectively (fibonacci extensions). Intraday pullbacks towards 136.00 should be used for buying now; with an upside target of 139.00 and 142.00 respectively. Weekly chart suggests that 139.00 is very much on cards since the bulls want to target the past resistance around that region now.

Trading recommendations:

Buy on dips.

Good luck!

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GBPCHF is consolidating between 1.46 and 1.48. Hold on to longs Trend News

Technical outlook and chart setups:

The currency pair is seen consolidating between 1.46-1.48 in a rising wedge format. Such consolidation patterns intend to break out north normally. It is recommended to hold on to remaining long positions for now, with an upside target around the 1.49 levels. Immediate support is seen between 1.4650 and 1.47, followed by 1.4560, 1.4380 and lower; while resistance is fixed at the 1.5 levels, respectively. The overall structure remains bearish, and the current rally from the 1.4 levels seems to be the retracement of the down leg between 1.54 and 1.4. Please note that the 1.49 level is the fibonacci 0.618 retracement and a bearish reaction is expected there.

Trading recommendations:

Hold long positions for now. Book profits at 1.49 and initiate fresh short positions.

Good luck!

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