Elliott Wave Analysis of EUR/NZD for November 29, 2013 Trend News

Today's Support and Resistance Levels:

R3: 1.6970

R2: 1.6890

R1: 1.6843

Current Spot: 1.6799

S1: 1.6749

S2: 1.6710

S3: 1.6637

Technical Summary:

With the clear break above 1.6733, the green wave v is extending and the next target for green wave v is at 1.6970, where green wave v is 100% of the distance traveled from the bottom of green wave i to the top of green wave iii. As we also have broken clearly out of the base-channel, we should expect only small or even sub-normal corrections as wave iii extends higher.

Short-term we should expect support at 1.6749 will protect the downside for a continuation higher towards 1.6970. A break below 1.6749 or more importantly a break below 1.6710 will call for a deeper correction towards 1.6625.

Trading Recommendation:

As we have missed two buying opportunities and we have broken clearly out of the base-channel, we will wait no longer. We will buy EUR here at 1.6799 with a stop at 1.6590.

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Gold analysis for November 28, 2013 Trend News

Gold prices have risen in 5 waves from the 1,226 lows to 1,258. The decline is in 3 waves. The bigger move from 1,360, as we mentioned in previous analysis, is a complete 5 wave pattern. So now it is time for a bigger upward corrective move.

So the gold prices are expected to move upwards to complete the third part of the upward correction. The first part was 1,226-1,258 and the second part was from 1,258 to 1,233. The next move should be an upward impulsive wave towards 1,260-90. Confirmation for this will come once the prices break above 1,255-58.

If, however, the prices don't break the resistance at 1,256-58, but fall lower towards new lows, we will have to change our wave count. For now, the bulls should use 1,226 as stop and look for a move towards 1,260-90. Bears should stay clear for now as there is an increased chance that the prices will move towards the broken neckline to back test it. The daily chart above shows that prices are trading above the support levels at 1,200-1,220 and this could produce a counter trend bounce towards 1,260-1,300.

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USD/CAD H1 Analysis for November 28, 2013 Trend News

General Overview for 28/11/2013 10:15 CET

Long-time anticipated last wave to the upside is done and fifth wave sequence has finished.

Some kind of the correction to the downside is expected now UNLESS wave 5 gets extended.

The Key Zone to the downside is now Supply Breakthrough Zone and this area must be broken to continiue the downside move.

Next dynamic support is uprising golden trend line - if broken, then old DEMAND zone is in view.

Support/Resistance:

1.0600 - WR1

1.0589 - Intraday Resistance

1.0572 - 1.0582 - Supply Breakthrough Zone

1.0559 - Intraday Support

1.0514 - 1.0522 - DEMAND ZONE

Trading Recommendations:

In anticipation of the downside correction short side of the market should be in play with entry @ 1.05800 and SL above 1.6000 and potential TP1 @ 1.0559 and TP2 @ 1.0522.

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GBP/USD pushed through 1.63 levels. Hold on short positions Trend News

Technical Outlook and Chart Setups:

The single currency pair might have pushed through 1.6300 levels and triggered stops placed there. Still the pair is trading below the Jan 2013 high of 1.6380 levels. A top and reversal here remains of grave possibility and hence recommendations are to initiate fresh short positions at current levels (1.6300) keeping risk at 1.6425 levels. Furthermore a possible head and shoulder could also form if prices confirm top and reversal at current levels. Resistance is at 1.6380, while support is at 1.6150 followed by 1.6050 and lower.

Trade Recommendations:

Initiate fresh short positions now (1.6300), stop at 1.6425, target open.

Good Luck !

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USD/CHF rally to gather pace. 0.9020/30 is major support Trend News

Technical Outlook and Chart Setups:

Inverted head and shoulder reversal seems to be taking shape at the moment. Since last several trading sessions, the right shoulder has been seen to be carved out and strong support is at 0.9020/30 range. It is recommended to hold long positions for now and also look to buy intraday dips towards 0.9020/30 levels. Immediate fibonacci support is 0.9030 followed by 0.9010 and 0.8900; while resistance is at 0.9200 followed by 0.9250 and 0.9450, respectively. The structure reveals that bottom formation should complete around 0.9030 levels for the bulls to continue rallying further towards a 0.9500 target.

Trade Recommendations:

Remain long, look to buy on dips as well, stop at 0.8950, target 0.95

Good Luck !

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USD/JPY prints fresh highs. Remain long as 103/104 remain in sight Trend News

Technical Outlook and Chart Setups:

The pair is rising towards 103.30 and 104.50 levels as depicted on daily chart view here. As seen here, prices broke out consolidation cone pattern last week, back tested at 99.60/80 levels and is now towards fresh highs. It is recommended to remain long and reduce risk at break even levels. Immediate short term support is at 101.00 followed by 99.60 and lower; while resistance is seen at 102.50/60 and 103.60/70, respectively. Further higher extensions are 106.00 and up to 110.00 levels. Look to hold long positions for now.

Trade Recommendations:

Hold on to long positions, stop at break even, target open.

Good Luck !

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EUR/USD pulls back from 1.3620/30 levels. Remain short Trend News

Technical Outlook and Chart Setups:

The single currency pair topped and reversed yesterday just shy of 1.3650 levels, which is the fibonacci 0.618 resistance level of the fall from sub 1.38 to 1.33 recently. Prices may want to just test 1.3650 before reversing sharply, and hence it is recommended to stay short on positions taken earlier and also look to sell intraday rallies as well. Resistance is at 1.3650 followed by 1.3710 and 1.38; while support is at 1.35 followed by 1.34 and 1.33, respectively. The entire structure reveals that a potential right shoulder is in the making between 1.3600/50; for a head and shoulder reversal.

Trade Recommendations:

Remain short, look to sell further rallies, stop at 1.38, target at 1.29.

Good Luck !

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Silver hangs around 19.50 levels for now. Remain flat Trend News

Technical Outlook and Chart Setups:

The metal has paused the recent fall at the fibonacci 0.786 support levels around 19.50 as depicted here. Still the conviction to commit a trade is missing due to lack of trade signal pattern. It is hence recommended to remain flat for now. Immediate support is at 19.00 levels followed by sub 18.00 levels; while resistance is at 20.50/60, 22.00 (trendline) followed by 23.00, respectively. A break higher of at least 21.00 levels would be required to confirm that a meaningful bottom is in place and the metal is set for higher highs. On the flip side, a break of 19.00 levels would see fresh lows being printed before the trend reverses.

Trade Recommendations:

Flat for now

Good Luck !

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Gold may print fresh lows below 1180.00 before rallying further Trend News

Technical Outlook and Chart Setups:

Gold is trading close to the fibonacci 0.786 region of the entire rally from 1180 to 1440 levels. It is recommended to remain flat for now and watch for a meaningful bullish signal on a daily chart before committing on the long side. Immediate support is the 1210.00 level, followed by 1180.00; while resistance begins from 1275/80 levels, followed by 1320/25, 1350 and higher. The metal needs to break at least 1275/80 levels from here to confirm buying on dips. On the other side, a break below 1210.00 levels would see further downside towards 1180.00 and 1150.00, respectively. Looking for a clear signal indication for now.

Trade Recommendations:

Flat for now.

Good Luck !

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EUR/JPY bull run continues. 139.00 and 142.00 within reach Trend News

Technical Outlook and Chart Setups:

The single currency pair has raised past 138.00 levels and approaching the prescribed targets of 139.00 and 142.00 respectively. It is recommended to buy intraday dips. Immediate support is at 134/135.00 levels on daily chart view, followed by 131.00 and lower; while resistance is at 139.00 and 142.00 respectively. A weekly chart resistance is just around 142/143 levels and the bulls would surely want to target that before a meaningful pullback could be underway. Looking to buy intraday dips from here on. This could possibly be the final rally before a huge correction. 142.00 levels would be watched closely.

Trade Recommendations:

Buy intraday dips. Target 139.00 and 142.00.

Good Luck !

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GBP/CHF should hit 1.49 levels any time soon Trend News

Technical Outlook and Chart Setups:

The single currency pair has got past 1.48 levels as it was discussed earlier this week. Still the upward momentum remains and soon 1.49 levels should be reached. It is recommended to hold long positions taken earlier for now and look to book profits at 1.49. The overall structure remains bearish and the pair is nearing the end of its multi month counter trend, which began from 1.4 levels. Immediate support is just below 1.47 followed by 1.4550, 1.44 and lower; while resistance is fixed at 1.5 levels. We shall again review situation at 1.49 levels before turning short.

Trade Recommendations:

Remain long, stop at 1.47, target 1.49.

Good Luck !

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