Elliott Wave analysis of EUR/JPY for December 4, 2013 Trend News

Today's Support and Resistance Levels:

R3: 139.83

R2: 139.62

R1: 139.54

Current Spot: 139.36

S1: 139.18

S2: 138.93

S1: 138.69

Technical Summary:

After some small stabs above the ideal target at 139.89 with a high at 140.02, we saw the expected decline and we also saw a short term break below important support at 138.97, but was it enough to confirm that we have seen an important top at 140.02? The decline from 140.02 does have some impulsive characteristics, which does support that an important top could be in place, but we do need more evidence to confirm the top. Short term we will ideally see a small rally to 139.54 before a break below 138.93 and more importantly a break below 138.69 confirms the impulsive decline for a continuation lower towards at least 138.31.

Only a break above 140.02 will invalidate the bearish count and indicate more short term stabbing to the upside, but we should not see much upside progress.

Trading Recommendation:

Stay short from 139.50 and move the stop lower to 140.05. If you are not short EUR yet, then sell a break below 138.93 with the same stop at 140.05.

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Elliott Wave Analysis of EUR/NZD for December 4, 2013 Trend News

Today's Support and Resistance Levels:

R3: 1.6658

R2: 1.6636

R1: 1.6607

Current Spot: 1.6577

S1: 1.6560

S2: 1.6540

S3: 1.6520

Technical Summary:

After a quick decline to just below the ideal target at 1.6446 (the low came in at 1.6443, just 3 small pips below the ideal target) we have seen an impulsive rally. This first rally will likely end at 1.6658 for a small decline to towards the 1.6540 - 1.6545 zone before the next powerful rally towards important resistance at 1.6843 and a break above higher will be very bullish long term.

Trading Recommendation:

We bought EUR at 1.6605, placed stop at 1.6440. If you are not long EUR already, then buy close to 1.6545 with the same stop at 1.6545.

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#USDX analysis for December 3, 2013 Trend News

The Dollar index has risen as expected from the 80.40-50 support area and is trying to reach the upper resistance levels of the downward sloping channel. The short-term support is found at 80.70 and at 80.55. Short term resistance is found at 81.10-20.

The Dollar index is forming a sideways triangle corrective pattern. The primary scenario we prefer is that this triangle has ended at 80.50 and has already started its first upward move. We expect it to move upwards towards 81-81.20 and break it after the pull back it makes today.

The daily chart confirms that prices remain in downtrend. Lower lows and lower highs pattern continues to prevail. Prices have reached the 100 day MA and did not manage to break above it. Closing above the 100 day MA is the first bullish sign we want to confirm an important low at 80.50. Concluding, we are slightly bullish as long as prices trade above 80.45-50. However bulls will need to show more signs of strength by breaking above 80.20. Until then we remain cautiously bullish. The downward move from 81.50 is corrective and soon we should see an upward breakout.

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Gold analysis for December 3, 2013 Trend News

Gold prices have broken the lower boundaries of the sideways consolidation we mentioned in yesterday's analysis. The lower support boundaries were important if the upward bounce was to continue. We expected prices to make another upward bounce, but support failed to hold prices. Once support was broken, it was a matter of time to see new lower lows.

The chart above shows clearly the purple sideways channel that we mentioned yesterday. We were bullish as long as prices stayed above the lower purple line. Below that line we were expecting new lows. Now that prices have made a new lower low, the 1258$ high has increased importance for the intermediate term trend. Bulls will need to break above that level in order for short term trend to change.

The daily chart confirms that trend is down. Prices trade within the downward sloping blue trend channel. The pattern of lower lows and lower highs confirms this view. Trend will change only if prices break above 1258$. In the very short term, we could see an upward bounce towards 1240-45 channel resistance and then another new lower low towards 1210$. We remain longer term bearish, but in the short term we believe that Gold is oversold and we should see an upward bounce.

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EUR/JPY H1 analysis for December 3, 2013 Trend News

General overview for 03/12/2013 07:10 CET

Price has made another overnight high and it seems it is going to hit 140.00 round number level before any meaningfull reversal will happen. The targets from H4 time frame are slighty higher however.

The Bearish Divergence is visible on H1 and H4 time frame and right now the overall progression is lacking momentum, however as long as Supply Breakthrough Zone is not broken, the possible top is still NOT CONFIRMED and price can extend further upward.

Support/Resistance:

141.52 - WR2

141.01 - 140.78 - TARGET ZONE FOR WAVE 5

140.60 - WR1

140.00 - Round number resistance

139.68 - Intraday support

139.02 - 138.80 - Supply breakthrough zone

Trading Recommendations:

As long as price is moving inside the golden channel long side of the market should be in play for intraday scalp positions. SL below 139.65 and TP1 @ 140.78 and TP2 @ 141.00

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