12/04/13 ~ Best and Easy Analyst News

Wednesday 4 December 2013

Elliott Wave analysis of EUR/JPY for December 5, 2013 Trend News

Today's support and resistance levels:

R3: 140.02

R2: 139.61

R1: 139.19

Current spot: 139.14

S1: 138.80

S2: 138.43

S3: 138.16

Technical summary:

The decline from 140.02 do have some impulsiveness to it, but it is not enough to confirm that we have an important top in place at 140.02 and that a major correction in wave II has taken over, for a decline to at least 124.92 in longer term.

To confirm the top, we need resistance at 139.61 to protect the upside for a clear impulsive break below 138.43 towards at least 137.85 for the short term. If resistance at 139.61 is broken, the decline from 140.02 has clearly only been in three waves, which means it has been corrective and that a new rally towards 140.02 and slightly higher should be seen.

Trading recommendation:

Stay short and lower you stop to 139.65. If you are not short yet, then sell a break below 138.78 with the same stop at 139.65.

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

For detail explanation and best discovery on market trends you may visit via Elliott Wave analysis of EUR/JPY for December 5, 2013 . Thanks for your support on Elliott Wave analysis of EUR/JPY for December 5, 2013

Gold analysis for December 4, 2013 Trend News

Gold has extended its 3rd wave down from 1,360$ and therefore there is more downside to be expected. Short term support is found at 1,200-1,190. Short term resistance is found at 1,240-50. We believe that the downward move from 1,360 is not over and we should expect wave 4 and 5 to unfold.

Wave 4 should reach near 1,230-40 and wave 5 should make a new lower low towards 1,200-1,190. The trend remains down as prices continue to make lower lows and lower highs. Breaking above 1,258$ will put this wave count into question.

The longer term trend as shown in the daily chart above remains down. Prices on a daily basis continue to trade within the blue downward sloping channel. The head and shoulders pattern was broken and we have 1,140$ as target. The 34 day MA has a negative slope. The lower lows and lower highs pattern confirms downtrend. All these are signs that trend is down. Only if prices break above 1,360$ we can say that the trend has changed in the intermediate term. For now we remain bearish with 1,140$ as target.

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

For detail explanation and best discovery on market trends you may visit via Gold analysis for December 4, 2013 . Thanks for your support on Gold analysis for December 4, 2013

#USDX analysis for December 4, 2013 Trend News

Nothing much has changed in the Dollar index. Price action remains sideways. Prices did not manage to reach 81 yesterday and pulled back towards support at 80.50. The longer term trend remains neutral. The decline from 81.50 is corrective and not impulsive and that is why we wait to receive a valid reversal signal to enter a long position.

The triangle remains valid as prices continue to trade within it. The MA has a neutral slope and the price action as shown above remains overlapping. Short-term resistance is found at 81 and short term support at 80.40-50. Breaking either level will start a new trend. We buy if we break above 81 or near 80.50 with 80.35 stop. We sell if 80.40 is broken or near 81 with 81.20 stop reverse.

The daily chart continues to confirm that the trend is sideways. The 2 MA are converging and we believe soon we will get a buy or sell signal. For now we remain neutral.

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

For detail explanation and best discovery on market trends you may visit via #USDX analysis for December 4, 2013 . Thanks for your support on #USDX analysis for December 4, 2013

EUR/JPY H1 analysis for December 4, 2013 Trend News

General overview for 04/12/2013 09:20 CET

The round number of 140.00 has been hit yesterday as anticipated and price reversed intraday to hit the grey rectangle zone but it never closed above the zone.

The Daily candle looks like a Shooting Star now and this might be the first indication that the trend might start to reverse IF the candlestick formation is confirmed.

In intraday chart it looks like the golden trendline holds so far any upside price progression. From yesterdays top @ 140.00 traders can see quite sharp reversal to the downside that is labeled af wave 1OR A green. This is so, because currently there is a possibility that the whole area from 140.00 to 138.30 is a Triangle zone for wave alt.(4) purple. The indicated top is only temporary assumption based on Triple ZIgZag count so it needs confirmation.

Any new high puts alternate count in view but please remember this can be fake breakout in wave B green of the triangle.

Support/Resistance:

140.78 -141.01 - Potential target for wave (5) purple in alternate count

140.60 - WR1

140.00 - Round number resistance

139.02 - 138.82 - Supply breakout zone

138.80 - Weekly pivot

138.66 - Intraday low

138.29 - Intraday support

138.00 - Technical support

Trading recommendations:

Intraday short position should be in play from golden trend line resistance with SL above 140.11. Take profit level is Open for now but first logical is 138.66 and possible 138.30.

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

For detail explanation and best discovery on market trends you may visit via EUR/JPY H1 analysis for December 4, 2013 . Thanks for your support on EUR/JPY H1 analysis for December 4, 2013

USD/CAD H1 analysis for December 4, 2013 Trend News

General overview for 04/12/2013 08:40 CET

Last stages of impulsive wave progression that is lacking a momentum and most of the waves are overlaping itself is very characteristic for Ending Diagonal termination patter.

The Bearish Divergence is visible on H1 and H4 chars and that supports the main bearish view as well.

Nevertheless, there is one more push possible here (spiked on news) into 100%Fibo Ext @ 1.0693 level before reversal IF grey rectangle zone is broken.

In the chart there is indicated a possible beginning of the wave progression to the downside in purple colour.

Support/Resistance:

1.0693 - 100%Fibo Ext

1.0671 - WR1

1.0660 - 61%Fibo Ext

1.0637 - 35%Fibo Ext

1.0625 - Intraday support

1.0600 - Technical support

Trading recommendations:

If You are still long from much lower levels this is Your chance to exit the positions because bias is now to the downside.

For intraday scalpers short positions should be in play here: entry @ 1.0696 SL 1.0711, TP 1.0650.

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

For detail explanation and best discovery on market trends you may visit via USD/CAD H1 analysis for December 4, 2013 . Thanks for your support on USD/CAD H1 analysis for December 4, 2013

USD/CAD H1 analysis for December 4, 2013 Trend News

General overview for 04/12/2013 08:40 CET

Last stages of impulsive wave progression that is lacking a momentum and most of the waves are overlaping itself is very characteristic for Ending Diagonal termination pattern.

The Bearish Divergence is visible on H1 and H4 chars and that supports the main bearish view as well.

Nevertheless, there is one more push possible here (news spike up) into 100%Fibo Ext @ 1.0693 level before reversal IF grey rectangle zone is broken.

In the chart there is indicated a possible beginning of the wave progression to the downside in purple colour.

Support/Resistance:

1.0693 - 100%Fibo Ext

1.0671 - WR1

1.0660 - 61%Fibo Ext

1.0637 - 35%Fibo Ext

1.0625 - Intraday Support

1.0600 - Technical Support

Trading recommendations:

If you are still long from much lower levels this is Your chance to exit the positions because bias is now to the downside.

For intraday scalpers, short positions should be in play here: entry @ 1.0696 SL 1.0711, TP 1.0650.