Elliott wave analysis of EUR/NZD for December 10, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.6750

R2: 1.6688

R1: 1.6615

Current Spot: 1.6586

S1: 1.6550

S2: 1.6508

S2: 1.6470

Technical summary:

We have seen the expected rally above minor resistance at 1.6556 indicating that green wave ii ended at 1.6470 and that green wave iii is developing. In the short term we would like to see support at 1.6550 protecting the downside for a break above 1.6615 and more importantly a break above 1.6750, which will confirm that green wave iii is indeed developing for a rally towards at least 1.7239 and likely even higher.

Only a break below 1.6470 will be of concern and could add considerable downside pressure.

Trading recommendation:

Stay long from 1.6520 with a stop at 1.6465. If you are not long in EUR yet, then buy after a break above 1.6615 with the same stop at 1.6465.

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Elliott wave analysis of EUR/NZD for December 10, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.6750

R2: 1.6688

R1: 1.6615

Current Spot: 1.6586

S1: 1.6550

S2: 1.6508

S2: 1.6470

Technical summary:

We have seen the expected rally above minor resistance at 1.6556 indicating that green wave ii ended at 1.6470 and that green wave iii is developing. In the short term we would like to see support at 1.6550 protecting the downside for a break above 1.6615 and more importantly a break above 1.6750, which will confirm that green wave iii is indeed developing for a rally towards at least 1.7239 and likely even higher.

Only a break below 1.6470 will be of concern and could add considerable downside pressure.

Trading recommendation:

Stay long from 1.6520 with a stop at 1.6465. If you are not long in EUR yet, then buy after a break above 1.6615 with the same stop at 1.6465.

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#USDX analysis for December 9, 2013 Trend News

The Dollar index is heading towards the 61,8% Fibonacci retracement. Prices continue to trade downwards in a corrective overlapping pattern. We do not want to take action for now as we expect prices to resume their upward trend once the corrective phase is over.

If you compare the upward move from 79 and the downward move from 81.50, you will see that differences between impulsive and corrective patterns. The sideways sliding corrective pattern has been at force for too long and we expect prices soon to resume their upward trend that started at 79. The first buy singal will come once prices break above 80.60 and the next buy signal if prices break above 81.

The daily chart shows how prices are touching the lower channel boundaries where we expect support to be found. The slide could continue until the 61.8% Fibonacci retracement. Breaking below that retracement will be bad for the bullish scenario. We prefer to enter long only on signs of strength.

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Gold remains locked in a range. 1,258/60 is resistance Trend News

Technical outlook and chart setups:

The metal has been locked in a trading range between 1,210 and 1,250 for the last several trading sessions. It is recommended to remain flat for now until a breakout is confirmed. The immediate resistance is 1,258/60 levels, followed by 1,300.00 and higher up, while 1,210 is immediate support, followed by 1,180.00 and lower levels respectively. Looking into the bearish structure, it seems that the metal could break lower towards possibly 1,150/30 levels, before developing a reversal case. Please note that the 2008 highs/resistance was around 1,030/40 area, which would be acting as a support level now. One should refrain from buying the yellow metal for now.

Trading recommendations:

Remain fat for now.

Good luck!

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EURJPY weekly chart suggests reversal anytime Now. Flat for now Trend News

Technical outlook and chart setups:

A weekly chart has been presented here for a larger view. As depicted and seen here, the former resistance levels were at 124/125 and 138/139 respectively and the price movements have clearly taken out both of them now. Furthermore, the rally from 94/95 levels to 140/141 levels for last several months, can be seen in 5 waves. Looking into the above facts, a corrective 3 wave structure should unfold anytime before this rally could continue further. Short-term resistance levels were around the 141/142 area as discussed last week. We would recommend to remain flat for now and watch out for reversal signals from here on.

Trading recommendations:

Flat for now. Looking to sell again.

Good luck!

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GBPCHF takes out 1.4550/60 support. Expect a pullback towards 1.4780/1.4800 Trend News

Technical outlook and chart setups:

The currency pair reversed sharply from the 1.4900 levels last week as expected and also took out the immediate support in the 1.4550/60 area as depicted here. It is quite possible that the pair rallies from here on towards the 1.4800 levels, before continuing to drift lower further. Resistance is the 1.4800/20 level, followed by 1.4900 levels; while support levels are spread through 1.4350/1.44, followed by 1.4200 and lower respectively. Aggressive trade setup would be to go long now for a 250-300 pip rally towards 1.4800 levels and then reverse positions. The entire structure has begun to show signs of a huge reversal and a break of the lower support trend line would confirm the same.

Trading recommendations:

Conservative: Sell at 1.4800, set stop at 1.4950

Aggressive: Buy now, set stop at 1.4550, target is at 1.48.

Good luck!

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