Gold analysis for December 20, 2013 Trend News

Gold prices are unfolding in a downward impulsive move which we label as wave 5 of the decline that started at 1,360. We expect prices to continue lower towards our Head and shoulders target of 1,140. First support area is the previous low at 1,179 which can provide a small upward bounce.

Trend remains downward and bears should feel comfortable as long as prices continue to trade below wave (2) high and below the purple downward sloping resistance trend line. Short term support is found at 1,179 and then at 1,120-1,140.

The daily chart confirms our bearish view which was our preferred wave scenario. Prices are moving downwards in an impulsive pattern making lower lows and lower highs. We expect this downward move to continue to new lows.

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Elliott Wave analysis of EUR/NZD for December 20, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.6756

R2: 1.6694

R1: 1.6659

Current Spot: 1.6626

S1: 1.6597

S2: 1.6569

S3: 1.6517

Technical summary:

We are still looking for the final rally in blue wave v higher towards 1.6869 to end the leading diagonal. Once we have seen 1.6869 tested we should see a correction lower towards 1.6569. That said, we have to be aware of the possibility of blue wave v already being in place with the high set at 1.6807. If this is the case, the next rally will break right through resistance at 1.6869 for a continuation towards 1.7239. Only time will tell, which scenario is the correct one.

Trading recommendation:

Stay long EUR from 1.6715 with your stop at 1.6560. If you are not long EUR already, then buy a break above 1.6658 with the same stop at 1.6560.

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Elliott Wave analysis of EUR/JPY for December 20, 2013 Trend News

Today's Support and Resistance levels:

R3: 143.24

R2: 142.89

R1: 142.59

Current Spot: 142.38

S1: 142.14

S2: 141.86

S3: 141.41

Technical summary:

It is still an open question whether we have seen an important top at 142.89 or we need more upside action before the top is finally in place. To confirm, that we have an important top in place we still need a break below 140.91.

Short term we will be looking for minor resistance at 142.59 likely protecting the upside for a break below 142.14 and more importantly a break below 141.86, which confirms a new test of support at 140.91, but only below here confirms that the top is in place. However, even if we do get a break above 142.89, the upside progress should be very limited, likely we will not see more than 143.24 tested.

Trading recommendation:

Stay short from 141.70 with a stop at 142.90. If you are not short yet, then sell a break below 142.14 with the same stop at 142.90.

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