EUR/JPY H1 analysis for December 23, 2013 Trend News

General overview for 23/12/2013 10:50 CET

The corrective cycle of wave iv black is still not finished and more downside wave progression is being expected.

A possible shape of the overall wave (c) blue is abc Irregular Flat correction, that should complete into 140.90 level support. In this case wave iv black would be a simple correction but there is a possibility, that wave iv black will become more complex and timie consuming correction is a shape of a triangle formation. In this scenario traders could expect two more additional waves, (d) and (e) blue to complete the overall wave development. Range zone between 140.91 and 142.89 should be maintained as well in case of a triangle formation and any breakout higher is bullish. Nevertheless, at this point of current analysis it is too early to draw this conclusions with 100% accuracy.

Support/Resistance:

143.20 - WR1

142.89 - 4 year's Swing High

142.69 - 142.81 - SUPPLY ZONE

142.49 - Intraday Resistance

142.10 - Weekly Pivot

141.84 - Intraday Support

141.33 - WS1

140.91 - Technical Support

Trading recommendations:

For intraday scalpers: the breakout below Weekly Pivot level at 142.10 is bearish and then 141.84 support level would be in view. If you decide to trade this setup, then SL should be above 142.49 and TP levels would be 141.84 and 1401.33.

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#USDX Analysis for December 23, 2013 Trend News

As expected by the Dollar index, prices are starting to make a pull back test. We have seen the initial bullish signal once the triangle was broken. Now bulls need to show more signs of strength in order to confirm that trend has reversed.

Short term support is found at 80.40-30 and short term resistance is found at 80.80-81. The upward move from 79.70 is not a clear impulsive move yet. Prices should not break below 79.85-90. If that price level is broken, then we should expect prices to reach 79 again and why not lower.

On the daily chart prices have found strong resistance in the red area as expected. The first try to break was rejected, but we should give it some more time before rejecting the bullish scenario. As long as prices trade above 79.80-90 we believe the chances are in favor of the bulls. Our longer-term target remains 82.50 as prices trade above 79.80. Breaking below this level we should expect 78.50 to be tested.

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Gold analysis for December 23, 2013 Trend News

Gold is making an upward bounce after reaching near its 1,179 lows. Prices remain in a downward trend in all time frames and this upward bounce is still considered corrective. Prices continue to trade below the trend line resistance levels and the final 5th wave we believe we are in has still more room to unfold lower towards 1,140-50.

The downward move in Gold seems incomplete. I expect prices to bounce up to 1,210 maximum and then turn down again to make new lower lows. Support is found at 1,180 and important pivot level for today is the 1,202 price level. Important resistance is found at 1,210-1,220. Critical price resistance for major downtrend is the 1,245 level.

The daily chart has not changed our longer-term view. We see this positive candles as part of another upward bounce that is correcting the decline. We expect prices to challenge 1,180 and eventuallybreak below it.

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Elliott Wave analysis of EUR/NZD for December 23, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.6808

R2: 1.6749

R1: 1.6708

Current Spot: 1.6665

S1: 1.6630

S2: 1.6597

S3: 1.6569

Technical summary:

Not much is happening here. We are still looking for one last rally higher towards 1.6869 to finish the leading diagonal. In the long term we are looking for much higher levels, but we need to be patient and wait for this holding pattern to give away.

In the short term we are looking for support at 1.6630 to protect the downside for a break above 1.6708 and more importantly a break above 1.6749 confirming a new test of 1.6808 on the way towards 1.6869.

Trading recommendation:

Stay long from 1.6715 and raise your stop to 1.6615. If you are not long in EUR yet, then buy after a break above 1.6708 with the same stop at 1.6615.

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Elliott Wave analysis of EUR/JPY for December 23, 2013 Trend News

Today's Support and Resistance levels:

R3: 142.89

R2: 142.74

R1: 142.49

Current Spot: 142.36

S1: 142.25

S2: 141.86

S3: 141.41

Technical summary:

Do we have an important top in place at 142.89 or are we just consolidating for one last rally higher towards 143.25? It is still an open question. No matter what the outcome will be, we are in the very last part of the rally of the June 24 - 2012 low at 94.10. That said we do need a break below important short term support at 140.94 to confirm, that the top is in place and that a major correction has taken over for a decline towards at least 124.92 and likely lower towards 118.71.

In the short term we will be looking for resistance at 142.49, which ideally will protect the upside for a break below support at 142.08 indicating a decline towards 141.41 and lower towards 140.94. However, a break above 142.49 will give us a new test of resistance at 142.89 on the way towards 143.24.

Trading recommendation:

Stay short in EUR from 141.70 and move your stop lower to 142.75. If you are not short in EUR, then sell upon a break below 142.49 with the same stop at 142.75.

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