Technical analysis of gold for December 24, 2013 Trend News

Technical outlook and chart setups:

1. Gold will remain subdued until prices stay below $1,250.00. It is recommended to remain short and sell within intraday rallies towards $1.210.00/20.00.

2. The resistance line remains intact as seen here and lower prices towards $1,150.00 is expected, or even further. Resistance begins from $1,210.00, and spread through $1,230.00, followed by $1,250.00 and higher, while support is at $1,180.00, followed by $1,160 and lower.

3. The structure reveals that Gold remains in a secular bearish trend since $1,920.00 and further downside is expected. Levels of interest are the $1,250.00, $1,100.00 and $1,030.00 (2008 resistance turned support now).

Trading recommendations:

Remain short and sell within intraday rallies towards $1,210.00/20.00, set stop at $1,250.00, target is at $1,150.00/60.00.

Good luck!

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Elliott wave analysis of EUR/NZD for December 24, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.6869

R2: 1.6808

R1: 1.6739

Current Spot: 1.6692

S1: 1.6672

S2: 1.6630

S3: 1.6597

Technical summary:

Nothing much is going on with this currency pair right now. We are still looking for a rally higher towards 1.6869 to end the leading diagonal. Once finished we should look for a small correction before the next powerful rally higher.

In the short term we expect support at 1.6672 that will protect the downside for the rally higher towards 1.6869. Only a break below 1.6672 will delay the upside pressure for a decline towards 1.6569 before renewed upside pressure takes over again.

Trading recommendation:

Stay long in EUR from 1.6715 and lift your stop to 1.6665. If you are not long in EUR yet, then buy upon a break above 1.6739 with the same stop at 1.6665.

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Technical analysis of EUR/JPY for December 24, 2013 Trend News

Technical outlook and chart setups:

1. The 4H chart depicts here clear indications that the trading range between 141.00 and 142.00 continues for now. As seen here, a bearish evening star signal has just appeared around the 142.80 level.

2. It is recommended to remain short for now, risk remains just above 143.00. Resistance is at the 143.00 level, while support is at 141.00 respectively. Prices are expected to fall back towards 141.00 if the trading range continues.

3. On the other hand, a break above 143.00 would warrant a bullish break towards 145.00 and higher.

Trading recommendations:

Remain short for now, stop is at 143.10, target is at 141.00.

Good luck!

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Elliott wave analysis of EUR/JPY for December 24, 2013 Trend News

Today's Support and Resistance levels:

R3: 143.24

R2: 142.89

R1: 142.74

Current Spot: 142.60

S1: 142.42

S2: 142.14

S3: 141.86 - Important support - Break below indicates a top being in place.

Technical summary:

As resistance at 142.49 was broken we knew, that a new high above 142.89 is needed to finish this rally. Short term expect support at 142.42 to protect the downside for the last rally higher towards 143.24 where an important top should be found. From 143.24 or upon a break below 141.86 a major correction towards at least 124.95 should develop. This correction will be the biggest we have seen, both time- and pricewise since the 94.10 low.

Trading recommendation:

The stop at 142.75 was hit and we will be looking for a new selling opportunity at 143.15 or upon a break below 141.86.

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Technical analysis of GBP/CHF for December 24, 2013 Trend News

Technical outlook and chart setups:

1. In the daily chart, it is depicted that as expected the GBP/CHF pair has reversed from 1.4700/50. Please note that price 1.4720/30 is also the fibonacci 0.618 retracement of the downswing from 1.4950 to 1.4400 respectively.

2. It is recommended to remain short from the 1.4700/50 levels, and risk remains at 1.4950. Support prices are spread through 1.4350, followed by 1.4200 and 1.4; while resistance is fixed at 1.4900/50 respectively.

3. The structure reveals that GBP/CHF is in for a longer term reversal towards 1.4 at least and further lows.

Trading recommendations:

Remain short, set stop at 1.4950, target is at 1.4.

Good luck!

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Technical analysis of USD/CAD for December 24, 2013 Trend News

General overview for 24/12/2013 10:20 CET

The corrective wave development labeled as green abc Irregular Flat wave 2 cycle has been finished and current outlook for this pair is bullish.

To follow this assumption, the price must break out from the Intraday Range zone between the 1.0598 level and the 1.0632 level, and the preffered breakout is to the upside, in the direction on the Weekly Pivot level at the 1.0645 and then the 1.0660 Technical Resistance level. The breakout even higher than this level and price comeback to the blue channel zone is first clue that itermediate low is in place (wave 2 black) and test of the recent high is in view.

On the other hand, any breakout lower below the 1.0598 Intraday Support level, exposes to test the Demand Zone. If this zone is broken and the level of 1.0572 is violated, then maim count is invalidated and alternate count is in play.

Support/Resistance:

1.0736 - Swing High

1.0719 - WR1

1.0660 - Technical Resistance

1.0645 - Weekly Pivot

1.0632 - Intraday Resistance

1.0598 - Intraday Support

1.0572 - 1.0575 - DEMAND ZONE

1.0559 - Technical Support

1.0555 - WS1

Trading recommendations:

Typical range breakout strategy should be played here with traders placing Buy Stop orders at the 1.0633 level with SL at the 1.0612 level and TP1 at the 1.0645 and TP2 at the 1.0660 level.

In case of downside breakout, traders should place Sell Stop orders at the 1.0598 level with SL at the 1.0614 level and TP1 at the 1.0572 level and TP2 at the 1.0559 level.

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Gold analysis for December 24, 2013 Trend News

Nothing much has changed from yesterday in our gold analysis. Volatility is naturally low so prices are lingering around 1б200. The trend in all time frames is downward. Short-term support is found at 1,180 and short-term resistance is found at 1,220.

As long as prices trade below the red downward sloping trendlines, we expect prices to continue to unfold downwards towards our longer-term target of 1,140. The pattern of lower lows and lower highs continues to unfold and support our bearish view. We prefer short positions with 1,220 stop and the 1,180 first short-term target.

Any move above 1,205 is expected to challenge our stop at 1,220.So short-term traders could also use that level as stop. The daily chart continues to support our bearish view. We believe that the move from 1,360 is still unfinished and that is why we expect new lows at 1,140.

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#USDX analysis for December 24, 2013 Trend News

The Dollar index has back tested the broken downward sloping channel. Now it is preparing for another strong upward move that could bring prices to 81. We are bullish biased expecting the upward move to be strong.

Short term resistance is found at 80.75. Short term support is found at 80.30. The index is now trading at 80.50 and we expect in the next few days to see it above 81. The red upward sloping trend line provides support to the upward trend that started at 79.75. We expect prices to continue to make higher highs and higher lows. Stop for bulls is 80.30 for short term traders. Short term target is 81.

Longer term traders should have 79.80 as stop and 82.50 as target. Important resistance from the daily chart as shown above, is found at 80.85-95. The blue downward sloping trend line if broken, would confirm up trend. We are bullish biased and we want resistance at 81 to be broken soon.

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