Gold: analysis for December 30, 2013 Trend News

Overview:

Since our last analysis, Gold has been trading downwards, as we expected, the price rejected from the level of 1,218.76 (FE 100 %) on ultra high volume and tested the level of 1,200.49 on high volume. According to the 1H chart, Gold finished bullish corrective phase. We can observe that strong supply on very high volume has entered the market at 1,218.00 so the level of 1,218.46 may be our point d (abcd corrective). We can also see decreasing volume on upper legs which is good sign for further bearish continuation.We may see testing of previous swing lows at the price of 1,192.00 and 1,187.00. Anyway, if the price breaks the area of 1,218.76 on high volume, we may see the testing of FE 161.8% at 1,225.90, before we start with bearish continuation. Do not forget, Gold is in bearish trend so buying looks very risky. Watch for selling opportunities.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,214.98

R2: 1,215.66

R3: 1,216.77

Support levels:

S1: 1,212.76

S2: 1,212.08

S3: 1,210.97

Trading recommendation: Trading the metal, be careful with short-term buying and look for selling opportunities.

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#USDX analysis for December 30, 2013 Trend News

The Dollar index made a new low as expected by our analysis, but prices managed to come back inside the sideways triangle that has been formed for some time now. The trend is mostly neutral with a small incliantion to favor bears. The Dollar index has continuously shown weak signs of buying strength, only to be followed by strong selling pressures.

Despite having the ability to bounce back from 79.70 to 80.40, the Dollar index continues to be in a downward trend as prices continue to make lower highs and lower lows. It is important however to note that the decline is far from impulsive. The overlapping structure of price movement and the absence of a clear directional channel, means that prices are in a corrective phase.

Prices in the daily chart continue to confirm that trend is downward. As long as prices trade below the red area, the trend will favor bears. Strong resistance is found above 80.50 until 81. Short-term support is around 79.60. Concluding we favor short positions as long as prices trade below 81 or being neutral until we have a clearer buy or sell signal.

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Gold analysis for December 30, 2013 Trend News

Gold prices have managed to reach $1,220, where the upper resistance level of the downward sloping channel is. Prices were expected to be rejected in this area and turn downwards. Breaking below $1,205 is the first bearish sign that wave 4 has ended.

Gold pirces have finished their upward corrective wave (4) and are ready now to start wave (5) to new lower lows towards $1,170 which is our first short-term target. The initial wave count preferred is shown in the chart above. However we should also take into consideration the possibility that this downward move from $1,270 is only a couple of 1-2 waves and an extended 3rd wave is about to start. We have to wait for prices to unfold their wave structure in order to get more information and decide which wave scenarios are to be preferred.

The daily chart continues to confirm that trend is down in all time frames. So we remain short and we look for the longer term target of the broken Head and Shoulders pattern at $1,140. Short-term stop for bears is $1,220. Short-term support is found at $1,195.

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Technical analysis of GBP/CHF for December 30, 2013 Trend News

Technical outlook and chart setups:

1. The currency pair GBP/CHF seems to be again testing the level of 1.4720/1.4740 before continuing its downward move. It is recommended to remain short for now, the risk remains at 1.4950. Also note that a push higher from 1.4720, the fibonacci 0.618 resistance, will see 1.4800 levels soon.

2. Immediate resistance is at 1.4720/30, followed by 1.4800 and 1.4950, while intermediary support begins from 1.4350, followed by 1.4200 and 1.4000 respectively.

3. The entire structure remains bearish on higher time frames (Daily and Weekly), where major resistance has been at 1.4900. Prices have reversed from 1.4900 and a push below 1.4350 should indeed bring it down to 1.4000 levels.

Trading recommendations:

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

Good luck!

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Technical analysis of EUR/JPY For December 30, 2013 Trend News

Technical outlook and chart setups:

1. The EUR/JPY has been in uptrend and hit the 145.00/50 levels as discussed last week. As depicted here in the 4H chart view, the pair remains in the buy zone of both short and long-term support trendlines. It is recommended to remain flat for now and await a line break before going short.

2. Resistance is fixed at 145.00/50, while support begins from sub 143.00, followed by 142.50, 142.00 and lower respectively. A break of at least 143.00 level would be required to confirm a top is in place.

3. The entire structure is constructive on higher timeframes, but a meaningful pullback should take place, before thee rally continues.

Trading recommendations:

Remain flat for now. Preparing to initiate short positions.

Good luck!

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Technical analysis of USD/CAD for December 30, 2013 Trend News

General overview for 30/12/2013 08:50 CET

The upside wave progression has developed as anticipated so far, but it has not been finished yet. There are two waves to the upside missing to complete the wave III. Currently, the price is in corrective cycle of smaller sub-wave (iv) and bounce is expected from the level of 1.0696 or 1.0686. The first resistance would be the SUPPLY zone and last swig high level, but once violated, the price should go to the level of WR1 at 1.0777 as the first target level for wave (v).

Support/Resistance:

1.0777 - WR1

1.0736 - Swing High

1.0727 - Intraday Resistance

1.0697 - Intraday Support

1.0686 - Intraday Support

1.0676 - Weekly Pivot

1.0635 - WS1

Trading recommendations:

As long as the Weekly Pivot level provides support, long positions should be taken from the level of 1.0696 or 1.0686 with SL below the level of 1.0676 and TP at the level of 1.0736 and 1.0777.

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Elliott Wave analysis of EUR/NZD for December 30, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.7046

R2: 1.6996

R1: 1.6955

Current Spot: 1.6875

S1: 1.6856

S2: 1.6807

S3: 1.6748

Technical summary:

The clear break above 1.6869 indicates that blue wave v of the expanded flat correction ended at 1.6807 and a new series of waves one's and two's is developing for the next powerful rally higher towards 1.6996 and higher towards 1.7239. However, a break below 1.6807 will shift the count, so blue wave v ended at 1.6996 and a correction towards 1.6569 is developing, before the next powerful rally should be expected.

As long as support at 1.6807 protects the downside, we will give the upside the benefit of the doubt.

Trading recommendation:

Stay long from 1.6715 with your stop at 1.6800. If you are not long in EUR, then buy after a break above 1.6924.

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