Technical analysis of Gold for January 07, 2014 Trend News

Technical outlook and chart setups:

1. Gold attempts to extend its rally towards the $1,267.00/70.00 level for now. It is recommended to remain short with risk at $1,255.00 and also add fresh short positions here.

2. Resistance is at $1,267.00/70.00 for now, while support is at $1,182.00 followed by $1,180.00 and lower respectively. A break of either level would decide further trend setups for Gold.

3. The entire structure reveals that till the time $1,267.00/70.00 resistance is intact, Gold should see lower lows towards atleast $1,150.00/60.00 region.

Trade recommendations:

Remain short, stop at $1,255.00/60.00, target $1,150.00/60.00

Good luck!

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Technical analysis of EUR/JPY for January 07, 2014. Trend News

Technical outlook and chart setups:

1. The EUR/JPY pair seems to be preparing for a counter trend rally towards the 144.00/50 region. At the moment it is recommended to remain flat and prepare to initiate short positions at 144.00/50.

2. Resistance is at 145.00, while support is at 141.50 (intermediary) followed by 141.00 and 138.00, respectively.

3. The structure (4H), reveals that prices are in a correction mode and a counter rally should materialize towards 144.00/50 levels before falling further towards 138.00 atleast.

Trade recommendations:

Prepare to go short at 144.00/50 level.

Good luck!

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Technical analysis of GBP/CHF for January 07, 2014 Trend News

Technical outlook and chart setups:

1. The single currency pair is testing the backside of the broken line of support at 1.4800/50. At the moment it is recommended to remain short with risk at 1.4950.

2. Resistance is at 1.4950, while support is at 1.4550 (intermediary) followed by 1.4350, 1.4200, and 1.4000, respectively.

3. The entire structure reveals that a huge down swing should begin towards atleast 1.4000 in the coming weeks. 1.4950 should remain intact for now.

Trade recommendations:

Remain short, stop at 1.4950, target 1.4

Good luck!

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#USDX analysis for January 6, 2014 Trend News

The Dollar index has broken the short-term resistance level and has also broken above the triangle boundaries. Prices have given a short-term bullish signal but we also need to see a continuation in this bullish strength and a break above the resistance area at 81-81.50.

The Dollar index not only has broken out of the triangle, but also made a higher high above the 80.75 previous high as shown in the chart above. The pattern of lower lows and lower highs has now been canceled. Bulls will need to establish an upward trend with higher highs and higher lows in order to confirm bullish trend. Short-term resistance is found at 81. Short-term support is found at 80.40.

As we said in previous posts, prices will need to break above the red resistance are as shown in the daily chart above. It is a good sign for bulls that prices in the daily chart are forming a higher low than the one previously made in October near 79. The downward correction from 81.50 has finished near the 61.8% Fibonacci retracement and prices are ready for a new upward move towards at least the 82.50 level. We remain bullish biased in the longer term as long as prices trade above 79.

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Gold analysis for January 6, 2014 Trend News

Gold continues to move higher towards our corrective bounce target $1,260-70. We believe that Gold prices are in a corrective upward pattern that will complete near $1,270-$1,300. Prices have short-term support at $1,225 and then at $1,210. Short-term resistance is found at $1,245 and at $1,270.

Our exit short signal was given at $1,220 and now prices are trading near $1,240. There is more upside potential as prices have broken the downward sloping channel from $1,270 and are heading towards the important resistance of $1,255 where the 38% Fibonacci retracement of the decline from $1,360 is.

Long-term trend remains downward. Important resistance for the long-term trend is the purple downward sloping trend line shown in the chart above. Breaking and staying above that resistance trend line is important for bulls in order to regain the upward momentum. Our expectations are too see prices bounce towards that trendline and get rejected in the process. We still expect the $1,140 target to be achieved in January.

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Technical analysis of USD/CAD for January 6, 2014 Trend News

General overview for 06/01/2014 09:40 CET

The corrective cycle in wave (ii) black has not been finished yet and it looks like more complex and time consuming cycle is ahead.

The most important level now is labeled as the Key Level and this is where I expect the correction to be finished. Any breakout above this level is bullish and test of the recent high would be in view.

On the other hand, price might get rejected at the Weekly Pivot level at 1.0644 and head lower, breaking the golden trend line and aiming at the level of 1.0570 where DEMAND ZONE is. Another breakout below this zone is bearish and it would be considered as the first confirmation that the top is in place.

Support/Resistance:

1.0783 - WR2

1.0735 - Swing High

1.0701 - WR1

1.0675 - Key Level

1.0644 - Weekly Pivot

1.06400 - Intraday Resistance

1.0600 - Intraday Support

1.0570 - 1.0576 - DEMAND ZONE

1.0562 - WS1

1.0506 - WS2

Trading recommendations:

The Key Zone level is the most important for now and a short positions should be in play from this level. SL should be above the level of 1.0702 and TP should be below the level of 1.0600.

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Technical analysis of EUR/JPY for January 6, 2014 Trend News

General overview for 06/01/2014 09:00 CET

The last fifth wave down indicated in last week's analysis finally materialized and currently there is a high probablity that corrective cycle will begin shortly.

To confirm this point of view, the level of 141.95 must provide the resistance for price. Then last sub-wave of the wave v might develop and break the last intraday support level at the 141.48 and make a new low into 141.04 - 140.83 techncial support zone.

On the other hand, breakout above the level of 141.95 is first clue of bullishness and the corrective cycle beginning. Next level of resistance would be SUPPLY zone between the levels of 142.52 - 142.68. Breakout above this zone is confirmation of the temporary bottom.

Support/Resistance:

146.24 - WR2

145.68 - Swing High

144.20 - WR1

143.05 - Weekly Pivot

142.52 - 142.68 - SUPPLY ZONE

141.95 - Intraday Resistance

141.48 - Intraday Support

140.88 - 141.04 - Technical Support Zone

141.06 - WS1

Trading recommendations:

For intraday scalpers: the most important level for today is 141.95, if this level is broken, long positions should be in play with SL below the level of 141.74 and TP at the level of 142.52.

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Elliott Wave analysis of EUR/NZD for January 6, 2014 Trend News

Today's Support and Resistance Levels:

R3: 1.6548

R2: 1.6508

R1: 1.6461

Current Spot: 1.6447

S1: 1.6411

S2: 1.6366

S3: 1.6285

Technical Summary:

With the break below important support at 1.6443 we knew that the expanding leading diagonal could not be the correct count. Therefore, we were forced to adopt a much more negative count. This count had wave C of an expanded flat correction ending at 1.6996 and wave C lower is now developing. The target for this C wave is at 1.5794, where wave C will equal wave A in length.

Short-term we will be looking for minor resistance at 1.6461 protecting the upside for a decline towards 1.6285 and likely even closer to 1.6230 before a correction towards 1.6461.

Trading Recommendation:

Our stop + revers at 1.6440 was taken out and we are now short EUR at 1.6440 and will place our stop at 1.6470 and take profit at 1.6240. If you are not short already, then sell EUR upon a break below 1.6411 with the same stop at 1.6470.

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Elliott Wave analysis of EUR/JPY for January 6, 2014 Trend News

Today's Support and Resistance Levels:

R3: 142.36

R2: 142.03

R1: 141.83

Current Spot: 141.65

S1: 141.24

S2: 140.80

S3: 140.36

Technical Summary:

We now have a clear five wave decline from the high 145.69. Short-term we need a little more downside to end the five wave decline and we will be looking for a continuation lower towards 141.24 and likely closer to 140.80 before this first five wave decline come to an end. Once a low is in place we should be looking for a correction towards 142.67 and may be even to 143.82 before the next powerful decline.

Short-term look for minor resistance at 141.83 protecting the upside for the final decline towards 141.24 and may be even lower towards 140.80.

Trading Recommendation:

There was no room for a correction towards 143.15. We will buy EUR at 140.95 with a stop at 140.25.

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