Technical analysis of NZD/USD for January 07, 2014 Trend News

Overview:

NZD/USD is in range-trade. The pair is supported by the Kiwi demand on soft AUD/NZD, EUR/NZD, GBP/NZD crosses and on buoyant NZD/CHF cross. But NZD/USD is upside limited by positive dollar sentiment. Daily chart is positive-biased as stochastics is in bullish mode, MACD turned bullish.

Trading recommendation:

The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As far as the price is above its pivot point, a long position is recommended with the first target at 0.832 and the second target at 0.8345 in mind. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.8195. The breach of this target will move the pair further downwards and one may expect the second target at 0.817. The pivot point stands at 0.824.

Resistance levels:

0.832

0.8345

0.836

Support levels:

0.8195

0.817

0.8135

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#USDX analysis for January 7, 2014 Trend News

The Dollar index shows signs of weakness as prices stay below the important resistance at 81. The pullback from 80.95 could very well be a back test, but unless we see a breakout above 81, we will not turn bullish. We should always respect the support and resistance levels. So bears could take the opportunity and go short just below the important resistance of 81 with 79 as target. On the other hand, bulls will need more evidence of strength in order to enter long positions.

As the chart shows above, the triangle was broken upwards and is now being back tested. Breaking below 80.55 could push prices towards 80. Breaking above 81 could push prices fast towards 81.50.

The daily chart continues to show us that bulls are not strong enough to break above the red resistance area. Breaking above the red resistance zone, the price will manage to reach 82.50 or higher. If we do not break this resistance area, we should anticipate new lows below 79. To conclude, the stop for bears is close and short term traders should take advantage of it. Use it as a stop reverse, so if resistance is broken, short positions should turn to long positions.

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Gold analysis for January 7, 2014 Trend News

Gold prices have not managed to break above the short-term resistance level at $1,245. We continue trading within an upward corrective wave, and our main view is to stay neutral until a good sell opportunity arises near our bounce target of $1,270.

Prices could have finished wave A of the upward correction and could be preparing for wave B down to test $1,225. We expect the upward correction to reach the red area as shown in the chart above.

Nothing has changed in the daily level as well. Trend remains down although the very short term trend is being challenged by the corrective upward bounce. We remain longer term bearish with $1,140 as first target. Important resistance levels that could put our bearish scenario in danger are the $1,270 and $1,330. Since we are neutral now, we look to sell near $1,270 for our longer term target. For short term traders, we could sell here at $1,240 with $1,255 stop.

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Technical analysis of EUR/JPY for January 7, 2014 Trend News

General overview for 07/01/2014 10:50 CET

The alternate count for the five waves impulsive decline has been the correct one and now it is the main count. In this labeling the low of 141.49 is the low of the five waves impulsive decline and now the corrective cycle is developing. The most possible shape of the correction in wave (ii) green is a simple abc Regular of Irregular Flat correction, that should be finished below the Weekly Pivot level at 143.05. Any breakout higher would mean the corrective cycle might be more complex and time consuming.

Support/Resistance:

143.05 - Weekly Pivot

142.82 - Technical Resistance

142.53 - 142.68 - SUPPLY ZONE

142.53 - Intraday Resistance

141.71 - Wave a low

141.49 - Intraday Support

141.00 - WS1

Trading Recommendations:

For intraday scalpers short positions should be in play with entry zone at the level of 141.10, SL should be placed at the level of 142.53 and TP is at the level of 141.71 and 141.49.

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Elliott Wave analysis of EUR/NZD for January 7, 2014 Trend News

Today's Support and Resistance Levels:

R3: 1.6575

R2: 1.6546

R1: 1.6505

Current Spot: 1.6474

S1: 1.6444

S2: 1.6398

S3: 1.6366

Technical Summary:

The red wave iv correction extended more than expected, but the upside potential is limited from here and we expect minor resistance at 1.6508 will protect the upside for a break below 1.6444, which calls for red wave v to get lower to 1.6200.

Even if we see an unexpected break above 1.6508, the upside should be limited to 1.6546 and maximum 1.6575 before red wave v takes over.

Trading recommendation:

Our stop at 1.6470 was hit for a small loss. We will re-sell EUR here at 1.6474 and place our stop at 1.6600.

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Elliott Wave analysis of EUR/JPY for January 7, 2014 Trend News

Today's Support and Resistance Levels:

R3: 143.10

R2: 142.78

R1: 142.52

Current Spot: 142.25

S1: 141.94

S2: 141.73

S3: 141.49

Technical Summary:

Red wave v and black wave i fell short of its ideal target near 141.24 and we are now in black wave ii, which ideally will make it to resistance at 143.10. However, we have to remember that second waves are allowed to correct up till 100% of the first wave.

Short-term we should be looking for a move closer to 143.10 as long as support at 141.94 and more importantly as long as 141.73 protects the downside. From 143.10 or upon a break below 141.73 we should expect black wave iii to take over for a powerful decline towards at least 138.85 and likely even lower towards 136.26.

Trading recommendation:

We will sell EUR at 143.00 or upon a break below 141.94 (one order done cancels the other). Stop will be placed at 145.70 expected to move it lower quickly.

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