Technical analysis of Silver for January 10, 2014. Trend News

Technical outlook and chart setups:

1. Silver is preparing to initiate a rally from the current levels of $19.50/60. As seen here, the metal is testing the backside of the broken resistance line. It is recommended to remain long from positions initiated yesterday.

2. Immediate resistance is at $20.50, while support is at $18.70/80, followed by $18.00 respectively. Till the time prices remain above $18.70.00, higher highs would be formed.

3. The structure reveals that Silver would be ready to target extensions at $21.00 and $21.00.50 immediately. A further push would challenge resistance at $22.00.

Trading recommendations:

Remain long for now, stop is at $18.60, target is open.

Good luck!

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Technical analysis of Gold for January 10, 2014. Trend News

Technical outlook and chart setups:

1. Gold is stalling between $1,224.00-$1,230.00 for now. It is still recommended to remain flat at current levels.

2. Intermediary resistance is at $1,250.00, followed by $1,267.00/70.00, while supports are spread through $1,207.00 (the fibonacci 0.618 support level), followed by $1,200.00 and $1,182.00 respectively.

3. The structure reveals that a push through $1,267.00/70.00 would confirm that a bottom is in place and the trend is reversing. On the other hand, a failure at $1,250.00 again would head towards fresh lows.

Trading recommendations:

Look to go long between $1,206.00 and $1,207.00.

Good luck!

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Technical analysis of EUR/JPY for January 10, 2014. Trend News

Technical outlook and chart setups:

1. Prices have remained seemingly unchanged since yesterday. After breaking the immediate support line, the EUR/JPY has consolidated for a while now. Aggressive trade setup would be to initiate long positions now at 142.70/80. Risk remains at 141.50.

2. Immediate resistance is at 145.50, while supports are spread through 141.50 (intermediary), followed by 141.00, 138.20, and lower.

3. The following possibilities are emerging. i) A counter trend rally expected towards 144.20/50 and resumption of downswing. ii) A break higher of 145.00 could possibly see 146.00/147.00.

Trading recommendations:

Go long (142.70), stop is at 141.50, target is at 144.00/50.

Good luck!

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Technical analysis of GBP/CHF for January 10, 2014 Trend News

Technical outlook and chart setups:

1. As seen here, GBP/CHF has taken out resistance at 1.5000 levels recently. Yesterday's fall can be termed as corrective yet. It is recommended to remain flat for a while and allow the correction to complete.

2. Immediate temporary resistance is at 1.5020, while supports are spread through 1.4800 followed by 1.4550, 1.4350 and lower respectively.

3. The structure reveals that this correction might continue to 1.4850-1.4900 (please note this is the past resistance turned the support area). The 1.4600-1.4700 area is the best level to enter buying further.

Trading recommendations:

Remain flat for now. Shall be recommending short entries will be recommemnded soon.

Good luck!

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#USDX analysis for January 9, 2014 Trend News

The U.S. Dollar Index has broken above 81 and this is the first good bullish sign. Short-term resistance is found at 81.30 and at 81.50 as shown in the 4 hour chart below. Breaking above these levels will be bullish for the intermediate-term trend and it gives us 82.5 as the first target.

If the 81.50 high is achieved, then long-term bulls should use 79.70 as a stop. Target for longer term traders is 85. Short-term resistance is at 81.30 and short-term trend will change if prices break below 80.85.

The decline from 81.50 to 79.70 is a corrective pattern. The rise from 79 to 81.50 is impulsive. This implies that more upside might be expected. Confirmation will come if prices break above the blue resistance area.

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Gold analysis for January 9, 2014 Trend News

Prices have fallen towards $1,225 as we expected from our last analysis. This decline could very well be wave B of the corrective pattern we are currently in. So now we should expect an upward bounce as wave C towards $1,275. Short term resistance is found at $1,245 and then at $1,275. Short term support is found at $1,220 and then at $1,200.

We expect the upward bounce to try and reach the 50% Fibonacci retracement in order to complete the corrective pattern. However, we must also take into serious consideration the fact that prices have already retraced 38% and this could it for the entire correction. Holding above $1,215 will be an important bullish sign. Breaking below that level could bring in more weakness.

The daily chart continues to support bearish positions as trend remains down. The best scenario for bulls will be an upward bounce towards $1,275. I do not see anything better than this for the time being and that is why I focus on selling the upward bounce.

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GOLD: analysis for January 09, 2014 Trend News

Overview:

Since our last analysis, gold has been trading upward movement, as like we expected, the price tested level of 1,226.94 on lower volume (below the average). The price rejected again from our SR zone at price 1,219.00 . We can also observe selling climax at 1,218.00, which is a sign that selling at this stage looks risky. I placed Fibonacci levels to find potential upper station and I got FE 61.8% at 1,256.00 and FR38.2% at 1,279.00-1,295.00. In case the price breaks the area of 1,216.00, we may see testing of FR 61.8% at price 1,207.50. Do not forget, gold is in bearish trend and we are now in bullish corrective phase. Selling gold at this stage looks risky since gold is in progress of bullish corrective phase.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,231.86

R2: 1,238.23

R3: 1,245.26

Support levels:

S1: 1,218.46

S2: 1,211.43

S3: 1,205.06

Trading recommendation: Trading the metal, be careful with selling gold and try to catch bullish corrective phase.

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Elliott Wave analysis of EUR/NZD for January 9, 2014 Trend News

Today's Support and Resistance level:

R3: 1.6546

R2: 1.6518

R1: 1.6503

Current Spot: 1.6458

S1: 1.6439

S2: 1.6413

S3: 1.6368

Technical summary:

The failure to clearly break below support at 1.6366 indicates, that a more complex correction is taking place. We are looking for an expanded flat correction, which will like take us up to 1.6518 before the next downside pressure can be expected. We are still looking for red wave v to take us down to 1.6200.

In the longer term we are looking for even lower levels in the ongoing wave C, which ideally will take us to 1.5793.

Trading recommendation:

Close short positions from 1.6470 here at 1.6460 for a small profit. Sell EUR again at 1.6515 with a stop at 1.6580.

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