Technical analysis of Gold for January 14, 2014. Trend News

Technical outlook and chart setups:

1. Gold rallied through the $1,255.00 levels yesterday and a push today could see $1,267.00/70.00 before pullback. It is recommended to remain flat for now and look to enter on a dip.

2. Immediate resistance is at $1,267.00, while supports are spread through $1,220.00, followed by $1,210.00 (the fibonacci 0.618 support), $1,182.00 and lower.

3. The structure reveals that the rally from $1,182.00 has unfolded in 5 waves (a push towards $1,267.00/70.00 is still possible) till now. A 3 wave correction can be expected now towards $1,210.00-$1,206.00 levels before rally continues.

Trading recommendations:

Remain flat for now. Look to buy lower on dips.

Good luck!

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Technical analysis of EUR/JPY for January 14, 2014. Trend News

Technical outlook and chart setups:

1. EUR/JPY stopped us out at 141.00 yesterday; nonetheless, the setup still favors counter trend rally towards 143.50/75 at least. Aggressive trade setup would still be to initiate long positions with risk at 140.00, while conservative approach would remain flat for now.

2. Immediate resistance is at 143.00, followed by 145.50, while supports are spread through 140.50 (intermediary), followed by 138.50, 134.00 and lower.

3. Structure reveals that the fall from 145.50 is in 5 steps, hence according to Elliot Theory a 3 wave correction is possible towards 143.50/70, before continuing further down.

Trading recommendations:

Go long, stop is at 140.00, target is 143.70.

Good luck!

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Technical analysis of GBP/CHF for January 13, 2014 Trend News

Technical outlook and chart setups:

1. The 4H chart depicts that a short term support trend line has been broken. Our long positions have been stopped out at 1.4800, still recommendations are to go long, with risk at 1.4550.

2. Immediate resistance is at 1.5020, while supports are at 1.4700/30 (intermediary), followed by 1.4550 and 1.4350 respectively.

3. Structure reveals that a rally at least towards 1.4900 should materialize now. The possibility of a fresh high also remains.

Trade recommendations:

Go long, stop is at 1.4550, target is open.

Good luck!

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Intraday technical levels and trading recommendations for EUR/USD for January 13, 2014 Trend News

Bullish movement above 1.3450 within the depicted bullish channel allowed the pair to reach further supply levels around 1.3650 and 1.3750, respectively. This was taking place until obvious bearish rejection was expressed at 1.3850 (failing to reach 100% Fibonacci Expansion at 1.3904).

Few days later, the bulls managed to break down the lower limit of the ascending channel at 1.3700 after establishing a double top reversal pattern which pushed the pair to record a temporary low at 1.3547.

Positive fundamental data regarding EURO inflation rates as well as total GDP during the previous quarter allowed enough bullish momentum to be gathered to push EUR/USD again above 1.3600.

At the price level of 1.3545, the pair found solid support which pushed it again above 1.3600 (Friday's daily closure was at 1.3668). This temporarily invalidates the previously mentioned bearish view probably allowing a bullish impulse towards 1.3690-1.3740 to take place.

The 4H chart shows a bullish breakout above the upper limit of the depicted short-term bearish channel.

A possible bearish retracement can take place in response to 100-SMA (located at 1.3660) pushing towards 1.3600, where we can take a valid BUY entry with SL as 4H closure below 1.3570.

The pair remains bullish as long as the bulls keep defending 1.3600 as a demand level.

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Technical analysis of USD/JPY for January 13, 2014 Trend News

Overview:

USD/JPY is expected to trade in a lower range. The liquidity was thin in Asia today as financial markets in Japan were shut for holiday. USD/JPY is undermined by the negative dollar sentiment (ICE USD Index last 80.64 versus 80.93 early Friday) on smaller than expected 74,000 increase in U.S. December non-farm payrolls (well below +200,000 forecast), allowing the Federal Reserve to take its time in scaling down its bond-purchase program. The U.S. unemployment rate unexpectedly fell to 6.7% in December (versus forecast for no change at 7%), but that was largely due to people leaving the workforce. USD/JPY is also weighed by lower U.S. Treasury yields. But USD/JPY losses are tempered by the sell-yen orders from Japan importers, and ultra-loose Bank of Japan's monetary policy.

Technical comment:

Daily chart is negative-biased as both MACD and stochastics both turned bearish, five-day moving average is staged bearish crossover against the15-day MA.

Trading recommendation:

The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. A short position is recommended with the first target at 0.8985 in mind. A breach of this target will move the pair further downwards to 0.897. The pivot point stands at 0.907. In case the price moves in the opposite direction, bounces back from support, and moves above its pivot point, the price is most favorably expected to move further to the upside. In that scenario a long position is recommended with the first target at 0.91 and the second target at 0.9125.

Resistance levels:

104.2

104.7

105

Support levels:

103.1

102.8

102.5

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Technical analysis of GBP/JPY for January 13, 2014 Trend News

Overview:
GBP/JPY is trading in a lower range. GBP/JPY is undermined by the weak USD/JPY undertone and sell-euro orders from the Japan exporters. But EUR/JPY downside is limited by the buy-euro orders from Japan importers. Daily chart is negative-biased as MACD is bearish,but stochastics stays suppressed near oversold zone.

Trading recommendation:

The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. A short position is recommended with the first target at 170.85 in mind. A breach of this target will move the pair further downwards to 171.65. The pivot point stands at 169.65. In case the price moves in the opposite direction, bounces back from support, and moves above its pivot point, the price is most favorably expected to move further to the upside. In that scenario a long position is recommended with the first target at 168.35 and the second target at 167.6.



Resistance levels:

170.85

171.65

172.45

Support levels:

168.35

167.6

167

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Technical analysis of USD/CHF for January 13, 2014 Trend News

Overview:

USD/CHF is expected to trade in a lower range. USD/CHF is undermined by the negative dollar sentiment, and the franc demand in the soft EUR/CHF cross. But CHF sentiment is dented by the rise in Switzerland unemployment rate to 3.5% in December from 3.2% in November,and lower-than-expected Switzerland December annual CPI of +0.1% (versus +0.2% forecast). Daily chart is mixed as MACD is bullish, but stochastics is bearish in overbought zone.

Trading recommendation:

The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. A short position is recommended with the first target at 0.8985 in mind. A breach of this target will move the pair further downwards to 0.897. The pivot point stands at 0.907. In case the price moves in the opposite direction, bounces back from support, and moves above its pivot point, the price is most favorably expected to move further to the upside. In that scenario a long position is recommended with the first target at 0.91 and the second target at 0.9125.

Resistance levels:

0.91

0.9125

0.9155

Support levels:

0.8985

0.897

0.895

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#USDX analysis for January 13, 2014 Trend News

In our previous analysis we mentioned that it would be wise for risk lovers to take short positions near 81 with 81.50 as stop in case prices got another rejection. Prices got rejected and are now near 80.50 back testing the broken triangle. The Dollar index continues to remain weak and with no real strength signals.

The Dollar index has now moved into a price area where bears should start taking profits and bulls should start thinking of entering long positions with a 79.75 stop. This is a price level where we could see an upward bounce. Short-term support is found at 80.45 and short-term resistance at 80.80.

The bigger picture remains unclear. Prices still trade sideways. Prices are still trade below the important resistance area. Longer-term support at 79 and resistance at 81.50. Breaking above 81.50 will give 83.

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Gold analysis for January 13, 2014 Trend News

Gold prices have made a new higher high as expected by our last analysis. Prices have now formed three waves up and the upward correction could very well be over. However, there could be more upside potential towards our initial target of $1,260-70.

Gold prices are in a short-term uptrend. Short-term support is found at $1,230-25 and short-term resistance is found at $1,250. Prices have reached the 38% Fibonacci retracement once again and we might see another reversal in this area.The purple upward sloping trend line is important for the short-term trend. If it holds we can see $1,260-70. If it breaks, then chances that the upward correction is over will increase. If the intermediate low at $1,217 is broken, we will have confirmation that the upward bounce is over.

The daily chart continues to show how important the black neck line resistance is. Prices trading below that neckline and the purple trend line is a sign that longer-term trend remains down. So we remain bearish biased with a longer term target of $1,140.

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Technical analysis of USD/CAD for January 13, 2014 Trend News

General overview for 1301/2014 08:20 CET

The last two zones indicated in the last week analysis both has been hit but they hasn't provided the expected resistance and the price has broken through them to hit even higher degree confluence levels. It looks like the wave v black of wave 5 green has been finally finished hitting 61%Fibo Extension at the level of 1.0937. From this level we are trying to label the impulsive wave progression to the downside and that means no new high can be made to support this view. In case of any new high, current wave progression will be a small degree corrective sub-cycle wave four and the last wave to the upside should be only overthrow for the wave 5 green.

Support/Resistance:

1.0943 - Swing High

1.0914 - Intraday Resistance

1.0872 - Intraday Support

1.0840 -Weekly Pivot

1.828 - Previous wave 4 Level

Trading recommendations:

Any price below the level of 1.0914 should be sold with entry as close as possible to 1.0914, SL above the level of 1.0921 and TP at the level of 1.0872 and 1.0840.

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Elliott wave analysis of EUR/NZD for January 13, 2014 Trend News

Today's Support and Resistance levels:

R3: 1.6499

R2: 1.6475

R1: 1.6446

Current spot: 1.6442

S1: 1.6397

S2: 1.6342

S3: 1.6288

Technical summary:

Red wave extended to its maximum retracement target at 1.6575, but it also stopped there for a reversal lower in red wave v. We will be looking red wave v lower to 1.6342 as the first target and possibly even lower towards 1.6288, before red wave v and black wave (iii) is over. Once black wave (iii) is over we will be looking for black wave (iv) to below 1.6575 and then the final black wave (v) lower to 1.6200.

Trading recommendation:

Stay short from 1.6515 move your stop lower to 1.6500 and take profit at 1.6350 and be ready to resell EUR at 1.6525 with a stop at 1.6580.

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