Elliott Wave Analysis of USD/CAD for January 17, 2014 Trend News

USD/CAD Elliott Wave
For the last few days, the USD/CAD pair has been trading downwards, corrective wave (b) (coloured red) of thebigger wave [y] (coloured green) has been developing. In the 1-hour chart above, you can see that we are trackingdownward move from 1.0990 as FLAT correction inside wave (b) (coloured red). While the price stays below the end ofthe wave (a) (coloured red) at the 1.0990, we should look only for a selling opportunity. Next fresh signal thatcan offer as new entry point will be a break below 1.0950-1.0940 area. In accordance with our wave rules andtaking into account that wave (b) should retrace 50% of wave (a), we can define the potential targets withmeasuring wave (a) with take profit at 1.0791 (50% of wave (a)). Swing traders should wait for the end of the(b) wave (coloured red) before they enter a long positions.

Support and Resistance
(S3) 1.0844 (S2) 1.0844 (S1) 1.0902 (PP) 1.0932 (R1) 1.0960 (R2) 1.0990 (R3) 1.1018

Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin downward movements. That is why shortpositions at the level of 1.0950 with stop loss at 1.0990 and take profit at 1.0791 are recommended.

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Elliott Wave Analysis of AUD/USD for January 17, 2014 Trend News

AUD/USD Elliott Wave
Since our last analyses the AUD/USD pair has been trading upwards, corrective wave ii (coloured blue) of thebigger wave (v) (coloured red) has started developing. In the 1-hour chart of the AUD/USD pair we can see that the price is pushing higher from 0.8776, and while the price stays above the 0.8750 we can look for short-termbuying opportunities in the ii wave (coloured blue). To get a fresh entery signals, we are going to wait for anew break above 0.8820 region. In accordance with our wave rules and taking into account that wave 1 shouldretrace 50% of wave 1, we can define the potential targets with measuring wave 1 with take profit at 0.8929(50%of wave 1). Swing traders should wait for the end of the ii wave (coloured blue) before they enter a shortpositions.

Support and Resistance
(S3) 0.8619 (S2) 0.8698 (S1) 0.8759 (PP) 0.8838 (R1) 0.8899 (R2) 0.8978 (R3) 0.9039

Trading forecast
Proceeding from Elliot Wave rules today, the trend is expected to begin the upward movements. That is why longpositions at level 0.8820 with stop loss at 0.8750 and take profit at 0.8929 are recommended.

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Intraday technical levels and trading recommendations for EUR/USD for January 17, 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).

A breakdown of the depicted bullish channel took place shortly after. This led to sliding towards 1.3600 then 1.3550 where a temporary low was recorded.

On Wednesday, the EUR/USD pair expressed a strong bearish engulfing daily candlestick which puts further bearish pressure on 1.3600. However, Yesterday's daily candlestick failed to close below 1.3600 showing temporary bullish presence there.

The daily chart outlook remains bearish probably targeting at 1.3570 then 1.3470-1.3400 (prominent DEMAND levels on the DAILY chart).

The EUR/USD pair consolidated around 100-SMA (located at 1.3660) showing indecision. As expected, this led to a corrective bearish movement towards 1.3600 this week.

The price level of 1.3580 showed some bullish rejection. However, today,the bears are pushing again below 1.3600.

A breakdown of 1.3600 opens the way directly towards temporary support located around 1.3560 (backside of a broken downtrend line) where price action should be watched.

The price zone of 1.3490-1.3520 is considered a prominent DEMAND being the lower limit of the ongoing bearish channel as well as psychological support.A valid buy entry may be taken there with SL as 4H closure below 1.3450.

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GBP/USD intraday technical levels and trading recommendations for January 17, 2014 Trend News

The daily chart shows multiple bearish rejections at the upper limit of the ongoing channel resulting in an atypical bearish head and shoulders pattern.

Despite Tuesday's bullish reversal towards 1.6460 intraday resistance, a bearish engulfing daily candlestick was expressed on Wednesday indicating the strength of this price level as resistance.

Yesterday's daily candlestick failed to close below 1.6333 showing prominent bullish rejection that's taking place today.

Yesterday's Daily fixation above 1.6330 allowed another bullish impulse to take place today probably targeting at 1.6460.

On the 4H chart, Lower highs are being established indicating bearish momentum. However, we can obviously see that the pair failed to achieve lower low below 1.6333 (previous low).

The technical outlook suggests taking a SELL entry at 1.6460 with careful watching of a possible 4H bullish breakout which invalidates this position.Daily closure above 1.6460 invalidates this SELL entry.

On the long-term, daily closure below 1.6333-1.6300 is a must to collect further bearish momentum to push towards 1.6230-1.6200.

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GOLD: analysis for January 17, 2014 Trend News

Overview:

Since our last analysis, gold has been trading upwards, the price tested the level of 1,244.90 on high volume.We can also observe that demand has entered the market at 1,237.50 which caused the price to start small bullish movement. If the price breaks the level of 1,245.00 on high volume, we may see re-testing of previous swing high level at 1.254.00. Next major upper stations are at 1,279.00 and 1,295.00 but just if price breaks level of 1,254.00 on high volume. Do not forget, gold is in bearish trend and we are now in bullish corrective phase.There is also a chance that we may see testing of levels around 1,232.00-1,227.00, before another bullish movement. Selling gold at this stage looks risky since gold is in progress of bullish corrective phase, and we saw demand on the high volume in the background. Watch for buying opportunities.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,244.16

R2: 1,246.24

R3: 1,249.60

Support levels:

S1: 1,237.44

S2: 1,235.36

S3: 1,232.00

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

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EUR/NZD: analysis for January 17, 2014 Trend News

Overview:

Since our last analysis, the EUR/NZD pair has been trading upwards, as we expected, the price tested the level of 1.6463 on high volume. As you can see in the chart, our FR 61.8 % at 1.6270 held successfully and the price started upward movement from that point. We can observe that strong demand on high volume had entered the market at 1.6405, so selling at this stage looks risky. The price reached our second upper station at 1.6400 (FE 100 %). Since the price had break 1.6400 on high volume, we may see testing of FE 161.8 % at 1.6480. Do not forget EUR/NZD is in short-mid term bullish trend and selling EUR/NZD at this stagelooks very risky, so watch for buying opportunities and try to catch bullish continuation phase.

Daily pivot Fibonaccipoints:

Resistance levels:

R1: 1.6387

R2: 1.6421

R3: 1.6476

Support levels:

S1: 1.6277

S2: 1.6243

S3: 1.6188

Trading recommendation: Be careful with selling the EUR/NZD pair, watch for buying opportunities and try to catch bullish continuation phase.

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#USDX analysis for January 17, 2014 Trend News

Although the Dollar index doesn't break above the important resistance area of 81-81.50, it still is a good sign that prices do not get rejected and do not pull back towards 80.40. The Dollar index continues to trade near its recent highs. 81.15 is short-term resistance that if broken could push prices towards 81.50. Short-term support is found at 80.80 that if broken could push prices towards 80.40.

Trend is not clear as prices remain within the trading range of 80.40-81.20. Our longer-term view favors the bullish expectations of reaching 83-84. Confirmation of this target will come once prices break clear above 81.50.

Nothing new from the daily chart. Prices test the important red resistance area and if broken we will target the blue area near 82.50-83. Prices may be forming a cup with handle formation here. The break out above 81.50 will confirm our target of 82.50-83. 80.40 is important support now and should be used as a stop for bulls.

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Gold analysis for January 17, 2014 Trend News

Gold prices are making an upward bounce that is not impulsive. Prices are making an overlapping formation with positive slope and have reached the 38% Fibonacci retracement of the decline from $1,256 to $1,233.

Prices are moving upwards in a corrective pattern within the purple trend channel as shown above in the one hour chart. Once this channel breaks downwards, we should expect the next leg down towards $1,200 to start. As said in our previous analysis, it is important for entire wave structure for prices to break below $1,220 in order to confirm that the rise from $1,180 is a three wave move. The short- term support is found at $1,237 and short-term resistance is at $1,248.

Our view remains bearish for all time frames. Even if prices make another upside move towards $1,270, our bearish scenario and longer term view will not have changed. We still believe that prices will eventually make new lows towards $1,140. The daily chart continues to support our bearish view as prices seem that they are making only a small upward corrective move inside a bigger downward trend.

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Elliott Wave Analysis of EUR/JPY for January 17, 2014 Trend News

Today's Support and Resistance levels:

R3: 142.71

R2: 142.40

R1: 142.16

Current Spot: 141.97

S1: 141.84

S2: 141.53

S3: 141.39

Technical summary:

It seems that wave ii ended just below our expected target between 143.09 - 143.17 as the top has been at 142.91. If the powerful wave iii has taken over we should see a decline to at least 134.47. In the short term we will be looking for minor resistance at 142.17 to protect the upside for a decline to 141.53 and maybe 141.39 before a correction back towards the 142.16 - 142.38 area before renewed downside pressure should be expected.

Trading recommendation:

We sold EUR at 142.35 and moved our stop lower to 142.95 and take profit at 141.60. If the take profit target is hit sell EUR again at 142.15.

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Technical analysis of USD/CAD for January 17, 2014 Trend News

General overview for 17/01/2014 08:10 CET

There are two intraday counts possible here and the difference is in the top for the wave 2 red placement.

- SCENARIO 1 - MAIN COUNT - In this point of view the top for wave 2 red has not been etablished yet as the wave c purple to the upside is still in progress. The Key Area here for this count is the zone between the levels of 1.0979 - 1.0989 as a possible target for wave c purple. Any breakout higher invalidates this scenario.

- SCENARIO 2 - ALTERNATE COUNT - In this view wave a red is in fact a finished wave 2 red and the latest wave progression to the downside is the beginning for the wave 3 red. Any breakout above the intraday resistance level invalidates the count. Any breakout lower below intraday support at the level of 1.0903 is first weak confirmation that alternate count is in play.

Support/Resistance:

1.0979 - 1.0989 - Key Area

1.0956 - Intraday Resistance

1.0903 - Intraday Support

1.0840 - Weekly Pivot

Trading recommendations:

The level marked as the Key Area should be the entry zone for all short positions with SL above the level of 1.0990 and TP at the level of 1.0903 and 1.0840.

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