Technical analysis of USD/JPY for February 5, 2014 Trend News

In Asia, Japan will release the Average Cash Earnings y/y and the US will release some economic data such as US-ADP Non-Farm Employment Change, US-Final Services PMI, US-ISM Non-Manufacturing PMI, US-Crude Oil Inventories. So there is a big probability the USD/JPY will move with low volatility during the Asian session, but with low to medium volatility during the US session.

Today's technical levels:

Resistance. 3: 101.88.

Resistance. 2: 101.68.

Resistance. 1: 101.48.

Support. 1: 101.23.

Support. 2: 101.03.

Support. 3: 100.83.

DESCRIPTION:

Please, pay attention to the levels of support 3 (100.83) and resistance 3 (101.88). Normally, when a level is touched, the USD/JPY is likely to rebound from the previous minimum by 10 to 20 pips. However, in case the levels are broken through by over 50 pips, then it will be a sign that these currencies have found trends today.

Disclaimer:

Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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Technical analysis of Crude for February 05, 2014 Trend News

The recent high 98.6 has been acting as the reversal point to the lower levels. In the H4 chart, Stochastic gave a sell signal, where the RSI was still in buy mode. Today, the price is trading above 21DEMA, cmp 97.83 and is standing above yesterday's high, which is a bull factor. But if we go through the hourly chart, we can see oscillators giving a sell signal. The price is trading near resistance zones.

Support: 97, 96.3

Resistance: 98, 98.6

Recommendation- sell for the targets $91, 87 and 85.

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Technical analysis of DJIA for February 05, 2014 Trend News

We have seen a 7% correction in Dow. It is trading close to its 200 DEMA but more importantly it has hit RSI oversold zones. Suchlike previous RSI transitions have led to a strong bounce. Also, further dips will take it to trend line/channel supports. We recommend that you buy call from cmp or get in slowly in the dips to 15k-15,300. A reversal above any day's highs on hourly basis could also be a turnaround signal. We have seen a correction from approx 16,500-15,300 levels happened in a short period of time.

We are highly oversold at current levels in the daily and hourly charts. Every time when the RSI touch 20 levels, we saw a strong bounce back . In a worst-case scenario, we can see 14,800-15,000. The market will give some good bounce, if another low comes. So we can see a positive divergence in RSI which may lead to a strong rally. We can observe double bottom at the level 15,356.

Support: 15,300, 15,000, 14,800

Resistance 15,500, 15,700, 16000

In the hourly chart, we can observe positive divergence in RSI from 15,880 levels. So it is likely to bounce back to the target somewhere around 15,700-15,800.

Intra-Resistance: 15,478, 15,532, 15,700

Recommendation-

Below 15,356 the price is seen to fall another 300-500 points, which will be an interesting entry point.

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Technical analysis of EUR/USD for February 05, 2014 Trend News

The EUR/USD pair has broken its neckline and is attempting to pull back to its near strong resistance level at 1.357 (23.6% fib retracement). An overall trend is down. Price action is currently trading at the level 1.3514 and slightly below previous day close. A break below the level 1.3477 may trigger further downward movement to the level 1.3400, 1.3350 and 1.33 levels, which were our targets in previous reviews.

In the hourly chart, we can see oscillators showing a sell signal and the pair trading below the 21DEMA.

Intraday-

Support: 1.3495, 1.34

Resistance: 1.3528, 1.354

In the daily chart, the pair was trading during last the two days with higher high -higher lows. We can see the trend change action in the short term. Also, we can see oscillators in the oversold zone. If the pair trades above the level 1.3540, it can fly up to 1.36 and 1.3666. If the price breaks below the Monday's low, we will see the downward momentum near 1.3400.

Positional-

Support: 1.3477, 1.34, 1.33

Resistance: 1.3540, 1.36, 1.3666

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Technical analysis of EUR/JPY for February 05, 2014 Trend News

Technical outlook and chart setups:

1. Yesterdays' price action is an indication to attempt a pullback. Aggressive trade setup is expected to initiate 50% long positions now (137.26). The risk remains at 136.00 at least.

2. Immediate supports are spread through 136.00 (intermediary) followed by 134.00 and lower, while resistances are spread through 142.00 followed by 143.00 and 145.50 respectively .

3. The structure reveals that prices could rally from current levels. It is also the fibonacci 0.618 support of the rally between 131.00 through 145.50. The resistance line is passing through 141.00 levels as seen in the chart.

Trading recommendations:

Initiate 50% long positions now, stop at 136.00 target open for now.

Good luck!

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Technical analysis of Silver for February 05, 2014. Trend News

Technical outlook and chart setups:

1. Silver remains more or less unchanged since yesterday. After creating a higher low at sub $19.00 levels it could be preparing for the next rally towards $21.00/22.00. It is recommended to hold long positions. The risk remains at $18.50.

2. Immediate resistance is at $20.50 (intermediary) followed by $21.00 and $22.00, while supports are spread through $19.00 (intermediary) followed by $18.75 and sub $18.00 levels respectively.

3. The structure reveals that a meaningful low is in place at $18.75 now. The morning star produced also reveals that the next rally towards $22.00 and higher is due.

Trading recommendations:

Remain long, stop at $18.50, target at $22.00 and higher.

Good luck!

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Technical analysis of Gold for February 05 2014. Trend News

Technical outlook and chart setups:

1. Gold has rallied through the $1,266.00 levels before pulling back. Please note that the 0.618 fibonacci resistance is also at $1,266.00. A reversal now could bring prices lower towards $1,218.00. It is recommended to remain short; the risk remains at $1,285.00.

2. Immediate resistance is at $1,279.00 (intermediary) followed by $1,290.00/95.00 and higher, while support is at $1,230.00 followed by $1,220.00/10.00 and lower respectively.

3. The structure reveals that a meaningful low could be in place at $1,182.00 now. Gold is likley to retrace lower towards the $1,215.00 zone before reversing. A break of $1,230.00 would accelerate the fall.

Trading recommendations:

Remain short, stop at $1,285.00, target at $1,220.00.

Good luck!

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Technical analysis of EUR/USD for February 5, 2014 Trend News

When the European market opens, some economic news will be released such as Spanish Services PMI, Italian Services PMI, Final Services PMI, Retail Sales m/m.The US will release the most important economic data such as the US-ADP Non-Farm Employment Change, US-Final Services PMI, US-ISM Non-Manufacturing PMI, US-Crude Oil Inventories, so amid the reports, the EUR/USD will move medium volatility during this day.

TODAY's TECHNICAL LEVELS:

Breakout BUY Level: 1.3582.

Strong Resistance:1.3574.

Original Resistance: 1.3561.

Inner Sell Area: 1.3548.

Target Inner Area: 1.3516.

Inner Buy Area: 1.3484.

Original Support: 1.3471.

Strong Support: 1.3458.

Breakout SELL Level: 1.3450.

DESCRIPTION:

Today the EUR/USD has support and resistance at 1.3471 and 1.3561. The rate is accompanied by strong support at 1.3458 and by 1.3574 as strong resistance.

If the EUR/USD breaks out and closes below the 1.3450 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above the 1.3582 level, then it will denote high bullish strength. Alternatively, for advance traders, you can trade in a way to open a BUY position at the level of 1.3484 and at 1.3548, a SELL position. In this case both targets should be placed at the level of 1.3516.

Disclaimer:

Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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Technical analysis of GBP/CHF for February 05, 2014 Trend News

Technical outlook and chart setups:

1. The GBP/CHF rallied yesterday, though it is likely to be in a corrective manner now. These rallies should be used to initiate fresh short positions. 1.4940/50 remains key level for bears. It is recommended that you hold short positions and sell intraday rallies as well.

2. Immediate resistance is the 1.4940/50 level followed by 1.5120/30, while supports are at 1.4570/80 followed by 1.4360/70, 1.4200 and lower.

3. The structure reveals that a meaningful top is in place at 1.5120/30 now. Prices are expected to continue drifting lower from here on towards 1.4400 and 1.4000 respectively.

Trading recommendations:

Remain short from earlier, stop at 1.5130, target at 1.44 and 1.4.

Good luck!

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Daily analysis of USDX for February 05, 2014 Trend News

Daily chart: The USDX remains above the 200 SMA with a clear bullish pattern. The bullish bias is still there in the USDX as USDX has not touched levels below the 200 SMA yet. The nearest resistance is located at the level of 81.50, so the USDX needs some momentum favored by fundamental factors in order to get out of the range of indecision in which it remains this week. The MACD indicator is in positive territory.

H4 chart: The USDX has been moving within a low range between 81.19 and 80.99 levels. If the USDX manages to consolidate below 80.99 level, it is likely that the USDX to fall to the 200 SMA. However, any breakout above the level of 81.29 would be a continuation of the current upward trend in the USDX. The MACD indicator remains in negative territory.

H1 chart: The USDX has found resistance at the level of 81.19 where the closest point of control is located. The USDX would need to break out that level in order to further strengthen the bullish trend. However, you should keep in mind that the USDX is very close to the 200 day moving average, so we should be cautious when placing intraday orders today. MACD indicator is in neutral territory.

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 81.19, take profit is at 81.40, and stop loss is at 80.98.

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Daily analysis of GBP/USD for February 05, 2014 Trend News

Daily chart: The GBP/USD has found support on the bullish trend line and now it's trying to consolidate above the level of 1.6326. However, this pair could be forming a bearish pattern to continue falling, but we should consider that the support level of 1.6326 is very strong, so you should be cautious when placing sell orders above this level. The MACD indicator is still in negative territory.

H4 chart: The GBP/USD is forming a higher low pattern below the level of 1.6336, which is pretty strong resistance, as the pair has formed a fractal there. If it manages to break the support level at 1.6247, it's expected to fall to the level of 1.6218. On the other hand, we should be pending before a breakout at the level of 1.6336, which could lead the pair to rise again to the level of 1.6441. The MACD indicator is in extreme oversold zone.

H1 chart: This pair failed to consolidate below the level of 1.6291 and still remains below the resistance level of 1.6331. If the pair manages to break that level, which is also a point of control, it's expected to rise to the level of 1.6375. However, we recommend that you to follow the trend, as the GBP/USD has encountered strong resistance in the POC. The MACD indicator is in positive territory.

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.6291, take profit is at 1.6252, and stop loss is at 1.6329.

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Technical analysis of USD/JPY for Feburary 04, 2014 Trend News

Overview:

USD/JPY is expected to trade in lower range undermined by selling of the yen crosses amid elevated risk aversion (VIX fear gauge spiked 16.46% to 21.44, S&P tumbled 2.34% overnight) as much-bigger-than-expected drop in the U.S. ISM manufacturing PMI to 51.3 in January from 56.5 in December (versus 56.0 forecast) following weak official manufacturing PMI data out of China raised concerns over the global growth outlook and emerging markets. USD/JPY is also weighed by the Japanese exports sales, diminished expectations of further monetary easing from the Bank of Japan in near-term, negative dollar sentiment (ICE spot dollar index last 81.06 versus 81.27 early Monday), lower U.S. Treasury yields as weak U.S. PMI gauge and smaller-than-expected 0.1% rise in the U.S. December construction spending (versus +0.2% forecast) added pressure on the Federal Reserve to take it slow in withdrawing monetary stimulus, although Fed's Fisher said late Monday that he hasn't seen anything yet that would diminish his support for slowing the pace of bond-buying. But USD/JPY losses are tempered by the demand from Japan's importers.

Technical сomment:

Daily chart is negative-biased as MACD and stochastics are bearish, stochastics is at oversold zone, 5 and 15 day moving averages are declining.

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 100.7 in mind. A breach of this target will move the pair further downwards to 100.4. The pivot point stands at 101.65. In case the price moves in the opposite direction, bounces back from support, and then moves above its pivot point, it is most favourably expected to move further to the upside. In that scenario, a long position is recommended with the first target at 102.6 and the second target at 102.9.

Resistance levels:

102.6

102.9

103.25

Support levels:

100.7

100.4

100.1

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Technical analysis of NZD/USD for Feburary 04, 2014 Trend News

Overview:

NZD/USD is expected to trade with bearish bias undermined by the Kiwi sales on the soft NZD/JPY cross amid increased investor risk aversion and Kiwi sales on buoyant AUD/NZD cross. But NZD/USD losses are tempered by the negative dollar sentiment and hawkish Reserve Bank of New Zealand's monetary policy stance. Daily chart is negative-biased as MACD and stochastics are bearish, although latter is at oversold zone, 5 and 15 day moving averages are declining.

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 0.8215 and the second target at 0.8245. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.804. A breach of this target will push the pair further downwards and one may expect the second target at 0.798. The pivot point is at 0.81.

Resistance levels:

0.8215

0.8245

0.8280

Support levels:

0.804

0.798

0.795

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Technical analysis of GBP/JPY for Feburary 04, 2014 Trend News

Overview:

GBP/JPY is expected to trade in a lower range undermined by elevated investor risk aversion and Japanese exports sales. But GBP/JPY losses are tempered by the demand from the Japan's importers. Daily chart is negative-biased as MACD is bearish, stochastics stays suppressed at an oversold zone, 5 and 15-day moving averages are declining.

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 163.85 in mind. A breach of this target will move the pair further downwards to 162.95. The pivot point stands at 166.9. In case the price moves in the opposite direction, bounces back from support, and then moves above its pivot point, it is most favourably expected to move further to the upside. In that scenario, a long position is recommended with the first target at 168.2 and the second target at 169.7.

Resistance levels:

168.2

169.7

170.45

Support levels:

163.85

162.95

162

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Technical analysis of USD/CHF for Feburary 04, 2014 Trend News

Overview:

USD/CHF is expected to consolidate. It is undermined by the negative dollar sentiment, flows to the Swiss franc amid elevated risk aversion, stronger-than-expected Switzerland January PMI (came in at 56.1 versus expecrtations for 55.4), and franc demand on weak EUR/CHF cross. But USD/CHF losses are tempered by the franc sales on soft CHF/JPY cross. Daily chart is mixed as stochastics is turning neutral, MACD is still in bearish mode, it is bearish outside-day-range pattern which was completed on Monday.

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 0.908 and the second target at 0.91. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.898. A breach of this target will push the pair further downwards and one may expect the second target at 0.8955. The pivot point is at 0.9015.

Resistance levels:

0.908

0.91

0.912

Support levels:

0.898

0.8955

0.8925

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Elliott Wave Analysis of USD/CAD for for February 04, 2014 Trend News

USD/CAD Elliott Wave
Last week, the USD/CAD pair found the top at the 1.1220 level. From there on, this commodity pair has been trading lower, just as we expected. In the 1-hour chart of the USD/CAD pair, we can observe that we are tracking descending movements from 1.1220 towards 1.070 as potential A-B-C pattern inside the bigger wave [x] (coloured blue), while the price stays below the end of the wave [y], we are going to look for a fresh sell opportunity in the final wave (c) of [x]. In accordance with our wave rules and taking into account that wave [x] should retrace 50% of wave [y], we can define potential targets by measuring wave [y] with take profit at 1.0900 (50% of wave Y). The RSI indicator is likley to stay at the lows while the price is seen to push lower so that we could see an ideal divergence at the end of the (c) wave that will help us to close short position on time.

Support and Resistance
(S3) 1.0967, (S2) 1.1003, (S1) 1.1059, (PP) 1.1095, (R1) 1.1151, (R2) 1.1187, (R3) 1.1243.

Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin downward movement. That is why short positions at the level of 1.1070 with stop loss at 1.1150 d take profit at 1.0900 are recommended.

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Elliott Wave Analysis of AUD/USD for February 04, 2014 Trend News

AUD/USD Elliott Wave
The AUD/USD pair has been trading downward for more than a year, we are approaching some critical areas for long term trading at the moment and that's why we want to look for some long term trade in this pair today. In the 1-week chart, we can see that from the high at 1.1070 there is diagonal movements that we are labeling as FLAT correction inside the red wave (A) (coloured red). We can see that 50% of the previus wave (C) (coloured red) and 123.6% extensions of the C has really come close. That is why this area between 0.8738 and 0.8539 can be a really good support area and potential end of the (A) of [X]. When we see the break above the upper trend line from the chart, we can enter long position against the low at the 0.8300 level. In accordance with our wave rules and taking into account that wave B should retrace 50% of wave A, we can define the potential targets with measuring wave A with tase profit at 0.9660 (50% of wave A).

Support and Resistance
(S3) 0.8622, (S2) 0.8680, (S1) 0.8717, (PP) 0.8775, (R1) 0.8812, (R2) 0.8870, (R3) 0.8907.

Trading forecast
Proceeding from Elliot Wave rules today, the trend is expected to begin upward movements. That is why long position at level of 0.9000 with stop loss at 0.8300 take profit at 0.9660 are recommended.

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Daily analysis of GBP/JPY for February 04, 2013 Trend News

Overview

As it was expected yesterday, the pair would reverse its downward move taking an upward move due to the fact thar the Support area consists of the lower boundary of the bearish channel with the strong Support level of 163.80. Today and as shown in the H4 chart, the pair bounced from the Support area breaking the Resistance level of 164.50. Currently, it is approaching the Resistance level of 166.00 trying to break it through to continue its bullish move which means more buy-signals keeping its movement inside the bullish channel. So we should wait till the price closes above the Resistance level of 166.00 before making the decision to have a bullish signals with the first target few pips below the next Resistance level of 167.00. But closing below the Resistance level 166.00 would cancels the bullish move scenario.

Resistance and Support levels: R3 (167.75) R2(167.00) R1(166.00), S1 (164.50) S2 (163.80) S3(163.30)

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GOLD analysis for February 04, 2014 Trend News

Overview:

Since our last analysis, gold has been trading upwards. The price rejected from our corrective FE 161.8% at 1,266.00 and tested the level of 1,252.20 on high volume. If the price breaks the level of 1,238.00 on higher volume, we may see the testing of the level of 1.222.00 (FE 161.8%). Anyway, if the price breaks the area of 1,266.00 on higher volume, we may expect further bullish movement and continuation of the bullish corrective phase. We can observe large buying climax at the price of 1,264.7 which is a sign that buying gold at this stage looks risky. Buying gold looks risky since we are in short- and mid-termdown trend, and we can also observe the finish of the major ABCD bullish corrective phase.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,265.14

R2: 1,271.16

R3: 1,280.90

Support levels:

S1: 1,245.66

S2: 1,239.64

S3: 1,229.90

Trading recommendation: Trading the metal, be careful with buying and try to catch the bearish continuation phase if the price breaks the area of 1.238.00

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EUR/NZD analysis for February 04, 2014 Trend News

Overview:

Since our previous analysis, the EUR/NZD pair has been trading downwards, we tested the level of 1.6553 on higher volume. We can observe that supply has entered the market at the price of 1.6690 which triggered bearish corrective movement. I have placed Fibonacci levels to find possible end of the bearish corrective phase and i got FR 38.2% at the price 1.6565 and FR 61.8% at the price 1.6435. First upper station is still the same like in previous analysis; it is the level of 1.6800. Do not forget that EUR/NZD is in short- and mid-term bullish trend and selling EUR/NZD at this stage looks very risky. Watch for buying opportunities on the dips and try to catch the bullish continuation phase.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.6746

R2: 1.6780

R3: 1.6835

Support levels:

S1: 1.6637

S2 : 1.6603

S3: 1.6549

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

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EUR/NZD analysis for February 04, 2014 Trend News

Overview:

Since our previous analysis, the EUR/NZD pair has been trading downwards, we tested the level of 1.6553 on higher volume.We can observe that supply has entered the market at the price of 1.6690 which caused price to start bearish corrective movement. I have placed Fibonacci levels to find possible end of the bearish corrective phase and i got FR 38.2% at the price 1.6565 and FR 61.8% at the price 1.6435. First upper station is still the same like in previous analysis, so level of the 1.6800. Do not forget that EUR/NZD is in short- and mid-term bullish trend and selling EUR/NZD at this stage looks very risky. Watch for buying opportunities on the dips and try to catch the bullish continuation phase.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.6746

R2: 1.6780

R3: 1.6835

Support levels:

S1: 1.6637

S2 : 1.6603

S3: 1.6549

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

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#USDX Technical analysis for February 4, 2014 Trend News

The Dollar index got rejected once again at 81.50 resistance and we said in our last analysis that a pull back was to be expected. The index pulled back towards 81 and is being pulled by our MA towards 80.85. We believe that more downside pressures are to be expected and we could see the index reach even 80.70-60.

In the short-term chart above we witness a double top around 81.35-40 and this could mean that prices could reverse back down to test the long-term support trend line at 80.20-30. The next couple of days are important, because if the index is too weak to break resistance at 81.50, we should expect downward pressures to bring it closer to support.

The intermediate-term trend is up as the index makes higher highs and higher lows. We will say it again as it is very important for the bulls to see the index break above 81.50. The important daily support level is 80.40-30. Breaking below this level will give a sell signal. breaking above 81.5 will give a buy signal with 82.50 target. The long-term trend is neutral as the index moves mainly sideways between 84-78. Today we believe that short positions should be preferred with 81.35 stop and 80.70 target.

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Gold Elliott wave analysis for February 4, 2014 Trend News

Despite the upward move yesterday in Gold price, short-term trend remains down as Gold price did not manage to make a higher high and did not manage to break above the downward sloping trend line resistance that connects $1,279 and $1,270.

Short-term support and critical pivot point for the trend is the lows as noted by the blue area in the chart above. The $1,238 price level is important support that if broken could push Gold price towards $1,220. On the other hand, important short-term resistance is found at $1,260-70. Breaking above this level will give us target of $1,290-$1,300.

The daily chart shows sideways consolidation with Gold price moving around the important pivot price level of $1,260. Important support for bulls is the $1,230-20 price range as noted above. As long as Gold price trades above this area, there are increased chances of moving towards $1,300-$1,320. Next few days will be important because in case the downward correction in US markets continues, demand for a safe haven will bring buyers into Gold and push the price higher.

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Technical analysis of EUR/JPY for Febuary 4, 2014 Trend News

General overview for 04/02/2014 08:30 CET

For last two weeks we have been tracking this downside sloping triple zigzag correction in wave 4 purple. Currently, the market is very close to invalidate the main purple count as the invalidation line is at the level of 135.44. The alternate count has been labeled in the H4 time frame chart and it indicates quite strong impulsive downside wave progression. On hourly time frame, the key level to the upside in case of main count is still valid, is at the level of 137.03. Only a breakout above this level and then violation of golden trend line without taking out the invalidation line would have still suggest that another top is possible. Otherwise, more downside is unavoidable for this pair.

Support/Resistance:

135.86 - WS1

136.21 - Intraday Support

136.33 - 161%FE Fibo

136.03 - 136.10 - Key Resistance Level

136.49 - Technical Resistance

Trading recommendations:

Only breakout above the level of 137.03 would be a bullish trade opportunity and buy positions might be opened with SL below the level of 136.19 and TP at the level of 138.52. Otherwise, the intraday trend remains bearish.

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Elliott Wave Analysis of EUR/NZD for February 4, 2014 Trend News

Today's Support and Resistance levels:

R3: 1.6723

R2: 1.6702

R1: 1.6683

Current Spot: 1.6638

S1: 1.6600

S2: 1.6577

S3: 1.6512

Technical summary:

After reviewing our count, we have moved wave iii higher to 1.6787. The reason is that the sub-wave four of iii was a running triangle and then we saw the wave five of iii higher to 1.6787, which was just below the ideal target of 1.6792. We are currently in the wave iv lower towards 1.6577 from where we expect wave v higher towards 1.6900. That said, we have mentioned the alternate count the last couple of days. This scenario shows that a triangle is developing, but we should still see a move higher towards 1.6900 after the ongoing correction is finished.

Trading recommendation:

Stay long EUR from 1.6495 and keep your stop at 1.6554. If you are not long EUR yet, then buy EUR near 1.6577 with a close stop at 1.6554. Place take profit at 1.6875.

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Elliott Wave Analysis of EUR/JPY for February 4, 2014 Trend News

Today's Support and Resistance levels:

R3: 138.09

R2: 137.65

R1: 137.10

Current Spot: 136.72

S1: 136.18

S2: 135.81

S3: 135.33

Technical summary:

With the break below the base channel support line we have seen the expected acceleration lower. Blue wave (iii) has extended slightly further than we first expected and has reached a low of 136.22 we are now looking for blue wave (iv) towards 137.10 and maybe even higher towards 137.65 before blue wave (v) lower towards at least 135.75 and maybe even lower towards 134.52. Once blue wave (v) is in place that will also mark the bottom of blue wave iii.

Trading recommendation:

Stay short EUR from 141.80 and move your stop lower to 138.30. If you are not short EUR yet, then sell EUR near 137.65 with the same stop at 138.30.

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