EUR/NZD analysis for May 23, 2014 Trend News

Overview:

Since our previous analysis, the EUR/NZD pair has been trading sideways, around the price of 1.5930, we are still waiting for a larger movement. According to the 15-min timeframe, we can observe strong bearish reaction around our intraday resinstance at the price of 1.5945. We may see possible testing the level of 1.5914 (previous swing low). To confirm futrher larger bearish movement, as we already wrote, price needs to break the level of 1.5745 (major swing low) on higher volume. A support level is around the price of 1.5910 (previous swing high). Anyway, if the price starts with upward movement, we may expect re-testing the level of 1.6010 (previus swing high).

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.5979

R2: 1.5998

R3: 1.6029

Support levels:

S1: 1.5917

S2 : 1.5898

S3: 1.5867

Trading recommendation: Be careful with buying the EUR/NZD and watch for selling opportunities after retracement.

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GOLD analysis for May 23, 2014 Trend News

Overview:

Since our last analysis, gold has been trading upwards, as we expected, the price tested the level of 1,303.41 on high volume according to the 4H time frame. According to the Daily timeframe, we can observe indecision bar and strong bullish reactions in the background from our support 1,277.00 on higher volume, which is a sign that short-term selling looks very risky. According to the 4h timeframe, we can observe supply on average volume, which is still not enough for larger downward movement. We can conclude that the price of 1,305.00 (swing low) is strong resistance and just if the price breaks that level on hgiher volume we may see further bullish continuation. Be careful with selling since we got the second rejection from our Fibonacci zone in the background.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,301.75

R2: 1,305.05

R3: 1,310.40

Support levels:

S1: 1,291.05

S2: 1,287.75

S3: 1,282.40

Trading recommendation: Trading the metal, be careful with short-term selling since we've got strong rejections from our Fibonacci ratios.

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Elliott wave analysis of EUR/NZD for May 23, 2014 Trend News

Today's Support and Resistance levels:

R3: 1.6043

R2: 1.6004

R1: 1.5960

Current spot: 1.5938

S1: 1.5907

S2: 1.5892

S3: 1.5869

Technical summary:

We have been trading in a very narrow range since yesterday. We are still looking for support at 1.5907 to protect the downside for a new powerful rally above 1.5960 confirming a new rally towards 1.6012 and above towards strong resistance at 1.6179. In the longer term we expect this resistance to be broken too and confirm that a long-term bottom is in place for a rally to 1.7274 and above.

An unexpected break below 1.5907 will delay the upside, but only a break below strong support at 1.5830 will invalidate our bullish count.

Trading recommendation:

Stay long in EUR from 1.5858 and keep your stop at 1.5875. If you are not long in EUR yet, then buy close to 1.5907 or upon a break above 1.5960 with the same stop at 1.5875.

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Technical analysis of NZD/USD for May 23, 2014 Trend News

Overview :

• The NZD/USD pair has been moving in downtrend since last week. So, according to prior events, the price of NZD/USD pair has still been moving between the ratio of 50% Fibonacci retracement levels at the level of 0.8606 and 23.6% Fibonacci retracement at the 0.8518 level. Furthermore, the price opened below the ratio of 50% Fibonacci retracement levels (0.8606). Also, it should be noted that the resistance is set at the 0.8606 level today. Therefore, it will be a good sign to sell below the level of 0.8606 with the first target of 0.8518. It should be noticed that the minor support has already set at the price of 0.8510.


• However, in case a reversal takes place and the NZD/USD pair breaks through the support level of 0.8500, the market will lead to further decline to 0.8455 today in order to indicate a correctional movement at this level. Meanwhile, the H4 chart represents strong support at 0.8438 which forms the double bottom.

Intraday technical levels :

Date and Time: 23/05/2014 11:25

Pair: NZD/USD

• R3: 0.8625


• R2: 0.8608


• R1: 0.8588


• PP: 0.8571


• S1: 0.8551


• S2: 0.8534


• S3: 0.8514

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Elliott wave analysis of EUR/JPY for May 23, 2014 Trend News

Today's Support and Resistance levels:

R3: 139.74

R2: 139.31

R1: 139.10

Current spot: 138.74

S1: 138.63

S2: 138.51

S3: 138.38

Technical summary:

We are still looking for a correction slightly higher towards 139.74 to end blue wave iv before the next decline in blue wave v towards 137.21. The short-term support at 138.51 ideally will protect the downside for the final part of the correction towards 139.74 and then lower in blue wave v. That said, it should be remembered that correction during wave three tends to small and even sub-normal and a direct break below 138.38 will indicate that is the case here.

Trading receommendation:

Sell EUR at 139.60 or upon a break below 138.83 with a stop at 141.25.

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#USDX Technical analysis for May 23, 2014 Trend News

The Dollar index has made a very shallow pullback confirming that buyers are very strong at current levels. With the major component of the Dollar index (EURUSD) being so weak, we saw a pullback of the Dollar index that only touched the Ichimoku cloud support and did not even go to the 38% retracement. This is a bullish sign that implies the absence of sellers.

The Dollar index is making new higher highs as the downward correction has ended and was very shallow. I now expect the Dollar index to continue higher towards 80.70. Support is found at 80 up to 79.60 in case of a pull back down.

The daily chart is getting very bullish as price is breaking above the daily Ichimoku cloud resistance. This could signal a trend reversal on the daily level. Important support is found at 79.60 and should not be broken. Bulls seem to have the upper hand as sellers could not even push the price towards the 38% retracement. The shallow pull back implies that this upward move is a new one and has much more room to go higher.

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Gold technical analysis for May 23, 2014 Trend News

Nothing has changed in our Gold outlook since yesterday. Price remains inside the triangle formation. As suggested by our previous analysis, the preferred strategy to follow is to be neutral and wait for a break out.

The price range of the triangle is tightening. Soon we will see a breakout. Above $1,310, the trend is bullish and $1,330 will be challenged. Below $1,280, the trend is bearish and $1,268 will be challenged with increased chance of breaking it.

So we wait before we see a breakout. The daily Ichimoku cloud is above current price and this means that an upward breakout has many chances of being short-lived as strong resistance after $1,310 is found at $1,330. Concluding, I remain neutral and I will trade only after a break out.

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Technical analysis of EUR/JPY for May 23, 2014 Trend News

General overview for 23/05/2014 08:10 CET

The upward corrective wave progression is developing in more complex and time-consuming manner than I've expected, but the overall concept of an upside corrective cycle in wave 2 black is still in progress. Currently the market is below the descending golden trendline and only a clear breakout higher above this trendline is bullish and the levels indicated at the beginning of this week might be the target again. On the other hand, breakout below the intraday support at the level of 138.61 might extend the corrective cycle even down to the previous wave b purple low.

Support/Resistance:

138.14 - Wave b purple Bottom

138.62 - Intraday Support

139.12 - Intraday Resistance

139.44 - Weekly Pivot

Trading recommendations:

Trading the middle of the corrective wave b is the most difficult to make profits so I would advise to wait for more clear pattern to appear.

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Technical analysis of USD/CAD for May 23, 2014 Trend News

General overview for 23/05/2014 08:00 CET

The downside corrective wave progression is developing as anticipated and has hit the target levels. Currently there is an unfinished internal corrective cycle to the upside that must be completed before the last leg to the downside will appear. The alternate count however indicates that the laciest low at the level of 1.0883 might be the bottom for wave alt:(b), and now a breakout above the intraday resistance at the level of 1.0930 will confirm the scenario of a further strength in this pair. In case there is no such a breakout, traders should expect that the lower golden trendline will be tested again.

Support/Resistance:

1.0948 - WR2

1.0940 - Swing High

1.0930 - Intraday Resistance

1.0897 - WR1

1.0883 - Intraday Support

1.0874 - Weekly Pivot

1.0851 - Technical Support

Trading recommendations:

Trading in the middle of the corrective wave b is the most difficult to make profits so I would advise to wait for more clear pattern to appear.

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