EUR/NZD analysis for June 06, 2014 Trend News

Overview:

Since our previous analysis, the EUR/NZD pair has been trading downwards, as we expected, the price tested the level of 1.65963 on ultra high volume (selling climax). As you can see in the graph, the price rebounded from our Fibonacci expansion 100% at the level of 1.6170, as we expected and that caused price to start with downward movement. According to the 1H timeframe, we can observe strong supply on ultra high volume in the background and weak demand on the market. Buying at this stage still looks very risky since we have got supply on high volume. We got next support level at the price of 1.5920 (Fibonacci retracement 61.8%)

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.6134

R2: 1.6176

R3: 1.6244

Support levels:

S1: 1.5999

S2: 1.5957

S3: 1.5890

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

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Gold analysis for June 06, 2014 Trend News

Overview:

Since our last analysis, gold has been trading upwards, as we expected. The price tested the level of 1,256.78 on ultra high volume (buying climax) according to the 1H chart. As you can see in the graph, the price respected our support level (1,240.00), and that caused price to start moving upwards. Since we have got buying climax in the background, we may expect downward retracement before bullish continuation. I placed Fibonacci retracement levels and I got Fibonacci retracement 38.2% at the price of 1,250.00 and Fibonacci retracement 61.8% at the price of 1,247.00. Be careful with buying Gold at this stage since price is near the resistance. Watch for buying opportunities after retracement.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,257.18

R2: 1,261.12

R3: 1,267.50

Support levels:

S1: 1,244.42

S2: 1,240.48

S3: 1,234.10

Trading recommendation: Watch for potential bullish movement after retracement.

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Elliott wave analysis of EUR/NZD for June 6, 2014 Trend News

Today's Support and Resistance Levels:

R3: 1.6148

R2: 1.6103

R1: 1.6045

Current Spot: 1.5974

S1: 1.5965

S2: 1.5920

S3: 1.5878

Technical Summary:

The failure to accelerate higher through resistance at 1.6210 has delayed the upside pressure for a correction towards 1.5920 and maybe slightly lower towards 1.5878 before the next rally higher should be expected.

In the short term, we will be looking for minor resistance at 1.6020 and 1.6045 to protect the upside for a break below 1.5965 indicating continuation lower towards 1.5920 before the next bottom should be expected.

Trading Recommendation:

Our stop at 1.6075 was hit for a nice big profit. Now,we will now be looking to buy EUR at 1.5925 with a stop at 1.5740.

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Elliott wave analysis of EUR/JPY for June 6, 2014 Trend News

Today's Support and Resistance Levels:

R3: 140.08

R2: 139.93

R1: 139.65

Current Spot: 139.42

S1: 139.33

S2: 139.07

S3: 138.68

Technical Summary:

The ECB decision to lower rates send the eurp on a minor roller coaster ride. However, important resistance at 140.08 held firm and the downside pressure is still dominating this cross. In the short run, we are looking for below 139.07 and more importantly below 138.68 as confirmation, that a new decline towards 138.10 and lower is developing.

The risk is a break above 140.08, that will indicate that a triangle consolidation is developing and more consolidating time is needed before the downside can be explored again.

Trading recommendation:

We are short EUR at 139.49 with stop placed at 140.15. If you are not short EUR yet, then sell near 139.65 or upon a break below 139.07 with the same stop at 140.15

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Technical analysis of GBP/USD for June 6, 2014 Trend News

Overview :

• After the previous events, the resistance of the GBP/USD pair has already set at the level of 1.6900. Furthermore, the weekly support 1 sets at the level of 1.6710. But the price is moving around the level of 1.6805 which represents the pivot point. Also, it should be noted that resistance has broken and turned to support. Equally important, we expect a range between 1.6890 and 1.6750. Accordingly, the price of the GBP/USD pair is going to move strongly between 1.6890 and 1.6750 because we expect a high volatility in the coming session. Thus, it is reasonable to be careful with action around this area. Equally important, it should be noted that the range today will be about 60 pips. So, the trend in H1 chart is going to call for a bearish market at the level of 1.69. Thereupon, it looks for further downside move below 1.69 with targets at 1.6820 and 1.6745 today. On the other hand, buy above the price of 1.6715 with the first target at 1.6750. It might resume to 1.6833 in order to test the minor resistance.

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Technical analysis of EUR/USD for June 6, 2014 Trend News

Trading recommendations :

• The resistance of the EUR/USD pair has already set at 1.3672 on June 6, 2014. Morover, the double top sets at the level of 1.3668. Thus, we expect a range of 80 pips today because usually the last day of week shows high volatility. Therefore, it will be quite profitable to sell below this level (1.3672) for retesting this level in the short term. Hence, sell deals are recommended below the level of 1.3672 with targets at 1.3590 (the level of 1.3589 is representing the first support) and 1.3525 to reach the second support. Additionally, the descending movement will probably be lower than the 1.3525 level with the target at the double bottom. The double bottom sets at the level of 1.3504 and also coincides with the major support.

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#USDX Technical analysis for June 6, 2014 Trend News

The Dollar index made a breakout above 80.70 yesterday after Mario Draghi's comments on the ECB monetary policy. As expected by our analysis, the Dollar index held the short-term support trend line and made a break above the 80.70 resistance we were talking about. Our target was 81 if resistance were to break. And this is exactly what happened. The Dollar index reached 81 and reversed to close the day with a very bearish candle.

The Dollar index did not only pull back below 80.70, but also broke below the short-term upward sloping trend line and is now testing important Ichimoku cloud support. If Ichimoku support is broken at 80.25, we should expect the Dollar index to move towards 80. Things for now do not look bullish, as the daily chart below shows a very bearish reversal candle.

In the daily chart, support is found at the 80.25 level where the 38% retracement is found. Next support is at 80 where the 50% retracement is. I expect to see Dollar weakness and a pull back within the next couple of days .

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Technical analysis of USD/CAD for June 6, 2014 Trend News

General overview for 06/06/2014 09:50 CET

There is strong resistance at the level of 1.0958 and the market has been trying to break through it for three times already but no avail. The current wave development suggests a little lower retracement in wave c green before another attempt will be made. The key level for wave c green corrective cycle is at 1.0888 and a uptrend resume is expected there. In case of any breakout lower, next support comes with the level of 1.0874. Please notice that on the higher time frames, we are still looking for a possible termination of an upward wave progression to complete wave 2 black of a bigger corrective cycle in the shape of either running or irregular flat. Only a breakout below the level of 1.0821 means that this corrective cycle has been finished.

Support/Resistance:

1.0958 - Intraday Resistance

1.0936 - WR3

1.0911 - WR2

1.0900 - Intraday Support

1.0888 - Intraday Support

1.0874 - WR1

Trading recommendations:

Daytraders should consider opening buy limit positions from the level of 1.0888 with SL below the level of 1.0874 and TP at the level of 1.0936 with a possible extension upward to the level of 1.0959.

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Gold technical analysis for June 6, 2014 Trend News

Gold price has held support at $1,240 and has given a short-term buy signal when it broke the short-term triangle above $1,250. Now it is trading at $1,255, Gold price looks like it is going to continue higher towards our first target of $1,264. Gold price has made a move up to the 38% Fibonacci retracement. I expect at least a move towards the 50% retracement.

Gold price is heading towards the Ichimoku cloud resistance and I expect it to find it difficult to break above the $1,280 level. However we remain long in the sort term and we have $1,240 as the stop. This upward move is most probably a bounce before we resume downtrend towards $1,180.

As we mentioned in previous posts, we expected a bounce from current levels or from $1,230 where the 76.4% Fibonacci retracement is. The current upward bounce has the potential to unfold into something bigger even towards $1,330. But it is too early yet to talk about this scenario. First Gold price will need to move at least towards $1,280 if we want to have chances of moving towards $1,330.

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Technical analysis of EUR/JPY for June 6, 2014 Trend News

General overview for 06/06/2014 09:30 CET

The current wave development has two possible wave progressions indicated on the chart and the difference between them is in placement of wave (c) blue bottom. The first possibility places the bottom at the level of 139.35 and the whole correction would be running flat shape. The second possibility places the bottom at the level of 138.63 and the whole correction would be a regular flat shape. Please notice that any breakout higher means the bottom for wave B black is in place and the main count is invalidated.

Support/Resistance:

140.11 - WR2

139.86 - 139.97 - Technical Resistance ZOne

139.70 - Intraday Resistance

139.50 - WR1

139.35 - Wave (c) Target

138.73 - Weekly Pivot

138.62 - Intraday Support

Trading recommendations:

Because the Elliott Wave labeling has two possible counts on the chart, it is advised to wait for a clear breakout either above the level of 140.00 to go long, or below the level of 139.35 to go long as well (with a very tight stop loss in case the market would try to make more deeper correction).

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