EUR/JPY minimum downside expectations are around 127.00 level Trend News

Technical outlook and chart setups:

Now the currency pair has broken the support channel indicating further weakness. As it is depicted here, the minimum downside expected levels could be just above 127.00 level. A push below 127.00 could drag the price lower though. It is recommended to reduce risk on short positions now and to continue holding short positions. Resistance is at 132.00, followed by 132.60/70 and 133.80/134.00, while support is around 128.00. It is quite possible that this correction could be in 3 waves and end around the fibonacci 0.618 support levels near 126/127 levels during the rally within 125.00 and 132.50 levels.

Trading recommendations:

Remain short, stop at 132.00, target is 127.5

Good luck!

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GBP/CHF slide poised to accelerate. Remain short Trend News

Technical outlook and chart setups:

The currency pair tested the rising support line and fell back yesterday, as depicted in the Daily chart. Implications are bearish for GBP/CHF from here. Hence the recommendation is not changed - to maintain short positions for now. Immediate resistance would be at 1.4300 level, which was a high two days ago, followed by 1.44. Strong resistance is placed at 1.48 and 1.5. Looking into the wave structure, the next swing lows could be below 1.4 level in the coming days/weeks. Looking lower for now.

Trading recommendations:

Remain short, stop at 1.44, target is open

Good luck!

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#USDX Analysis for August 6th, 2013 Trend News

Yesterday the Dollar Index managed to test the resistance at 82.10 but did not break it. It pushed prices lower towards 81.80. We remain cautiously bullish as the trend is reversing from 81.40 to 82.50 is our first bullish and trend reversal signal. Important support is the low of 81.40. Resistance is at 82.50 if a break pushes the prices towards 83.45.

The currecnt downward formation looks corrective and that is why we favor bullish positions with 81.40 stop and will add to them in case of a break of the prices above 82.10 and 82.50. We believe that the Dollar Index will make a new upward move soon.

The longer-term view remains bullish as there are signs of a trend reversal from the 76,4% Fibonacci retracement. The decline looks corrective and that is why we expect a bullish reversal. Concluding we remain cautiously bullish above 81.40 and we would add to our long positions if the prices break above 82.10 and 82.50 targeting 83.45.

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Elliott Wave analysis of EUR/NZD for August 6, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.7047

R2: 1.6972

R1: 1.6942

Current Spot: 1.6929

S1: 1.6857

S2: 1.6813

S3: 1.6771

Technical summary:

The correction from the 1.7153 high has been deeper than expected, but as long as support at 1.6771 (the high of blue wave i) stays intact we will be looking for the next powerful rally higher soon. In fact we think that support at 1.6813 will protect the downside for a break above 1.6972 and, more importantly, a break above 1.7023 which confirms that a new impulsive rally above 1.7153 is developing. We are still looking at 1.7326 as the first target for this rally. That said we will have to be alert to a break below the top of blue wave i at 1.6771. If that happens, this rally cannot be impulsive and we should expect a new decline to 1.6225 in a flat correction.

Trading recommendation:

Our stop at 1.6895 was taken out for a nice profit. We are looking for a new EUR buying opportunity and will buy EUR at 1.6860 or upon a break above 1.6972 (one order done cancels the other). Stop will be placed at 1.6765.

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Silver looking to move towards 19.00 before rallying Trend News

Technical outlook and chart setups:

The metal seems to hit resistance at 20.20/30 levels on Friday and the next probable move could be lower towards 19.00 level before rallying further up. Unlike Gold, the metal has been there for a while now without much wave movement. Resistance is at 20.50 level, while support is seen at 18.70 and lower. After this intermediary down move, the metal could be expected to rally towards 23.00 level and complete a 3 wave corrective rally. Aggressive trading strategy would be to remain short for now.

Trading recommendations:

Remain short, stop is above 20.50, and target is at 19.00.

Good luck!

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Gold tests backside of trend line. 1,250/45 in focus Trend News

Technical outlook and chart setups:

The metal is clearly moving as it was expected. Yesterday the backside test produced a pullback lower and it is recommended to hold short positions initiated. Resistance is at 1,339/40 levels followed by 1,350 on the higher side; while support is at 1,270.00, and 1,210.00 levels on the lower side. As depicted here, the convergence is seen around 1,240/50 levels, for the bulls to resume rally. Gold might be in a corrective mode at the moment which could be spanning into 3 waves. Looking lower intermediary till 1,250.00 level then high.

Trading recommendations:

Remain short, stop is at 1,351.50, and target is at 1,250.00.

Good luck!

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Eur/Jpy continues to drift lower. Remain short Trend News

Technical outlook and chart setups:

There is no change from what has been discussed earlier. The single currency has been steadily drifting lower and is breaking out the support channel, at the moment. The short positions initiated yesterday should be held 132.60/70 levels and aggressive traders would want to add further on break down of support line depicted here. Resistance is 131.60/70, followed by 133.80/134.00; while immediate support is lying at the 128.00 area. Only above the level of 132.00 would negate the bearish outlook. Looking lower for now.

Trading recommendations:

Remain short against 132.60/70, target is open.

Good luck !

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