GbpChf remains sell on rallies between 1.46/1.47 Trend News

Technical outlook and chart setups:

The single currency pair has rallied above 1.46 at the moment and is pulling back. It is quite possible that the rally extends to 1.47 level before the pair reverses. It is hence recommended to initiate/hold short positions. Immediate resistance is at 1.4800/20, right at the trend line. Above that, major resistance is fixed at 1.5000, 1.51, and 1.52 respectively. Only above 1.48 now, bulls would be brought back into focus again. Intermediary support is at 1.45 level, followed by 1.44 and lower. The daily wave structure remains bearish since prices have bounced off the downtrend line from 1.54 level. Lower extensions are pointing below 1.4 level in the sessions to come.

Trading recommendations:

Initiate/hold short positions, stop is at 1.4850, and target is below 1.44.

Good luck!

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Silver stalls at 23.00. Exit longs and remain flat for now Trend News

Technical outlook and chart setups:

The rally stalled just after 23.00 level, the other day, before silver falling back to 22.00 level. It is recommended to exit long positions taken earlier, now at 22.55/60. The lows printed at 20.00 level seem to be ideal according to weekly chart, but the current setups are indicative of further retracement towards 21.20/40 levels before rallying further. It also remains possible that the metal prints a low below 20.00 along with gold, before reversing for good. Immediate resistance is seen above 23.00 level for now, followed by 24.50 and higher; while support stands at 21.30/40 and 20.00 respectively. Only above 23.00 would bring into focus the bullish scenario. Flat for now, looking to buy if lower levels reached.

Trading recommendations:

Exit long positions and remain flat for now.

Good luck!

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Gold finds resistance at 1,415.00. Exit long positions Trend News

Technical outlook and chart setups:

The yellow metal rallies through 1,415.00 level, only to fall back without much conviction. It is recommended to book profits on long positions taken earlier. Aggressive trading strategy would be to go short now, 1,390.00, with a stop at 1,420. Immediate resistance is consolidated at 1,415.00, followed by 1,450.00, 1,485/87 and higher up. The wave structure is indicative that rally from recent lows is corrective and one last low below 1,340.00 or probably 1,324.00 remains possible. Intermediary support is at 1,340.00, followed by 1,324.00 for now. Only a break above 1,415.00 level, would change our view from bearish to bullish. Look lower for now.

Trading recommendations:

Book profits on long positions. Initiate short positions, stop is at 1,420.00, and target is below 1,340/24.

Good luck!

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GbpChf breaks support at 1.4500/80. Prefer selling on rallies. 1.48 resistance Trend News

Technical outlook and chart setups:

The single currency pair breaks two of intermediary supports at 1.4580 and 1.45, stopping us out of long positions. The wave structure points to further weakness towards 1.4000 and even lower for now; since the pair has bounced off lower through a major line of resistance as seen here. It is therefore recommended to initiate 50% of short positions now (1.4580) and remaining on rallies towards 1.4680-1.4720. Immediate resistance is now fixed at 1.4800 level, followed by major at 1.5 level and 1.51, on the higher side. Support now is at 1.4400, followed by 1.4070 and lower. The bears seem to be under control now, and we are looking lower till 1.4800 remains intact.

Trading recommendations:

Initiate sell positions (50%), stop is at 1.4840, and target is open.

Good luck!

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EurJpy bouncing off intermediary support line. 129.00 remains intact Trend News

Technical outlook and chart setups:

It looks like the single currency pair is in its last rally higher towards 134.00 level. Yesterday's fall has found support at 130.00, right near the intermediary line of support for now. Immediate chart support is at 129.00, followed by 127.00 and 125.00. Looking into the wave structure, the rally between 125.00 to 130.00 (shown as up arrow) is in its last leg up and should end around 134.00 level. It is therefore recommended to initiate long positions now, around 131.95, with a stop below 130.00. On the other hand, a break below 130.00 now, would shift our focus towards 129.00, and 127.00. Looking higher till 130.00 remains intact.

Trading recommendations:

Initiate long positions (50% Capacity), stop is below 130.00, and target is at 134.00.

Good luck!

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Elliott Wave analysis of EUR/NZD for May 24, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.6134

R2: 1.6085

R1: 1.6040

Current Spot: 1.5996

S1: 1.5955

S2: 1.5922

S3: 1.5887

Technical overview:

We are in a position where an acceleration higher towards 1.6481 could take place any time. In the short term we will be looking for a break above 1.6040 as the possible catalyst for this acceleration higher. Support is now found at 1.5955 and strong support at 1.5922, which we expect will protect the downside for the break above 1.6040 and an acceleration towards the target for red wave iii at 1.6481. Only a break below support at 1.5842 will confuse the overall bullish picture.

Trading recommendation:

We are long EUR from 1.5790 and will move our stop a little higher to 1.5835.

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EUR/JPY Elliott Wave analysis for May 24, 2013 Trend News

Today's support and resistance levels:

R3: 133.10

R2: 132.88

R1: 132.52

Current spot: 132.13

S1: 131.95

S2: 131.50

S3: 130.77

Technical overview:

We have seen a nice five wave decline from 133.81 down to 129.97, which marked wave i. The following correction of wave i has been a double zigzag correction from 129.97 up to 132.52. The correction to 132.52 was slightly above the 61.8% retracement target for wave i at 132.34, this correction marks wave ii and we should now see a very powerful wave iii towards at least 128.67, but it will be more likely, that we would see an extension lower to 126.29, before wave iii is over. The following wave iv correction should be a shallow correction to 128.67 and then the final wave v of A down to 124.92. This five wave decline in wave A should be followed by a 61.8% correction in wave B to 130.41 before wave C lower takes over for a decline down to 121.52. This will be the roadmap for the unfolding wave II correction over the coming weeks.

Trading recommendation:

We short EUR from 131.92 and will move our stop lower to 132.90. We will place our take profit at 125.35.

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