Elliott Wave analysis of EUR/NZD for June 7, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.6780

R2: 1.6739

R1: 1.6663

Current spot: 1.6642

S1: 1.6591

S2: 1.6539

S1: 1.6472

Technical overview:

As it is typical for a wave three, it just keeps moving higher and higher leaving everybody looking for a correction with a loss. Even though this market seems overbought we should expect even more from it. As we expected green wave v is extending and we should look for a continuation higher towards 1.6739 as the top of green wave v and blue wave iii, but after only a shallow correction the next move higher will take place. It might be tempting to try to sell near 1.6739, but we do not recommend it, as we should not expect much of the next correction and, therefore, the risk of taking a loss is high and worse the risk of seeing the train without you on board is equally high. In the short term we are looking for support at 1.6591 to protect the downside for the next swing higher towards 1.6739. Only a break below 1.6539 will indicate that we have seen the top of blue wave iii and blue wave iv is developing.

Trading recommendation:

We are long EUR from 1.5790 and will move our stop higher to 1.6385. If you are not long EUR already then wait for the possibility to buy EUR near 1.6500 as blue wave iv develops.

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Elliott Wave analysis of EUR/JPY for June 7, 2013 Trend News

Today's Support and Resistance levels:

R3: 128.77

R2: 128.46

R1: 128.13

Current spot: 127.79

S1: 127.46

S2: 127.15

S3: 126.68

Technical overview:

Our second resistance at 130.60 did the job well and turned prices back down again in wave iii and we should be looking for 127.15 as the first target. However, we should see more downside after a shallow correction towards 128.51 and maybe even 128.91 before the next decline to at least 126.57 and possibly even lower to 126.11, which should make the bottom of wave iii. That said we should remember, that target for this major wave 2 is at 118.73, where wave 2 will have corrected 38.2% of wave 1.

Trading recommendation:

We are short EUR from 130.19 and will move our stop lower to 129.45. If you are not short EUR already, then wait for the possibility to sell near 128.51 with a stop at 129.45.

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Gold rallies from 1,390.00 support. 1,425.00 in sight now Trend News

Technical outlook and chart setups:

Overall structure remains constructive for bulls and buying on dips is recommended. Immediate resistance is seen at 1,420/25 levels now, and a push ahead of it could target 1,450/60, followed by 1,488.00 and 1,520.00 resistances respectively. Looking into the lower time frames (shown in a cone structure here), the metal is trading sideways and has just bounced off the support line at 1,390.00 level a few hours back. A bullish break above 1,415.00 is again required to ascertain that Gold is set to print higher highs around 1,500.00 level. Remain long for now, and immediate support is at 1,370.00, followed by 1,340/50, 1,324.00 and lower.

Trading recommendations:

Remain long, stop is below 1,370.00, and target is open.

Good luck!

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Gold rallies from 1,390.00 support. 1,425.00 in sight now Trend News

Technical outlook and chart setups:

Overall structure remains constructive for bulls and buying on dips is recommended. Immediate resistance is seen at 1,420/25 levels now, and a push ahead of it could target 1,450/60, followed by 1,488.00 and 1,520.00 resistances respectively. Looking into the lower time frames (shown in a cone structure here), the metal is trading sideways and has just bounced off the support line at 1,390.00 level a few hours back. A bullish break above 1,415.00 is again required to ascertain that Gold is set to print higher highs around 1,500.00 level. Remain long for now, and immediate support is at 1,370.00, followed by 1,340/50, 1,324.00 and lower.

Trading recommendations:

Remain long, stop is below 1,370.00, and target is open.

Good luck!

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EurJpy remains unchanged. 132.00 immediate resistance Trend News

Technical outlook and chart setups:

The single currency pair is targeting 129.00/128.50 levels at the moment. There is no change in the underlying structure, from what has been discussed earlier. Immediate resistance is at 132.00; followed by 133.50/134.00. It is recommended to remain short for the intermediary downswing targets around 127.00 at least. All intraday rallies should be well capped below 132.00/50 now. Supports are spread through 129.00, followed by 127.00 and lower. The Fibonacci extensions are pointing at 127.50 as minimum targets and 125.00 towards lower. Looking lower for now with immediate resistance at 132.00/50.

Trading recommendations:

Hold short positions, stop is at 134.00, and target is at 127.50.

Good luck!

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EurJpy remains unchanged. 132.00 immediate resistance Trend News

Technical outlook and chart setups:

The single currency pair is targeting 129.00/128.50 levels at the moment. There is no change in the underlying structure, from what has been discussed earlier. Immediate resistance is at 132.00; followed by 133.50/134.00. It is recommended to remain short for the intermediary downswing targets around 127.00 at least. All intraday rallies should be well capped below 132.00/50 now. Supports are spread through 129.00, followed by 127.00 and lower. The Fibonacci extensions are pointing at 127.50 as minimum targets and 125.00 towards lower. Looking lower for now with immediate resistance at 132.00/50.

Trading recommendations:

Hold short positions, stop is at 134.00, and target is at 127.50.

Good luck!

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GbpChf remains bullish above 1.4400 Trend News

Technical outlook and chart setups:

The structure has not changed from last few trading sessions, as depicted here. Immediate support is at 1.44, followed by 1.4070 and lower. Till the time prices are above 1.44 level, the single currency pair is expected to print higher highs. Immediate resistance would be at 1.47, followed by 1.48 and 1.5 as major resistance higher. It is recommended to hold long positions, with a strict stop below 1.44 for now. In the event of a break below 1.44 level, the structure would warn further bearishness, and we could look to sell rallies thereafter. For now, looking higher.

Trading recommendations:

Hold on to long positions, stop is at 1.4350, and target is open. Conservative trade setup would be to exit longs and remain flat.

Good luck!

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