GbpChf again testing 1.44. Sell a break here Trend News

Technical outlook and chart setups:

The single currency pair has been swinging between 1.44 and 1.45/1.46 lately. Today is yet another leg down towards 1.44. It is recommended to hold long as long as prices stay above 1.44 here, which is immediate support. A break of 1.4350 level should be sold as it would technically indicate a probable large swing lower. Supports are spread through 1.4075, 1.4 and lower. On the flip side if 1.44 holds again, long positions can be held and fresh positions could be added as well. 1.46/1.47 are immediate intermediary resistances, while 1.5 is major. Current trading range between 1.44 and 1.46 should be broken in order to get further clarification of the next move.

Trading recommendations:

Hold on to long positions for now, stop is at 1.4350, stop reverse on a break.

Good luck!

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Elliott Wave analysis of EUR/NZD for June 11, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.6961

R2: 1.6921

R1: 1.6864

Current Spot: 1.6821

S1: 1.6790

S2: 1.6756

S3: 1.6692

Technical overview:

Wave iii is still progressing nicely, but we are slowly but surely closing in on the top of black wave iii, which we expect will be found close to 1.7040. However, for now we are "only" in red wave v, which also will mark black wave iii, higher towards 1.7040. Once wave red wave v and black wave iii are in place we shall see a correction towards at least 1.6617 and more likely down to 1.6354, where wave iv will have corrected 38.2% of wave iii. As black wave ii was a complex wave, we should expect a simple zig-zag as black wave iv. However, it could also become a complex triangle, but at this point it is less likely, but time will show us.

Trading recommendation:

We are long EUR from 1.5790 and will keep our stop at 1.6550, but once we see a break above 1.6350 we will move our stop higher to 1.6685. We will place our take profit at 1.7015. As we are getting close to a temporary top we suggest to wait to take new long positions.

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Elliott Wave analysis of EUR/JPY for June 11, 2013 Trend News

Today's Support and Resistance levels:

R3: 131.31

R2: 131.00

R1: 130.68

Current Spot: 130.45

S1: 129.91

S2: 129.20

S3: 128.48

Technical overview:

The x-wave ended a little higher (131.31) than the ideal 130.88, where it would have corrected 61.8% of the decline from 133.81 down to 126.11. Now we are looking for the second zig-zag lower towards the ideal wave 2 target at 118.73, where wave 2 will have corrected 38.2% of wave 1 and at the same time it is where we will find the bottom of wave iv, of one lesser degree. In the short term we expect resistance at 130.68 will protect the upside for a decline towards 129.20 where we will find the next strong support, but it should just be a matter of time before this support breaks and the decline towards 126.11 and 118.73 continues. That said, a break above 131.31 and, more importantly, a break above 131.47 would call for a full test of the top at 133.81 and maybe even higher in a much more complex wave 2 correction.

Trading recommendation:

We are short EUR from 130.75 with a stop at 131.50. If you are not short EUR already, then sell near 130.68 with the same stop.

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Silver remains good buy at 21.50/60 Trend News

Technical outlook and chart setups:

The structure remains unchanged for the metal yet. It is recommended to remain long for now and also look to add on intraday dips. The metal is bounding off the 0.618 Fibonacci support level at 21.30/40 and is expected to reach 24.50 at least in the sessions to come. Supports are spread through 20.75 and 20.00 levels; while resistance is spread through 23.00, 24.00 and higher up. The overall structure after printing lows at 20.00 level is unfolding as at least an ABC correction at the moment; which could extend to 24.50 and higher. Looking higher for now.

Trading recommendations:

Remain long, stop is at 20.50, and target is open.

Good luck!

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Gold seems to form base at 1,380.00 level Trend News

Technical outlook and chart setups:

The metal seems to be forming base at around 1,378/80, which is Fibonacci 0.618 level for the recent rally from 1,340.00 to 1,425.00. 1,373.00 and 1,355.00 are immediate support levels, while 1,425.00, 1,450/60 are levels of resistance now. A bullish bounce here is expected to take prices to 1,465.00 and 1,500.00 levels in the near term. The recent weekly lows printed by Gold and Silver are diverging, indicating that a bottom formation is near. It is recommended to hold long positions for now with a stop below 1,350.00 for now. Looking higher above 1,350.00.

Trading recommendations:

Hold long positions for now, stop is at 1,349.50, and targets are at 1,465.00 and 1,500.00

Good luck!

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EurJpy: Immediate resistance at 132.00 Trend News

Technical outlook and chart setups:

The single currency pair has bounced off the lows at 126.00 level sharply. The implications are as follows:

1. A high possibility remains that the currency pair has bottomed out and is ready to print fresh highs above 134.00. This would be confirmed on a break of 132.00 level, which is immediate resistance at the moment.

2. The sloping trend line continues to act as resistance and the pair slides off current levels by producing bearish trade signal.

3. Support is 126.00 and 124/123 respectively.

Trading recommendations:

1. If 132.00 is broken we shall look to buy on dips towards 129.00/130.00.

2. On a bearish reversal now, look to sell with stop above 132.00.

Good luck!

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EurJpy: Immediate resistance at 132.00 Trend News

Technical outlook and chart setups:

The single currency pair has bounced off the lows at 126.00 level sharply. The implications are as follows:

1. A high possibility remains that the currency pair has bottomed out and is ready to print fresh highs above 134.00. This would be confirmed on a break of 132.00 level, which is immediate resistance at the moment.

2. The sloping trend line continues to act as resistance and the pair slides off current levels by producing bearish trade signal.

3. Support is 126.00 and 124/123 respectively.

Trading recommendations:

1. If 132.00 is broken we shall look to buy on dips towards 129.00/130.00.

2. On a bearish reversal now, look to sell with stop above 132.00.

Good luck!

The material has been provided by InstaForex Company - www.instaforex.com



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