Elliott Wave analysis of EUR/NZD for July 17, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.6818

R2: 1.6756

R1: 1.6707

Current spot: 1.6680

S1: 1.6637

S2: 1.6608

S3: 1.6582

Technical overview:

We are looking for a break above minor resistance at 1.6707 and, more importantly, resistance at 1.6756 soon to confirm that the next powerful rally is developing. This next rally will likely take us to 1.7216, as the first target (blue wave iii), but in the long term we are looking for much higher levels. In the short term we are looking for support at 1.6637 to protect the downside for the break above minor resistance at 1.6707.

Trading recommendation:

We are long EUR from 1.6335 with a stop at 1.6575. If you are not long EUR yet, then buy EUR upon a break above 1.6707 with the same stop at 1.6575.

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Elliott Wave analysis of EUR/JPY for July 17, 2013 Trend News

Today's Support and Resistance levels:

R3: 131.31

R2: 131.12

R1: 130.82

Current spot: 130.54

S1: 130.43

S2: 130.25

S3: 130.00

Technical overview:

Since the break above the channel resistance line occured we have seen a consolidation, but it should not be long before we see the next rally higher towards 131.37 and 132.48 as the next targets before the top at 133.81. We see this rally as a part of a very complex correction. In the short term we are looking for minor support at 130.25 to protect the downside for a break above resistance at 130.82 confirming the rally towards 131.37 and higher. In the long term we still see the possibility of a deeper correction towards the bottom of wave iv of one lesser degree at 118.73, but it is also possible that we will get a sub-normal correction of price, however it is in the longer term.

Trading recommendation:

We are long EUR from 130.60 with a stop placed at 128.85. If you are not long EUR yet, then buy close to 130.25 or upon a break above 130.82 (one order done cancels the other). Place your stop at 128.85 too.

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Silver targeting 21.00 for now Trend News

Technical outlook and chart setups:

There is no change in the direction that was discussed last week for the metal. It is trading sideways for now, but implications are ripe for an extended rally towards 21.00 level, possibly after dropping into 19.50/70 region first. It is recommended to remain long for now for the same reason. Fresh longs could be initiated into 19.50/70 region. Resistance is into the 22.50 region, while it is around 18.70/75 and lower towards 18.00 level. A push through 21.00 level would more or less confirm that a bottom is in place at 18.00 level. Looking higher for now.

Trading recommendations:

Remain long, stop is below 18.50, target is at 21.00 at least.

Good luck!

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Silver targeting 21.00 for now Trend News

Technical outlook and chart setups:

There is no change in the direction that was discussed last week for the metal. It is trading sideways for now, but implications are ripe for an extended rally towards 21.00 level, possibly after dropping into 19.50/70 region first. It is recommended to remain long for now for the same reason. Fresh longs could be initiated into 19.50/70 region. Resistance is into the 22.50 region, while it is around 18.70/75 and lower towards 18.00 level. A push through 21.00 level would more or less confirm that a bottom is in place at 18.00 level. Looking higher for now.

Trading recommendations:

Remain long, stop is below 18.50, target is at 21.00 at least.

Good luck!

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Gold: Support cluster seen at 1,250/55 Trend News

Technical outlook and chart setups:

The metal has rallied into 3 waves till now from 1,180.00 to sub 1,300.00 levels. At the moment, trading sideways, and a dip towards 1,250/60 remains good possibility. A cluster of Fibonacci supports are also seen towards 1,250/55 region as depicted here. It is recommended to enter fresh longs between 1,250/60 region for a push through the 1,320.00 levels on the higher side. The fact still remains that 1,180.00 has been registered as a long-term bottom and the metal is towards forming series of higher highs and higher lows. Resistance is into the 1,400 region now, while support is strong at 1,210.00, followed by 1,180.00 respectively.

Trading recommendations:

Expect a short-term dip towards 1,250/60 first; then go long, stop is at 1,230.00, and target is at 1,320.00.

Good luck!

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EurJpy: Bearish setup remains intact. Immediate resistance at 131.20 Trend News

Technical outlook and chart setups:

There are no major changes from what we discussed last week. The single currency pair has broken the immediate line of support, and has tested the backside of the same line at 131.20 region lately. It is quite possible that a right shoulder is being carved out; and minimum downside implications are towards 119.50 level as depicted here. It is recommended to continue holding short positions and also initiate fresh into intraday rallies. Immediate resistance is at 131.20, followed by 132.00 and 133/34 region; while support is at 119.00. A head and shoulder reversal towards 119.00 level should be into play till 131.20/50 and possibly 132.00 remains intact.

Trading recommendations:

Remain short, stop is at 132.50, and target is at 119.50.

Good luck!

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GbpChf breaks out of range. Selling rallies preferred now Trend News

Technical outlook and chart setups:

The bearish structure is getting unfolded as expected here. Firstly, the currency pair is out of the trading range of 1.4250 and 1.4500. Secondly, it is also probably it breaks below the rising uptrend line as depicted here. It is recommended to hold initiated 50% short positions now (1.4220/25) and remain on rallies towards 1.4250/70 region. If the currency pair bounces off the trend line here, we might change our stance to bullish. The overall structure remains bearish with resistance placed at 1.48 and 1.5 on the higher side; while intermediary supports are 1.4075 and 1.4 respectively. Selling rallies should be a favored trading strategy for now.

Trading recommendations:

Sell 50% now and remain towards 1.4250/70 region, stop is at 1.4350, and target is at 1.4.

Good luck!

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