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

Today's Support and Resistance levels:

R3: 1.6733

R2: 1.6673

R1: 1.6603

Current Spot: 1.6564

S1: 1.6552

S2: 1.6528

S1: 1.6496

Technical overview:

We are looking for a powerful rally to take off any time now. A clear break above 1.6603 opens up the upside for an impulsive rally higher towards 1.7364, where wave iii will be 1.618 times longer than wave i. However, this rally could become even more extended and rally higher towards 1.7929, but only time will tell. In the short term we are looking for a minor support at 1.6552 to protect the downside for the break above 1.6603, but even if we see a break below 1.6552 the downside should be limited and at no point should we break below 1.6476 as that would delay the expected rally higher.

Trading recommendation:

We are long EUR from 1.6625 with a stop at 1.6420. If you are not long EUR yet we recommend buy upon a break above 1.6603 with the same stop at 1.6420.

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

Today's Support and Resistance levels:

R3: 132.78

R2: 132.27

R1: 132.01

Current Spot: 131.73

S1: 131.37

S2: 131.09

S3: 130.72

Technical overview:

We have been locked in a price range between 130.71 and 132.27 since late Friday. However, we are still looking for a continuation higher towards the next minor resistance at 132.78 and possibly higher towards our ideal target near the former high at 133.81. That said, we regard this rally as a part of a complex correction and once this rally is over we should see an impulsive decline towards at least 124.96 and possibly even lower. Short-term support at 130.72 will protect the downside, but we will need a break below strong support at 129.67 to confirm, that this b-wave rally is over and wave c lower is developing.

Trading recommendation:

We will stay neutral for now and await a more clear picture.

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Gold Elliott wave analysis for July 23rd 2013 Trend News

Gold held support yesterday and continued its rise towards the wave relationship where wave C is equal 1.618 times of wave A. Currently this last 5th wave up is nearly 100% equal to wave 1 and 3. Additionaly prices have already completed 5 waves up and there are increased chances of a downward move. At least a corrective down move towards 1,280-90 is epxected. If however our bearish scenario that this upward move is an A-B-C correction, then we should expect new lows in August.

In the daily chart as shown above, prices have reached the upper boundaries of the upward channel and this is another sign of a possible intermediate and short term top at this level. The entire upward move from 1,180 is a 3 wave move and unless prices push below and outside of the upward sloping trend channel, we should always keep in mind the possibility of a longer term bottom at 1,180.

Golds impulsive upward break of the triangle is nearly complete. We prefer to close the rest of our long positions or at least raise our stop to 1,322. We expect prices to pull back and our profits should be protected. Currently the bullish scenario that implies and new upward move has started at 1,180, it is valid until prices break below 1,260. Until that point we should look for bearish signs. One bearish sign will be the break of 1,323 price level. 1,300 is also important support level, if it is broken it will give momentum to bears. Confirmation of a longer term top and increased possibilities of a new low below 1,180 will be given if prices break below 1,260. Concluding, we are exiting from our long positions and will consider going short if prices break support. Stop is the last high.

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Elliott Wave analysis of EUR/NZD for July 23, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.6612

R2: 1.6582

R3: 1.6552

Current Spot: 1.6511

S1: 1.6477

S2: 1.6461

S3: 1.6427

Technical overview:

Yesterday we saw a break above resistance at 1.6638, but the break was not sustained and the following decline was deep. However, we are convinced that we have seen the low of wave ii at 1.6427 and it just is a matter of time before we will see the next powerful rally higher towards at least 1.6815 in the short term. In the long term we are looking for wave iii higher towards at least 1.7364 and possibly much higher. Wave ii has been an expanded flat correction and the impulsive rally to follow an expanded flat correction will likely be an extended rally itself. Therefore, a rally to minimum 1.7364, where wave iii will be 1.618 times longer than wave i, should be expected. At this point only a break below 1.6427 will force us to change our count, but the possibly downside should be limited to 1.6383 and just maybe 1.6338 before the next rally higher.

Trading recommendation:

We bought EUR at 1.6625 yesterday with a stop at 1.6420. If you are not long EUR yet, then buy here at 1.6511 with a low risk stop at 1.6420 or wait for a break above 1.6552 to confirm that wave iii is developing.

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Silver just shy of 21.00 level. Remain long Trend News

Technical outlook and chart setups:

Silver hit 20.50 level yesterday. Minimum expectations are for 21.00 level before a meaningful retracement occurs. It is hence recommended to remain long for a while now. Resistance is at 22.50 level higher up, while support is at 19.20/30, followed by 18.70/57 and lower at 18.00 level. It is recommended to move risk to 19.00 level for now. The current level of 20.50 could provide resistance considering the fact that a fibonacci 0.5 resistance level and the dropping trendline are both passing through the same region.

Trading recommendations:

Remain long for now, move stop to 19.00, target is at 21.00.

Good luck!

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Gold hits 1,320.00. Buy on dips Trend News

Technical outlook and chart setups:

The metal has surpassed expectations at 1,320.00 level as expected. Current levels should be met with resistance due to following reasons: 1). Sloping downtrend line passing 2). The 0.618 Fibonacci resistance level intersecting. It is recommended to book complete profits on long positions taken earlier and wait for a dip to materialize. 1,250/60 level is the next buying opportunity. Resistance is at 1,400.00 level higher up, while strong support stays at 1,208.00 level respectively. Bottomline: Strategy remains buying on dips. Flat for now.

Trading recommendations:

Book full profits. Flat for now.

Good luck!

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EurJpy reverses from resistance at 132.20/30 Trend News

Technical outlook and chart setups:

The single currency pair finally reversed from 132.20/25 resistance yesterday. This is also re-enforced by the Fibonacci 0.786 resistance level from the fall between 134.00 levels to 125.00 levels recently. The signal being produced is that of an evening star on a daily chart which indicates that the next move should be lower. It is therefore recommended to remain short from earlier positions and add further at current levels. Also note that the pair has formed a new channel recently; and a break below would accelerate downfall further. If the channel remains intact, the pair can establish fresh highs. For now, we would respect the bearish setup to take shape and remain short.

Trading recommendations:

Remain short, add further at current levels, stop is above 132.50, and target is open.

Good luck!

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