Elliott Wave Analysis of EUR/JPY for October 11, 2013 Trend News

Today's Support and Resistance levels:

R3: 134.60

R2: 134.03

R1: 133.69 Ideal red wave iii of i target (not shown in the chart)

Current Spot: 133.33

S1: 133.11

S2: 132.75

S3: 132.46

Technical summary:

As we said yesterday, there was no time left and some kind of resolution was expected. We certainly got that. The resolution was towards the upside as per our preferred scenario. With wave ii in place we should now expect a rally towards at least 136.97, where wave iii will be equal in length to wave i, but it is more likely, that wave iii will become extended and move even higher towards 140.46, where wave iii will be 1.618 times wave i.

in the short term we are close to strong short-term resistance at 133.69, which is expected to hold for a correction towards the 132.46 - 132.75 support-zone, from where the next rally higher towards 134.06 as wave i of iii is possible.

Trading recommendation:

Stay long in EUR from 132.20 and move your stop higher to 133.10, take profit at 133.60. Be ready to go long in EUR again within the 132.46-132.75 support-zone.

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#USDX Analysis for October 10, 2013 Trend News

The Dollar index is testng intermediate-term trend resistance at 80.60-70. The upward move from the lows is impulsive and it unfolds as if there is high probability that the longer-term trend is changing and that we are in a big reversal level.

Our target of reaching 80.60 has been achieved and as shown in the chart above we have reached a strong resistance level. The upward move is still in three waves from 79.62. We need to see a small wave 4 towards 80.40 and then a new upward move towards new highs to complete 5 waves upwards. If prices go below the 80.18 high, there will be an overlap in the price pattern. If that happens then bulls should be very careful with a potential pull back towards the blue upward sloping trendline that supports this trend.

The daily chart confirms the increased probabilities that a trend reversal could be near, as the recent high at 80.70 is being challenged. Breaking above that level and completing 5 waves up from the low at 79.62 will be bullish for the index and will have 81.50 as target after prices make a downward corrective move. Concluding, we remain bullish with targets above 80.70 in the short term. A pullback towards 80.40-50 is very possible to complete wave 4 of the upward move that started at 79.62. We remain bullish.

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Elliott Wave Analysis of EUR/NZD for October 10, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.6464

R2: 1.6425

R1: 1.6398

Current Spot: 1.6347

S1: 1.6304

S2: 1.6258

S3: 1.6219

Technical summary:

The messy and hard-to-read consolidation is continuing. We did see a break below support at 1.6267 yesterday, which should have caused a stronger downside pressure than we did see. We now have two opposite formations building at the same time and this has become a tuck of war between the bulls and the bears. A break below support at 1.6219 will trigger a S/H/S top formation for a continuation lower towards 1.6071 and 1.5872. However, a break above resistance at 1.6405 will likely trigger a new test of the possible inverted S/H/S neckline near 1.6495 and a break above here should be bullish in the long term.

Trading recommendation:

Our selling point at 1.6255 was triggered yesterday. Keep you stop and reverse to a long EUR-position at 1.6410 for now.

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Silver resistance at 23.40 Trend News

Technical outlook and trading setups:

The metal has reversed ahead of the 23.00 levels producing an evening star as depicted in the chart here. It is recommended to exit long positions for now before committing further. Aggressive trading strategy would be to initiate short positions now with stop above 23.50. Intermediary resistance is at 25.00, followed by 28.00 on the higher side, while support is at the 19.00 levels, followed by 18.00 respectively. Though Silver has bounced off from the 0.618 fibonacci support and rising trendline as seen here, a more conservative trade strategy would be to remain flat and watch prices unfolding further.

Trading recommendations:

Aggressive: Initiate short positions, stop above 23.75.

Conservative: Remain flat and await further signals.

Good luck!

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Gold falls back from the 1,330.00 levels. Strong resistance at 1,350 Trend News

Technical outlook and trading setups:

There is no change structurally, till 1,270.00 remains intact. The metal has reversed again lower keeping the 1,350.00 resistance levels intact. It is recommended to exit long positions and initiate shorts with a stop above 1,350.00 for now (aggressive trading strategy). The conservative trading strategy would be to watch for prices to break either 1,350 or 1,270 from here. Intermediary resistances are at 1,350.00, followed by 1,370/80 and 1,440.00; while supports are at 1,270.00 and 1,210.00 respectively. A break of 1,270.00 would change the trading strategy to sell on rallies, while a break of 1,350.00 would suggest buying on dips again. Once again, till 1,270.00 remains intact, expect a rally.

Trading recommendations:

Aggressive: Initiate short positions, stop at 1,350.00.

Conservative: Await a break of either 1,270.00 or 1,350.00.

Good luck!

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#USDX Analysis for October 9, 2013 Trend News

Our wave analysis yesterday anticipated a new short-term high above 80.15 and the Dollar index delivered according to our analysis. Prices bottomed at 79.85 and made an upward impulsive move that reached 80.35 as we foresaw. Short-term trend is upward and there is a potential to reach 80.60.

Short-term resistance levels are found at 80.65-70. Breaking above this price level will confirm trend change to upward as the sequence of lower lows and lower highs will be canceled. Instead, a new sequence of higher highs and higher lows will have started.

As mentioned yesterday, to change the longer-term trend, prices will first need to move back above the 80.70 - 81 price levels. The daily chart shows clearly that short-term trend has changed and it is challenging the intermediate-term trend. Stop for long positions should be at the intermediate low of 79.84. Breaking below that low will imply that the upward move is corrective and with only three waves complete. This will mean more downside should be expected towards the lows of 79.00 or even 78.50.

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Gold Elliott wave analysis for October 9, 2013 Trend News

The price action in the precious metal does not show any characteristic of an impulsive move. Gold has reached 1,330 resistance and got rejected yesterday. Prices have moved upwards in an overlapping price structure, and therefore, we see this upward move as a corrective pattern that when ends more steep downside pressures will push prices to new lows.

The sideways consolidation continues and soon it will be over. As soon as prices break above or below this triangle, we will have a new trend. Taking into consideration the longer term downward sloping red trendline at 1,330; we believe it is more possible to see support levels failed and the precious metal reaching 1,300 once again.

Support is found at 1,313, 1,300, 1,290, 1,270. We will sell on signs of weakness. If 1,270 is broken, then we confirm downtrend with 1,150 as a target. Resistance is found at 1,330, 1,350, 1,375, 1,400. Breaking above 1,330 will push prices towards 1,360-70, where the next important resistance is. Breaking upwards will increase the chances of reaching 1,400. Until then we remain neutral and with a small downward bias.

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