Silver bounces off the 0.618 Fibonacci Support Trend News

Technical outlook and chart setups:

The metal is seen to be bouncing off the convergence of:

1. The rising support trendline.

2. The fibonacci 0.618 support of the entire rally from 18.00 to 25.00

3. The past resistance turned support area as well.

Looking into all above, it is now recommended to initiate long positions with a stop below the 19.00 levels. If there is not a fresh high, one can expect a meaning full pullback towards the 24.00 levels.

Trading recommendations:

Initiate long positions now, set stop at 19.00, target is open.

Good luck!

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EURJPY remains bullish above 131.00 Trend News

Technical outlook and chart setups:

The currency pair seems to have been consolidating during the last two sessions, after reaching a high of 1.33. It is recommended to keep long positions if you have taken them earlier.The support levels begin from 131.00, followed by 129.00, 128.00 and at 125.00; while resistance is at the 135.00 levels respectively. The entire structure depicts that the pair should remain bullish, as long as prices are above 131.00. In the short term, prices may fall back and test support at the 131.00 levels, before rallying further towards the 136.00 levels. Fresh buying should be made on a retracement/dip from the current levels.

Trading recommendations:

Remain long, stop is below 131.00, target is at 136.00 and higher.

Good luck!

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GBPCHF eyeing a rally. The 1.44 levels remain best buy Trend News

Technical outlook and Chart Setups:

As depicted here, the single currency pair has bounced off ahead of the1.4420/30 levels as expected earlier. The possibility still remains that of a dip towards 1.44 before rallying. It is recommended to hold long positions taken earlier and also look to add further on dips. Intermediary resistance is at 1.48, followed by 1.5; while support begins from 1.42 and extends through 1.4. We shall be focusing on 1.49 levels to build short positions in the long run. This region is convergence of a fibonacci 0.618 retracement level of the entire fall from 1.54 to 1.4; and extension of the upswing between 1.4070 and 1.4500. A final rally could be expected to sub 1.49 levels, before a major reversal.

Trading recommendations:

Remain long, stop is at 1.43, buy further at 1.44, target is at 1.49.

Good luck!

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#USDX Analysis for October 16, 2013 Trend News

The Dollar index continues its sideways corrective movement towards the blue upward sloping trendline. This support trendline is crucial for this wave count and the continuation of the upward momentum. The short-term support is found at 80.25-30. It will not be a good sign for this trendline to break downwards.

We remain bullish biased as long as prices trade above this trendline and above the wave 2 low near 79.85. Adding to our long positions will happen if a new high above 80.70 comes.

The daily chart has not changed much since last time. The upward move from the lows looks impulsive and the short-term trend is upward. The longer-term trend is still downward and we need to break above the 81.70 level to change. Concluding we remains bullish as long as prices stay above 79.85. Today buying near 80.35-40 could give profits near 80.60 with 80.25 as stop.

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Gold Elliott wave analysis for October 16, 2013 Trend News

GOLD reached 1,255 yesterday, but reversed upwards to turn positive and reached the 1,290 levels. This pull back although may have put the bearish scenario in danger, it most probably was another back test of the broken neckline. The previous support is now resistance and prices are testing that levels once again.

Now trading is below 1,280 once again, it seems that prices got rejected at the resistance level and we should expect prices to fall towards new lower lows. The trend remains downward as long as prices trade below the red downward sloping trendline. The short-term resistance is found at 1,290 and if prices break below the 1,275 support, then we could see prices test yesterday's lows.

The short-term chart shows that the upward move is not a clear impulsive wave and we believe it is a part of an upward correction pattern. We expect prices to continue lower towards 1,260 and a new low could be seen even today. The Head-and-shoulders pattern, we noted in the previous posts, remains active and its target is 1,150. We will start taking profits near 1,200, but we also would not want to be short if prices break above 1,320.

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EUR/JPY H1 Analysis for October 16, 2013 Trend News

General overview for 16/10/2013 08:45 CET

The green abc Irregular Flat corrective cycle wave (ii) is done UNLESS it is the first leg of the correction.

So far, in this intraday time frame three upward legs are done, so there is still a possibillity of one more lover leg down. This is why alternate labeling of the low of wave (ii) green has alt:(iii) label there. To invalidate the scenario of a this last lower wave down, the price can not break below brown line level.

Break out above wave b green high will confirm further strength.

Break out below Weekly Pivot level will expose lower DEMANC ZONE level to be tested.

Support/Resistance:

133.98 - DEMAND BREAKTHROUGHT ZONE

133.82 - Intraday High

133.34 - Intraday Resistance

132.72 - Weekly Pivot

132.64 - 38.6%Fibo

132.45 - Lowel DEMAN ZONE level

131.89 - WS1

Trading recommendations:

As correction has ended bias is to the upside so long positions are favouired.

For intraday scalp the entry level is at 132.95 with tight SL and potential TP at 133.34 and beyond.

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Elliott Wave Analysis of EUR/NZD for October 16, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.6239

R2: 1.6193

R1: 1.6149

Current Spot: 1.6107

S1: 1.6068

S2: 1.6036

S3: 1.5996

Technical summary:

With the break below the support at 1.6072 the last piece of doubt for the new more bearish count was eliminated. In the short term we are now looking for minor resistance at the 1.6183-1.6193 zone to protect the upside for a break below 1.6068 confirming continuation lower towards 1.6050 and likely even lower towards 1.6018, before the next consolidation is seen. In the longer term we are looking for a decline towards 1.5872 as the ideal target for wave C from 1.7274.

Trading recommendation:

Stay short in EUR from 1.6255 and keep your stop at 1.6200 and take profit + revers (buy EUR) at 1.5890.

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