EUR/JPY H1 Analysis for October 17, 2013 Trend News

General overview for 17/10/2013 11:00 CET

Yesterday's target has been hit as it is shown in the chart, and now the price is trying to rebound in the impulsive wave progression form the level of 133.34.

The grey rectangle zone is the main resistance now for this pair and the breakout above this zone is very bullish.

The golden trendline is still intact and provides support.

Support/Resistance:

134.29 - WR1

133.82 - 133.98 - DEMAND BREAKTHROUGH ZONE

133.34 - Intraday Support

132.72 - Weekly Pivot

Trading recommendations:

As long as the golden trendline holds long positions should be in play with entry at the 133.34 level with SL below 133.33 and potential TP1 at 133.98 and TP2 134.29.

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Elliott wave analysis of EUR/NZD for October 17, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.6239

R2: 1.6183

R1: 1.6136

Current Spot: 1.6068

S1: 1.6017

S2: 1.5945

S3: 1.5872

Technical summary:

We have seen the expected decline towards 1.6018 (the low has been at 1.6017). After a minor consolidation in the 1.6017 - 1.6136 area, we should see the next decline towards 1.5945 and the ideal target for this C-wave at 1.5872, from where we expect the next major impulsive rally higher towards 1.6515 and higher towards 1.7274.

Short-term minor resistance at 1.6136 will ideally protect the upside for the next decline, but a break above 1.6136 will delay the downside pressure for a move closer to 1.6211 before downward move starts again. At no point, we should trade above 1.6233, as that would indicate that an important low is already in place.

Trading recommendation:

Stay short from 1.6255 and move lower your stop to 1.6140. Keep you take profit and reverse a short EUR-position to a long EUR-position at 1.5890.

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Silver rally to gain momentum. Remain long against 19.00-20.00 Trend News

Technical outlook and chart setups:

The metal has bounced off the rising trendline support, fibonacci 0.618 support and past resistance turned support area near 20.50. It is recommended to remain long from positions initiated yesterday. Immediate resistance is 22.50, followed by 23.50, 24.50 and higher; while support is 19.00 and 18.00 respectively. Furthermore, the dropping trendline resistance is passing through 22.00 at present, and a push through that shall confirm further rally towards at least the 24.00 levels. The entire structure may be unfolding into a larger downswing, which could potentially print fresh lows below 18.00; but we shall review the situation around 24.00 levels.

Trading recommendations:

Remain long in the short term, set stop at 20.00

Good luck!

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Gold pullback resumes. Hold long for now. 1,250.00 is interim support Trend News

Technical outlook and chart setups:

The metal seems to have resumed the probable counter trend rally now. Resistance levels are lined up from 1,330.00, followed by 1,350.00, 1,375.00, 1,400.00 and 1,440, while support levels are 1,210 and 1,180, respectively. If the 1,330.00 level is expected now, then we will decide further movements. For now, it is recommended to remain long on positions taken yesterday with risk just below 1,250.00. As depicted here, the structure may be unfolding as a larger downswing which could finally end up printing fresh lows below 1,180.00 levels. General strategy is selling into rallies.

Trading recommendations:

Long for now against 1,248.00 (short-term strategy)

Good luck!

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EURJPY targeting fresh highs. 131.00 should hold Trend News

Technical outlook and chart setups:

As depicted here, the currency pair has held the short-term support trendline well till now. Furthermore, prices have bounced off the 0.618 fibonacci support around the 131.00/20 levels. Hence, it is recommended to hold the remaining long positions for now. Immediate support is now seen at 132,60, followed by 131.20/25 and strong support at the 129.90 levels, while resistance is at 135.00, respectively. The overall structure remains bullish for now and buying on dips is encouraged. Looking to print fresh highs till 131.00 remains intact.

Trading recommendations:

Remain long for now, stop at 131.00

Good luck!

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GBPCHF consolidation continues. Hold long positions for now Trend News

Technical outlook and chart setups:

The currency pair continues sliding in a 100 pip range for now. It is still recommended to hold long positions taken earlier, and also plan to add near the 1.44 levels, if prices reach there. The 1.45 area is intermediary support for now, followed by 1.42 and 1.4070 on the lower side; while resistance begins from the 1.48 levels, followed by 1.5 on the higher side. As depicted here, the convergence area is the 1.4900/30 level, where the next short opportunity shall be presented. On the other hand, if prices break the rising trendline support, we shall review the situation again.

Trading recommendations:

Hold on to long positions for now. Set stop below 1.43, target is 1.49

Good luck!

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1,290/1,300 remain immediate resistance for Gold Trend News

Technical outlook and chart setups:

The metal broke 1,270.00 and created fresh lows just around the 1250.00 levels. It is recommended to book profits on short positions taken earlier and await for a pullback to go short again. The short-term rally could possibly extend till 1,350.00, before reversing lower again. It is now encouraged to initiate short positions after a counter rally materializes. The short-term resistance is lined up from the 1,290.00/1,300 levels, through 1,325/30, 1,350 and 1,375.00; while support begin from 1,210.00, followed by 1,180.00 respectively. The 1,440.00 level should act as the major intermediary resistance for now. A possible downfall below 1,180.00 may be unfolding now.

Trading recommendations:

Book profits on short positions. Aggressive trading setup is to go long, with stop at 1,245.00, target is at 1,340.00

Good luck!

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