Silver at 0.786 Fibonacci support for now. Trend News

Technical Outlook and Chart setups:

The metal is seen consolidating around the 0.786 fibonacci support region of the entire rally between 18.00 levels to sub 25.00 levels for now. It is recommended to remain flat for now and await further directional clarification from here on. A break below 19.50 levels could see bears testing swing lows at 18.00 levels or even lower. Also seen is the sloping channel line which has formed recently. Only a break above this channel (22.00 levels) would confirm that bulls are in control to rally further towards 25.00 and higher levels. Looking for a reaction here before committing.

Trade Recommendations:

Flat for now.

Good Luck 1

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Gold is bullish only above 1325.00 levels now Trend News

Technical Outlook and Chart Setups:

The metal has formed a sloping channel resistance line in the recent days as shown here. Till the time, Gold is below the channel resistance line, there are all possibilities for fresh lows printed below 1180.00 levels. At the moment, the fibonacci 0.786 support is again being tested as seen here. A break below the 1230.00 region now would warrant a fall towards 1180.00 and lower towards 1150.00 as well. On the flip side, a bullish bounce here could enable bulls to push further higher towards the channel resistance at least. Only a break above 1325.00 would compel us to think bullish on the counter. Looking for direction now.

Trade Recommendations:

Flat for now.

Good Luck !

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EUR/JPY hits 139.40/50 extensions. Exit long positions for now Trend News

Technical Outlook and Chart Setups:

The single currency pair has met the extension at 139.40/50 levels as expected. Its long positions were initiated last week, it is recommended to book profits now. A visible tweezer top candle stick formation could be seen taking shape for now and if the day completes around 139.00/20 levels, the same would be confirmed. This would be a bearish signal confirmation for initiating short positions. Immediate support is around the 137.00 region followed by 134.50, 131.00 and lower; while resistance is seen at 142.00 levels on the higher side. It remains a possibility that meaningful retracement could be underway soon.

Trade Recommendations:

Book profits if long positions were initiated earlier. Flat for now.

Good Luck !

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#USDX analysis for December 2, 2013 Trend News

The Dollar index has held its support levels and is making an upward bounce and try to break above the resistance level at 81. Last week we noted that it should be preferred to buy and open long positions near support levels at 80,50-45. Now prices trade near 80,85-90. This upward bounce will find resistance at 81.

The short term downward sloping channel has been broken and we should expect prices to test the upper boundaries of the sideways black triangle. We are bullish with 80,40 stop. We believe it is time for this sideways move to end. If prices reach the upper triangle boundaries and do not manage to break them, then we will sell.

The daily chart shows that prices have found support at the lower black channel boundaries and at the MA. We observe that the decline is corrective as it is more sideways and overlapping. However the lower lows and lower highs pattern continues. If this pattern changes, we will have confirmation on the daily chart that a reversal is starting. This will be signalled if prices break above 81,35. For now we are longer term bullish as long as prices trade above 79. If the black channel is broken upwards, we will be able to raise our stop to 80,40.

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GBP/CHF hits 1.4910/20. Book profits on long positions Trend News

Technical Outlook and Chart Setups:

The single currency pair has finally made it to our measured extensions at 1.4900 levels. It is recommended to book profits on long positions now and await for a bearish reaction here to initiate short positions. Please note that 1.4900 is also the fibonacci 0.618 retracement level of the fall from 1.54 levels to 1.4 earlier. It has taken several months and 3 waves to retrace up to the 62% retracement of the entire downswing and soon a bearish reaction would be expected here. Resistance is placed/fixed at 1.5 level followed by 1.51; while supports are just short of 1.47oo levels followed by 1.46 and lower. Looking to go short here on a bearish confirmation.

Trade Recommendations:

Book profits on long positions taken earlier. Flat for now.

Good Luck !

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Gold analysis for December 2, 2013 Trend News

Gold prices are still in a corrective phase and there seems to be a sideways pattern forming that can help us define important support and resistance levels that if broken could push prices signifiacantly towards either direction. Prices have moved impulsively from 1226 to 1258. After that high was made, prices are trading within that trade range for several days. This creates a sideways pattern with clear upper and lower boundaries.

The purple boundaries as shown in the chart above are what we were talking about. We believe that it is more probable for prices to make an upward break towards the 61,8% Fibonacci retracement. The first upward bounce reached the 38% retracement. So we should expect the third and last part of the upward correction to move towards 1260-70 where the 61,8% Fibonacci retracement is.

The longer term trend remains down, but we still feel the 5 waves down from 1360$ are complete and we should expect a bounce towards 1270-1300$ to complete the corrective bounce. Important short term support levels are found at 1238-1226 and short term resistance levels are found at 1248-1255$. Concluding, buying near support in order to play the bullish scenario of the upward correction towards 1270-1300$ is preferred.

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Elliott Wave Analysis of EUR/NZD for December 2, 2013 Trend News

Today's Support and Resistance Levels:

R3: 1.6727

R2: 1.6680

R1: 1.6620

Current Spot: 1.6594

S1: 1.6540

S2: 1.6446

S3: 1.6353

Technical Summary:

The deep correction from the 1.6843 high and break below 1.6595 confirms that green wave v and red wave i ended at 1.6843 and that red wave ii is currently correcting red wave i. This correction should at least test 1.6540, but can become deeper and correct towards 1.6446 and maybe even lower towards 1.6353 before the powerful red wave iii will be ready to take over.

Short-term we should likely see a consolidation between 1.6575 and 1.6620 before the next decline towards 1.6540 and maybe even lower.

Trading Recommendation:

The stop at 1.6590 was hit. Wait for signs that the correction is about to be over before entering a new long EUR-position.

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