Elliott Wave analysis of EUR/NZD for January 6, 2014 Trend News

Today's Support and Resistance Levels:

R3: 1.6548

R2: 1.6508

R1: 1.6461

Current Spot: 1.6447

S1: 1.6411

S2: 1.6366

S3: 1.6285

Technical Summary:

With the break below important support at 1.6443 we knew that the expanding leading diagonal could not be the correct count. Therefore, we were forced to adopt a much more negative count. This count had wave C of an expanded flat correction ending at 1.6996 and wave C lower is now developing. The target for this C wave is at 1.5794, where wave C will equal wave A in length.

Short-term we will be looking for minor resistance at 1.6461 protecting the upside for a decline towards 1.6285 and likely even closer to 1.6230 before a correction towards 1.6461.

Trading Recommendation:

Our stop + revers at 1.6440 was taken out and we are now short EUR at 1.6440 and will place our stop at 1.6470 and take profit at 1.6240. If you are not short already, then sell EUR upon a break below 1.6411 with the same stop at 1.6470.

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Elliott Wave analysis of EUR/JPY for January 6, 2014 Trend News

Today's Support and Resistance Levels:

R3: 142.36

R2: 142.03

R1: 141.83

Current Spot: 141.65

S1: 141.24

S2: 140.80

S3: 140.36

Technical Summary:

We now have a clear five wave decline from the high 145.69. Short-term we need a little more downside to end the five wave decline and we will be looking for a continuation lower towards 141.24 and likely closer to 140.80 before this first five wave decline come to an end. Once a low is in place we should be looking for a correction towards 142.67 and may be even to 143.82 before the next powerful decline.

Short-term look for minor resistance at 141.83 protecting the upside for the final decline towards 141.24 and may be even lower towards 140.80.

Trading Recommendation:

There was no room for a correction towards 143.15. We will buy EUR at 140.95 with a stop at 140.25.

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Technical analysis of Silver for January 06, 2014 Trend News

Technical outlook and chart setups:

1. Silver rallied back above the $20.00 level after printing lows at $18.70/80 levels last week. It is recommended to remain flat at the moment.

2. Immediate resistance is at $20.50 level followed by $21.50 (the fibonacci 0.618), $23.00 and higher, while support is at $18.70/80 followed by $18.00, respectively.

3. The structure reveals that a break of $20.50 and subsequently $21.00 would shift focus higher towards a possible trend reversal. Till $20.50 is intact, prices should move lower towards $17.50/60.

Trade recommendations:

Remain flat for now. Aggressive traders may go short with stop at $21.00.

Good luck!

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Technical analysis of Gold for January 06, 2014 Trend News

Technical outlook and chart setups:

1. Gold has risen past the $1,230.00 level after printing lows at $1,182.00 last week. Please note that it is at the 0.618 fibonacci resistance in $1,230.00/40.00 region.

2. Immediate resistance is at $1,245.00 followed by $1,250.00, $1,267.00 and higher, while support is at $1,182.00 followed by $1,180.00, respectively.

3. The structure reveals that a break of December lows at $1,182.00 would further push prices towards $1,150.00/60.00. On the other hand, a break of $1,250.00 and subsequently $1,267.00 would confirm that trend is reversing.

Trade recommendations:

Initiate short positions now ($1,236.00/37.00), stop is at $1,250.00, target is $1,150.00/60.00.

Good luck!

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Technical analysis of EUR/JPY for January 06, 2014. Trend News

Technical outlook and chart setups:

1. As seen here, on the 4H chart, the single currency pair has broken its immediate line of support. Recommended trade strategy should be to sell on rallies. It looks like a meaningful top has been set at the 145.50 level.

2. Immediate resistance is in the 144.30/50 region followed by 145.50, while support is at 141.00 followed by 138.00 on the lower side. A counter trend rally could materialize anytime.

3. The entire structure reveals that EUR/JPY might have set a meaningful top at resistance 145.50. A huge retracement could be underway towards atleast 138.00. Ideal place to enter short would be around the 144.00/50 region.

Trade recommendations:

Initiate short positions around the 144.00/50 region, stop is at 146.00, target is open.

Good luck!

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Technical analysis of GBP/CHF for January 06, 2014 Trend News

Technical outlook and chart setups:

1. The single currency pair has been stalled at the 0.786 retracement/resistance of the down swing from 1.4900 to 1.4350 recently. It is still recommended to remain short and also plan to add more around the current price 1.4850/60.

2. Immediate resistance is at the 1.4900/50 level, while supports are spread through 1.4600 followed by 1.4350, 1.4200, and 1.4050, respectively. A push through 1.4650 would accelerate down side.

3. The structure reveals that GBP/CHF should continue drifting lower towards the 1.4200 and 1.4000 levels, respectively. The 1.4950 level should remain intact though.

Trade recommendations:

Remain short, stop is at 1.4950, target is 1.4000

Good luck !

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#USDX analysis for January 3, 2014 Trend News

The Dollar index has made a small upward breakout. Short term resistance at 80.40 was broken yesterday. However the big sideways triangle needs to be corrected in order to capture the sideways move better. So prices still remain inside the big sideways triangle despite breaking above the short term resistance. Prices have now short term resistance at 80.90 and short term support at 79.95.

The price pattern from 81.50 is still corrective. We feel that the Dollar index has more chances of making a new upward move than new lows. The new shaped triangle as shown above, shows very well where the resistance levels are. Prices are now testing the upper boundaries. This is a good place to go short with 81 as stop. Bulls should wait for a breakout to go long again.

The daily chart of the Dollar index shows a promising breakout of the green downward sloping trend line resistance, however it needs to break above the blue MA at 80.70 and then above the red resistance area where it was previously rejected. Support that should hold for bulls is the 79.70 lows. Longer term target is 82.50. Concluding we remain neutral, however we favor long positions near 80 and short positions near 80.60 with 80.95 stop.

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