Elliott wave analysis of EUR/NZD for May 15, 2014 Trend News

Today's Support and Resistance levels:

R3: 1.5985

R2: 1.5917

R1: 1.5858

Current spot: 1.5785

S1: 1.5717

S2: 1.5686

S3: 1.5653

Technical summary:

We are now in the very last part of the decline from 1.7274. Once this huge correction is over a new powerful rally should be seen. We are still looking for a move closer to the ideal corrective target at 1.5653 before the final bottom is in place, but to indicate that the bottom is in place, a break above resistance at 1.5858 is needed, and to confirm the bottom, a break above resistance at 1.5990 is needed.

Trading recommendation:

We will buy EUR at 1.5675 or upon a break above 1.5858. Stop will be placed at 1.5575.

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Elliott wave analysis of EUR/JPY for May 15, 2014 Trend News

Today's Support and Resistance levels:

R3: 140.37

R2: 139.88

R1: 139.43

Current spot: 139.18

S1: 138.75

S2: 138.12

S3: 137.36

Technical summary:

The decline is accelerating in wave three lower, just as we were expecting. As the next downside target for red wave iii we are looking for 137.01, but after a flat kind of consolidation more downside price action is expected.

In the short term we would like to see minor resistance at 139.43 to protect the upside, but we will have to accept the possibility of a move closer to 139.88 before the next downside pressure. However, a break above 139.88 should not be seen at any time.

Trading recommendation:

Stay short in EUR from 140.95 and move your stop lower to 139.95. If you are not short in EUR yet, then sell near 139.43 with the same stop at 139.95.

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#USDX technical analysis for May 15, 2014 Trend News

The Dollar index remains strong and makes new short-term highs. With the Dollar index near 80.30, Dollar bulls have the upper hand as the trend remains bullish and the important resistance at 80.60 is to be challenged. The Dollar index remains in up trend in the short-term. Price is above the Ichimoku cloud and has broken all short-term resistance levels and is trading above 80.

The Dollar index continues to make higher highs and higher lows. Important short-term support is the 80 level. If broken we should expect the Dollar index to move towards 79.70 where the Ichimoku cloud support is found. Next short-term resistance is found at 80.60-.70.

The daily chart remains bearish but bulls are challenging the Ichimoku cloud resistance and the upward sloping trend line resistance that was once support. Bulls look strong for now and I believe that the index will manage to break above the cloud (80.40) but will find resistance at 80.60 and pause the rise. A pull back should be expected from that level. Concluding, the dollar index is giving each day more signs of a trend reversal on a daily basis. This could have as a longer-term target a price near 84-85.

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Gold technical analysis for May 15, 2014 Trend News

Gold price has hit the upper triangle boundaries and has stopped its upward move as expected. No break out has been in Gold price yet. It is very possible to see the lower triangle boundaries now. Gold has short-term resistance at $1,308 and short-term support at $1,294. If support at $1,294 is broken we should expect Gold price to move towards the lower triangle boundaries at $1,284.

Gold price still is above the Ichimoku cloud. But the cloud is very thin and this means that Gold price is trading in a tight range. Investors could choose to trade in favor of the triangle or wait for a breakout. This means that either investors sell near the upper triangle resistance or buy near the lower triangle boundaries, or wait for a break out.

Gold price is still expected to move towards the 50%-61.8% retracement, but we see no buying power as the weakness in EURUSD is affecting Gold price negatively. If EURUSD were to rise again above 1.3770 we could expect Gold to move above strong resistance at $1,315. Otherwise, if Dollar continues to strengthen, we could see support at $1,270 break. Long-term view remains bearish, however we should respect price action before taking any position. As long as price is below $1,315 I favor short positions targeting $1,294 and $1,285. If support at $!,275 is broken we should see more selling pressures.

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Technical analysis of Gold for May 15, 2014 Trend News

Technical outlook and chart setups:

1. Gold rallied yesterday only to face resistance around $1,304.00 levels as seen here. The metal is consolidating again in a cone format between decreasing resistance and increasing support lines as seen here. A break out of this consolidation is required to decide further direction, recommendations for now is to exit long positions and remain flat.

2. Support is seen at $1,270.00/80.00 levels, followed by $1,230.00/40.00, $1,210.00 and lower while resistance is at $1,330.00, followed by $1,350.00/60.00, $1,388.00 and higher respectively.

3. The structure indicates that Gold still remains in a trading range and breakout is required below $1,280.00 or above $1,310.00 to determine further direction.

Trading recommendations:

Exit longs. Remain flat for now.

Good luck!

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Technical analysis of GBP/CHF for May 15, 2014 Trend News

Technical outlook and chart setups:

1. The GBP/CHF finally reverses from sub 1.5000 levels as expected and has produced a bearish evening star reversal candlestick trade signal as seen here. Intraday rallies through 1.4960/70 levels could be sold from here on. Recommendations are to remain short and also look to add on rallies, risk remains above 1.5040 for now. Minimum expectations for the pair is to dip towards 1.4700/1.4680 levels from here.

2. Support is seen at 1.4780, followed by 1.4630, 1.4550/1.4450 and lower, while resistance is at 1.5120 respectively.

3. The structure indicates that GBP/CHF is ready to accelerate downside after confirm a bearish signal yesterday. 1.4950/70 is intraday resistance now and rallies should be capped there.

Trading recommendations:

Remain short for now, stop at 1.5040, target is at 1.4700.

Good luck!

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Technical analysis of EUR/JPY for May 15, 2014 Trend News

General overview for 15/05/2014 08:00 CET

The anticipated level of 139.25 has been missed by mere 20 pips and so far it looks like the main impulsive wave progression has been completed and the corrective cycle is due. The first resistance is the level of 139.88 and any breakout higher means that the 61%Fibo at the level of 140.37 will be possibly tested. The bullish divergence at the momentum oscillator supports this point of view. This is only a short-term corrective cycle and the long-term bias remains bearish.

Support/Resistance:

139.25 - Technical Support

139.45 - Intraday Support

139.88 - Intraday Resistance

140.37 - 61%Fibo

140.61 - Weekly Pivot

Trading recommendations:

Daytraders should open buy stop positions if the level of 139.90 is broken with SL below the level of 139.44 and TP at the level of 140.37.

Swing traders should still keep the running short positions as lower prices are still expected.

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