Elliott wave analysis of EUR/NZD for May 10, 2013 Trend News

Today's support and resistance levels:

R3: 1.5717

R2: 1.5658

R1: 1.5639

Current spot: 1.5601

S1: 1.5580

S2: 1.5560

S3: 1.5535

Technical overview:

After a little detour to 1.5482 red wave ii finally found its bottom and we should now be in red wave iii higher. This red wave iii is expected to be very powerful and resistance at 1.5658 and at 1.5717 should not cause any trouble once this wave really gets going. The target for this red wave iii is expected to be near 1.6142 and red wave iv should be a shallow correction to 1.5985 with a possibility of a deeper correction down to 1.5885 before the next powerful rally higher to 1.6299 in red wave v, which just ends wave (iii). In the longer term we expect this rally to rally much higher and should at least see 1.7000 tested. However, we would not be surprised to see a continuation higher towards 1.9571 over the next many months.

Trading recommendation:

We long EUR from 1.5550 and move our stop higher to 1.5480. If you do not have long EUR positions, then buy EUR near 1.5560 or upon a break above 1.5639.

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Silver trading within the cone structure. 24.80/85 is temporary resistance Trend News

Technical outlook and chart setups:

The white metal is bouncing off within the cone structure presented here. At the moment it is testing the upper boundary at 24.10/15 levels and a reaction is expected lower from here. A break below 23.50 would shift focus lower towards 23.00 atleast. It is recommended to remain short from yesterday with stop at 25.00 levels. Interim support levels are 23.00, 22.00 and 21.45 (according to weekly charts); while interim resistance levels are 24.80/25.00, followed by 25.00, 26.00 (past support turned resistance) respectively. Please note that structurally a new low below 22.00 is still possible towards 21.45 at least. Selling rallies are recommended and is preferred trading strategy for now.

Trading recommendations:

Remain short, stop at 25.00, target open.

Good luck !

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Gold remains locked between 1570/80 and 1530/40. Trend News

Technical outlook and chart settings:

The yellow metal is clearly in a sideways trading range as shown in the chart view here. It is within the 1570/80 resistance zone and 1530/40 support zone as blue lines show on the chart. A move lower is favoured, though making a strong statement in a sideways market is not recommended. Short positions that were taken earlier, can be held with a stop around 1590.00 levels. It is recommended not to initiate fresh positions on either side as of now. Rather, trading the sideways range would be the best strategy. Sell resistance at 1570/80 levels, and buy support at 1540.00 levels. Furthermore, buy on a bullish break and sell on a bearish break.

Trade recommendations:

Hold short positions for now, stop at 1590.92, target open.

Good luck !

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GBP/CHF: stick to long positions for now. 1.44 is support Trend News

Technical outlook and chart settings:

This currency pair seems to run up through 1.47 and probably even higher, according to chart view presented here. The line in the sand is 1.44; that should hold for now. Resistance is at 1.47 (this was past support zone), followed by 1.5 and 1.51; while support is 1.44, followed by 1.4075, 1.4030 and lower. It is therefore recommended to remain long for now and buy on dips from here on. A push through 1.47 levels would enable further room towards 1.48 and possibly towards 1.5 levels as well before a meaningful retracement takes place. Bottomline: Looking higher above 1.44 levels for now.

Trading recommendations:

Hold on to long positions for now, stop at 1.44, target 1.27/1.28

Good luck !

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Elliott wave analysis of EUR/JPY for May 9, 2013 Trend News

Today's support and resistance levels:

R3: 131.62

R2: 131.12

R1: 130.37

Current Spot: 129.84

S1: 129.72

S2: 129.32

S3: 128.98

Technical overview:

We have seen a test of important resistance at 130.37, but not yet been able to break above this resistance. However, we think that it is just a matter of time before we see this break for a continuation higher towards the top of wave 3 at 131.12 and higher towards 131.62. Our target for this wave 5 is near 135.42. In the short term we expect minor support at 129.72 to protect the downside for the a break above 130.03 that indicates a new test of important resistance at 130.37.

Trading recommendation:

We long EUR from 127.30 and move our stop higher to 128.95. If you do not have long EUR positions, then buy near 129.72 or a break above 130.03 with the same stop.

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GBP/USD - Sell bellow 1.56 - for May 08, 2013 (daily strategy) Trend News

The British pound will be more attenuated in its rise, and while it moves, as we have pointed several times, within a bullish channel on the daily charts. But in the medium and long term it is preparing for a fall to the level of 1.5280, the pound today is making a pullback to the bearish channel ceiling for the purpose of breaking it. Given that it is showing beginnings of a new bearish sequence, we recommend selling the pound at any price below 1.56 or on the level of 1.5560. Stop loss is placed on 1.5645, above 1.5623, weekly resistance, and above daily fractal 1.5633.

If you need personal consultation, contact me via e-mail: gerardo.porras@analytics.instaforex.com

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Silver breaking down below the counter trendline around 23.80. 24.80 immediate resistance Trend News

Technical outlook and chart setups:

The metal seems to be breaking down its counter trendline indicating a down extension, possibly towards 22.00 level or even lower. The rally from 22.00 level has been corrective in nature and has stalled at 24.80 level for now. The following implications are possible:

1. The metal could find support anywhere around 23.00 level, and continue rallying up to 25.00 and 26.00 level before reversing.

2. If a top has been formed at 24.80, the next impression should be lower than 22.00 level.

It is recommended to initiate short positions now (23.80/85), with a minimum downside of 23.00 level. Cover up short positions on a bullish bounce only around 23.00 level.

Trading recommendations:

Initiate short positions now at 23.80/85, stop is at 25.00, and target is at 23.00 (if prices bounce back), target is open (looking for a fresh low).

Good luck!

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