EUR/NZD Elliott Wave analysis for June 13, 2013 Trend News

Today's support and resistance levels:

R3: 1.7109

R2: 1.6980

R1: 169.34

Current Spot: 1.6888

S1: 1.6798

S2: 1.6739

S3: 1.6662

Technical overview:

Our expectation of a top at 171.09 was clearly confirmed yesterday, as we broke below support at 1.6692 without any problems. We are looking for black wave iv declining to 1.6399 before the final black wave v can take over. In the short term, we are looking for resistance at 1.6934 to protect the upside for a break below 1.6798, which will confirm that the next decline lower is unfolding. However, if we break above 169.34 we might already have seen the bottom of black wave iv at 1.6537 and should expect a new rally towards 171.09.

Trading recommendation:

We short EUR from 1.6797 and will move our stop lower to 1.6950. We will place our take profit + reverse our short EUR position to a long EUR position at 1.6450. If you do not have short positions on EUR already, then sell EUR here or upon a break below 1.6798 with the same low risk stop.

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Elliott Wave Analysis of EUR/NZD for June 12, 2013 Trend News

Today's Support and Resistance Levels:

R3: 1.6992

R2: 1.6956

R1: 1.6920

Current Spot: 1.6836

S1: 1.6809

S2: 1.6772

S3: 1.6692

Technical Overview:

We think there was the culmination of black wave iii at 171.09 yesterday. It was a little higher than our ideal target near 1.7040, but then trying to pin-point the top of an extended wave three is not the easiest thing to do. In short-term, we are looking for a minor rally towards 1.6956 and ideally to 1.6992 before the next decline begins. This decline should break below 1.6800 and more importantly - below 1.6692, which will confirm that we have seen the top of black wave iii and that black wave iv towards 1.6399 is developing. That said, we must consider the possibility of black wave iv to be sub-normal, because of the strength of black wave iii, but only time will tell.

Trading Recommendation:

Take profit at 1.7015 was hit yesterday and we took a huge profit. We are now looking for a EUR-selling opportunity and will sell EUR at 1.6980 or upon a break below 1.6800 (one order cancels the other) with a stop at 171.15.

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EUR/JPY Elliott Wave analysis for June 12, 2013 Trend News

Today's support and resistance levels:

R3: 129.20

R2: 128.96

R1: 128.70

Current spot: 128.44

S1: 128.09

S2: 127.42

S3: 127.10

Technical overview:

We have seen a nice impulsive decline from the 131.31 high, which confirms that the x wave did end at 131.31 and the second zigzag lower now has begun. In the short term, we are looking for a minor rally towards resistance at 128.70 and maybe 128.96 before the next decline sets in. A break below support at 128.09 and, more importantly, a break below 127.42 confirms, that the next decline towards strong support at 126.30 is developing. However, a break below support at 126.30 confirms, that a decline to our ideal wave 2 target at 118.73 is developing.

Trading recommendation:

We short EUR from 130.75 and will move our stop lower to 131.35. If you do not have short positions on EUR yet, then sell it close to 128.70 with the same stop.

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Silver: Buy on dips. Major support at 21.20/30 Trend News

Technical outlook and chart setups:

The structure remains unchanged for now. Prices are out of consolidation range of 22.00 and 23.00 for now. 22.00 level shall provide short-term resistance for the metal. On the lower side, supports are spread through 21.20/40 levels (the Fibonacci 0.618 level of the rally between 20.00 to 23.00 recently). A bullish reversal here would trigger rally towards 25.00 level in the coming sessions. It is therefore recommended to hold long positions for now and look to add towards 21.20/40, if reached. Please note that Silver has printed lows at 20.00 level, while Gold has not. This divergent picture warrants that a reversal could be in store. Looking higher for now.

Trading recommendations:

Hold long positions for now, stop is at 20.50, and target is open.

Good luck!

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Gold: Major support at 1,350.00. A break here would be critical for bulls Trend News

Technical outlook and chart setups:

The metal has been testing out patience levels recently. As depicted here, we are focusing on the recent swings from 1,324 to 1,488 and 1,340 to 1,420. This structure depicts a cone consolidation and with in the structure, Gold is at a possible Fibonacci convergence at 1,368/70 levels, as depicted. A bullish bounce here, would trigger a rally which could break past 1,425.00 resistance level. For now, the line of support is pointing towards 1,350.00, while line of resistance is at 1,410.00 level respectively. Hence it is recommended to remain long in the metal till prices remain above 1,350.00. One 1,410.00 level is cleared further aggressive buying could be made in the counter. On the flip side a break of 1,350.00 would prove to be critical for bulls.

Trading recommendations:

Remain long for now, move stop to 1,345.50, and target is open.

Good luck!

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Gold: Major support at 1,350.00. A break here would be critical for bulls Trend News

Technical outlook and chart setups:

The metal has been testing out patience levels recently. As depicted here, we are focusing on the recent swings from 1,324 to 1,488 and 1,340 to 1,420. This structure depicts a cone consolidation and with in the structure, Gold is at a possible Fibonacci convergence at 1,368/70 levels, as depicted. A bullish bounce here, would trigger a rally which could break past 1,425.00 resistance level. For now, the line of support is pointing towards 1,350.00, while line of resistance is at 1,410.00 level respectively. Hence it is recommended to remain long in the metal till prices remain above 1,350.00. One 1,410.00 level is cleared further aggressive buying could be made in the counter. On the flip side a break of 1,350.00 would prove to be critical for bulls.

Trading recommendations:

Remain long for now, move stop to 1,345.50, and target is open.

Good luck!

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EurJpy retraces to 128.00. 126.00 intermediary support Trend News

Technical outlook and chart setups:

The single currency pair rose through 131.20/30 levels yesterday and pulled back to 128.00 level now. This region is re-enforced by the 0.618 Fibonacci retracement of the rally between 126 and 131.20/30. If short positions were taken yesterday, it is recommended to cover and book profits; also initiate 50% long positions now, at 128.80/85. Immediate intermediary support is at 126.00. A break of 126.00 would push prices down towards 123.00/124.00 levels; but a rally here is expected to print highs around 133.00 at least. Resistance is spread through 132.00 and 133.80/134.00 levels. Looking higher till prices stay above 126.00.

Trading recommendations:

Initiate 50% long positions, stop is at 126.00, and target is at 133.00 at least.

Good luck!

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