EUR/JPY Elliott Wave analysis for June 25, 2013 Trend News

Today's support and resistance levels:

R3: 129.69

R2: 129.22

R1: 128.68

Current Spot: 128.15

S1: 127.85

S2: 127.28

S3: 126.76

Technical overview:

With the break below support at 128.14, we have had confirmation that a top is in place and a new decline towards important support at 124.96 is ongoing. Only a break below support at 124.96 will confirm our long held target at 118.73, where wave 2 will have corrected 38.2% of wave 1. In the short term, we are looking for a break below minor support at 127.85 for a continuation down to 127.28 and a break below here should accelerate the decline towards strong support at 124.96.

Trading recommendation:

We short EUR from 128.20 and will move our stop lower to 129.25. If you do not have short EUR positions already, then sell at a break below 127.85 with the same stop at 129.25.

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Elliott Wave analysis of EUR/NZD for June 24, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.7053

R2: 1.6984

R1: 1.6934

Current Spot: 1.6910

S1: 1.6855

S2: 1.6825

S3: 1.6756

Technical overview:

We are looking for strong support at 168.25 (top of red wave i) to protect the downside for a break above resistance at 1.6975 and, more importantly, a break above resistance at 1.7053 which will confirm that a new high above 1.7113 will be seen. As the target for this ongoing black wave v we are looking for minimum 1.7162, but a more likely target is at 1.7400 and possibly at 1.7640. Once this black wave v finds its top we should expect the biggest correction we have seen since the 1.5080 low, both in points and in time.

Trading recommendation:

We are long EUR from 1.6450 and have our stop at 1.6820. As we are in the final parts of the rally from 1.5080 any new position should be regarded as a trading position only. That means close stops and quick exits.

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Elliott Wave analysis of EUR/JPY for June 24, 2013 Trend News

Today's Support and Resistance levels:

R3: 129.91

R2: 129.70

R1: 129.38

Current spot: 128.08

S1: 128.71

S2: 128.42

S3: 128.14

Technical overview:

The falling channel resistance line has now been tested three times and held. Normally, this is a signs of strength and could indicate a very strong downside pressure soon. As we are looking for wave c lower, a strong downside pressure would make sense in our eyes. In the short term we are looking for a break below 128.61 as the first indication that renewed downside pressure is taking over. While a break below 128.14 is needed to confirm that yet another top is in place and wave c lower towards at least 124.96 is in progress. However, the risk is still a break above 129.90, which will open up for a move towards 131.31 and likely also higher towards the top at 133.81, in a much more complex correction.

Trading recommendation:

We are short EUR from 128.20 with a stop at 129.95. If you are not short EUR, we will recommend selling upon a break below 128.61 with the same stop at 129.95.

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Elliott Wave analysis of EUR/NZD for June 21, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.7189

R2: 1.7113 (New top)

R1: 1.7050

Current Spot: 1.7004

S1: 1.6970

S2: 1.6918

S3: 1.6881

Technical overview:

We saw a new top at 1.7113 yesterday, so from an Elliott Wave Perspective we now have a five wave rally since the 1.5080 low. That does not mean we think this rally is over, but we are for sure moving closer to the point in time, where we should expect a bigger correction. As an minimum for this rally, we expect to see 1.7162, where black wave v will be 38.2% of the distance traveled from the bottom of black wave i to the top of black wave iii. However, it is more likely that we will see a continuation higher towards 1.7400, where black wave v will be 50% of that distance and lastly it could move towards 1.7640, where black wave v will have traveled 61.8% of that distance. Which target is more likely? We think that the 1.7640 target is the most likely target, but from now on a top can be put in at any time.

Trading recommendation:

We are long EUR from 1.6450 and will move our stop higher to 1.6820 (protecting as much of our profit as possible). We will place our take profit + revers of the long EUR-position to a sold EUR-position at 1.7600. Any new buying should be handled with care.

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Elliott Wave analysis of EUR/NZD for June 20, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.7023

R2: 1.6982

R1: 1.6937

Current Spot: 1.6876

S1: 1.6825

S2: 1.6789

S3: 1.6740

Technical overview:

We saw red wave ii of black wave v end at 1.6615 yesterday and as it would be expected of red wave iii, it was very explosive. However, we expect that it was only the first part of red wave iii and that we should soon see this rally higher continue towards 1.7109 and higher towards 1.7320. In the short term we are looking for support at 1.6810, which will ideally protect the downside for the next impulsive move higher towards resistance at 1.7109.

Trading recommendation:

We are long EUR from 1.6450 and will move our stop higher to 1.6610. If you are not long EUR already, then buy near 1.6810 or upon a break above 1.6937 (one order done cancels the other) with the same stop at 1.6610.

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Elliott Wave analysis of EUR/JPY for June 20, 2013 Trend News

Today's Support and Resistance levels:

R3: 129.95

R2: 129.34

R1: 128.78

Current Spot: 128.59

S1: 128.09

S2: 127.81

S3: 127.44

Technical overview:

After the break above important short-term resistance at 126.91 we expected a rally higher towards 128.28. We have seen a rally beyond that point, but it is no crucial any way. A break above resistance at 129.34 would not be expected, but only a break out of the falling channel will indicate that the wave 2 correction from 133.81 ended early and the next impulsive rally higher in wave 3 has already begun. However, if resistance at 129.34 protects the upside for a break below 127.81 and, more importantly, a break below 127.05 we know that we have a top in place for a new decline towards strong support at 124.96.

Trading recommendation:

We sold EUR at 128.20 and has placed our stop at 129.40. If you are not short EUR already, then sell EUR on a break below 127.82 with the same stop at 129.40.

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AUD/USD - Key level 0.9519 - daily strategy for June 19, 2013 Trend News

The Australian dollar has been pushed down below the weekly pivot line, which is located at 0.9519. We see that it is still very difficult to sell the Aussie at this level again in the medium term. We hold our bearish outlook to the 0.9270 area, but in the coming days the pair may move upwards only if it is trading above 0.9520. So we recommend buying the pair only if on the H4 it is above this level. On the other hand, below 0.95 sales are secured to the first weekly support of 0.9375 and below even up 0.9181. The Momentum Indicator formed a bullish channel, due to that this channel has not been broken, it is likely that the Aussie gains bullish momentum to 0.9713.

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

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