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

Today's Support and Resistance levels:

R3: 1.6798

R2: 1.6759

R1: 1.6730

Current spot: 1.6701

S1: 1.6666

S2: 1.6629

S3: 1.6572

Technical summary:

The decline only made to 1.6325 before a very powerful rally took over and with the break above important resistance at 1.6570 we must consider the major X- wave, that began from 171.13, as finished. Therefor we are looking for a new powerful zig-zag combination higher towards 1.7643 and more likely towards 1.8463 longer term. Short term we are looking for support at 1.6666 to protect the downside for the move higher towards 1.6798 and maybe even higher towards 1.6870.

Trading recommendation:

The stop at 1.6575 was hit for a nice profit. Buy EUR at 1.6675 with a stop at 1.6550.

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#USDX analysis for August 19, 2013 Trend News

The Dollar Index continues to trade below the short-term resistance levels at 81.90-82. Prices although have not made a new lower low below 80.86 and although the correction from 81.40 seems complete, there is still no upward strength to push prices above resistance.

We still favor a bullish reversal in the Dollar Index but the bullish signs are still not there or are too few. We need more evidence to support our bullish scenario. Otherwise we are going to see new lows as prices will not stay for long under the resistance.

The daily chart shows in a clearer way that prices continue pulling back at resistance of the blue downward sloping trend line. Breaking above this trend line will give bulls more hopes for the trend reversal we are expecting. First bulls will need to break above 81.40 and after that above 82. Once these resistances are broken, a great step towards trend reversal will be made. Additionaly prices should stay above 81 and not break below it.

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Gold Elliott wave analysis for August 19, 2013 Trend News

Gold continued to move towards 1,380.00 as it was expected and reached our target of the break out from 1,351.00. Resistance is strong at this price level and I expect the price to pull back. Bulls should be cautious as the pull back could push the price towards 1,340.00 or lower.

The rise from 1,270.00 is most probably in 3 waves and we could see a pull back towards 1,360.00-50 and then a final push higher towards 1,400.00. However, we cannot rule out the scenario that the entire move is over. This implies that Gold prices will enter a period of price correction with tendencies towards 1,300.00. For the time being support is found at 1,367.00 and if it broken we will see a test of the 1,355.00. Breaking below that level will probably push the price towards 1,340.00.

Concluding, we are changing from being bullish to neutral as either we are near a top or prices have already topped. Support at 1,367.00 should be respected and if broken I will exit the position I reversed from 1,351.00. Prices could make a new high towards 1,390.00 where profits are best to be taken. We are now neutral and look to take our profits.

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Silver takes out resistance at 23.10. Book profits on long positions Trend News

Technical outlook and chart setups:

The metal advanced higher than the resistance at 22.50/23.00 levels in last trading session. At the moment, it is recommended to book profits and remain flat. At least, a meaningful correction could be underway towards 20.00 levels, which is the past resistance turned to support. The major resistance is now at 24.85/25.00 levels; while support is the way below at 19.20 (intermediary supports are 21.20 and 21.70). Silver looks good to buy on dips from here. 21.00 would be next level to long on a bullish reversal.

Trading recommendations:

Book profits on long positions. Flat for now.

Good luck!

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Gold is close to 1,380/1,400. Shift risk to break even and stay long Trend News

Technical outlook and chart setups:

The metal raised beyond 1,348/50 area yesterday. As depicted here, the next upside target is 1,380/1,410, which would be taking off major resistance around 1,370/75. It would be clear to buy on dips after that. For now, immediate resistance is at 1,380/1,400 while support is around 1,348/50 (which is past resistance turned to support), followed by 1,270 and lower. It is recommended to hold long positions and move risk to 1,320.00 or break even levels. Looking into the momentum and wave structure, Gold would be pushed higher to take out resistance before any meaningful retracement could take place.

Trading recommendations:

Hold long positions, move stop at break even level.

Good luck!

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EURJPY: bull above 128.00. Buy on dips Trend News

Technical outlook and chart setups:

The currency pair has retraced into 0.386 fibonacci support levels for now, although further correction towards 128.50/129.00 is possible before the rally resumes. It is recommended to remain flat for now and await a further dip before getting long. Intermediary support is at 128.00, followed by 125.00; while resistance is at 132.00/50 and 133.80/134.00 respectively. There are a couple of probabilities unfolding at the moment: in case of a bullish bounce around 128.00/50 we should open a buy position with a target at a new high; while a break of 128.50 could push it lower further.

Trading recommendations:

Flat for now. Buy between 128.50/129.00, set a stop at 128.00, target is open.

Good luck!

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GBPCHF stalling at resistance around 1.45/46 Trend News

Technical outlook and chart setups:

The currency pair is stalling at resistance region around 1.4500/4600 for the moment. Please note that the long-term downtrend line is passing through the same region along with fibonacci 0.618 retracement level. Yesterday, it indicated that a reversal may be close to watch. After todays' close it would be further clear; whether to initiate fresh short positions or not. Looking into the wave structure and overall trend, it looks as risk is higher to go long now. Rather it is recommended to wait for a bearish signal and go short.

Trading recommendations:

Flat for now. Looking to sell.

Good luck!

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