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

Today's Support and Resistance levels:

R3: 1.7100

R2: 1.7050

R1: 1.7006

Current spot: 1.6975

S1: 1.6925

S2: 1.6856

S3: 1.6835

Technical summary:

We should be close to the top of wave i of the new impulsive rally which began at 1.6325. We expect the top to be set close to 1.7100 from where we should expect a correction towards at least 1.6915 and, more likely, down to 1.6804, where wave ii will have corrected 38.2% of wave i. If wave ii ends at 1.6804 it will still be a sub-normal correction for a wave ii and indicate underlying strength in this cross.

In the long term we are looking for much higher levels.

Trading recommendation:

We are looking for an EUR-buying opportunity. Buy EUR near 1.6804 (buy at 1.6810).

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Gold Elliott wave analysis for August 21, 2013 Trend News

Support is being held by Gold prices and the possibility for a new high towards 1,400 is very real. The downward price actions seems corrective and as long as prices trade within the upward sloping channel, then we should expect another leg higher towards 1,390-1,400.

Short term support is found at 1,356 and 1,350. Short term resistance is found at 1,367 and then at 1,382. If resistance breaks then we target 1,390-1,400. If support breaks then we could see a pull back towards 1,340. We believe it is more possible to see an upward break towards 1,390-1,400.

Even at the daily chart we observe that prices are most probably consolidating before another push higher towards 1,400. Entering long positions near the blue sideways support trend line are advised as this will minimise risk. We prefer taking long positions near supports and add to those long positions is resistance levels break and at the same time raising our stop. Always trade with stops in order to protect yourselves.

Concluding, we are mildly bullish target 1,400 as Gold prices seem supported at 1,350.

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Crude oil - Mathematical analysis with Murray Lines for August 20, 2013 Trend News

Daily Chart

Crude oil has been in a downtrend for second day, trading at 105.61; this time below the 6/8 (red line), which is considered a strong point of reverse, according to the theory of Murrey, and below the first daily resistance. And that was the result of investors worried about a possible reduction of monetary stimulus from the Federal Reserve on the economy and crude supply reports expected. Therefore, we can expect an even steeper fall today and tomorrow, according to Murrey lines, in this time frame could be extended to 103.13, where the line is located 5/8, it would become an important support.

4-Hour Chart

The 4H chart can also at this time that crude oil is on the basis of its trading range set in line 3/8 (green line) and may reverse to 106.25, where there is the line 4/8 (blue line), which now becomes a major resistance area, and then continues its downtrend to 104.69 first line where 2/8 (red line) considered as an important point of reverse.

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Wave analysis on USD/JPY for August 20, 2013 Trend News

Wave analysis:

Yesterday’s low trading activity made the USD/JPY pair come back to the early trading level after testing the level of 98. Low price growth from its minimum level in the Thursday’s session may be considered as the currency pair’s attempts to form 5th wave in terms of uptrend, which started its development on August 8. Meanwhile, the possibility that the price may reverse to the lows of the early month cannot be rolled out at the current state of affairs.

Targets for down wave:

96.35 – 23.6% of Fibonacci

95.18 – 11.4% of Fibonacci

Targets for up wave:

98.90 – 50.0% of Fibonacci

100.04 – 61.8% of Fibonacci

Summary and trading recommendations:

The trading instrument greatly complicated the wave structure, which now looks rather indefinitely. The quotes rising may continue with the targets situated near the 98.90 and 100.04 levels that make, according to Fibonacci, 50.0% and 61.8%. Within the rising wave, there is a possibility of a new upward trend. The wave structure seems quite completed that proves the instrument readiness to create new uptrend section.

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#USDX analysis for August 20, 2013 Trend News

The Dollar Index continues to trade sideways above 81.00 but there is no clear upward impulsive move and buyers seem weak in order to break resistance levels. Taking into consideration the previous downward trend and the current sideways consolidation, a bearish flag pattern is being formed.

The 81.00 price level is expected to break downwards and give most probably a new low towards 80.90 where the recent low at 80.86 will be tested. If however prices break above 81.45 we will change our view to bullish once again. As always we give importance to support and resistance levels. Even if a level is not broken, it gives us an equally important signal as when it is broken. Inability to break a price level means weakness and rejection. This in turn means that prices will move the other way.

Support is found at 80.90 and 80.86. Resistance at 81.45. We prefer to be neutral or bearish as long as prices trade below 81.45. If resistance breaks we could go long with 81.80 target. Next resistance at 82.00 and 82.50. On the daily chart trend remains down as lower highs and probably a new lower low keep trend in favor of bears. If the blue support trend line is broken, then the longer term bullish scenario will be challenged. If the downward sloping blue trend line is broken upwards we coulld see a test of the MA region at 82.40.

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Silver resistance is at 24.80/25.00. Trend News

Technical outlook and chart setups:

The metal has failed ahead of resistance at 24.80/25.00 for now. It is quite possible that the rally from 18.00 to sub 23.00 levels could be a counter trend within the larger bear trend. Immediate Daily Chart resistance is at 24.80/25.00 levels and the bulls need to break that to confirm a trend reversal. Until then, it could be safe to assume that a major retracement, towards 20.50/70 (the past resistance turned support region) or a new low below 18.00 could be underway. Aggressive trade may initiate fresh short positions 23.00/40 region, risk would be 24.80.

Trading recommendations:

Aggressive: Initiate short positions between 23.00/40, stop 25.00

Conservative: Flat

Good luck!

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Gold resistance at 1,390/1,420 levels. Exit long positions Trend News

Technical outlook and chart setups:

The existing setup depicted here, warns of a retracement/reversal and hence it is recommended to book profits on long positions taken earlier. Resistance is in the 1,390.00/1,420.00 region and bulls have failed to get past either of them. It remains possible that the metal atleast retraces to 1,300/10.00 levels or even further down before next rally materializes. Furthermore, it also remains possible that the entire rally from 1,180.00 to 1,380.00 could be a retracement of the existing larger downtrend and a new low may be formed below 1,180.00 in the coming weeks. Aggressive traders may initiate short positions around 1,370.00 levels, risk would be 1,390.00.

Trading recommendations:

Aggressive: Initiate short positions around 1,370.00, stop at 1,390.00

Conservative: Flat

Good luck!

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