Elliott Wave Analysis of EUR/JPY for September 9, 2013 Trend News

Today Support and Resistance levels:

R3: 132.42

R2: 132.14

R1: 131.84

Current Spot: 131.21

S1: 131.03

S2: 130.86

S3: 130.63

Technical summary:

Wave ii went a little deeper than to the expected level of 130.64 (the low was at 129.89), but that does not change anything in the larger picture. In the short-term I am looking for support at 130.86 to protect the downside for a break above 131.84 and more importantly a break above 132.14, which would call for 132.42 on the way towards 134.49 and possibly even higher as we thrust out of this B-wave triangle. In the long term I am looking for much higher levels and a rally towards 170.00.

Trading recommendation:

Stay long in EUR from 130.75 with your stop at 129.29.

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GBP/JPY technical levels and trading recommendations for September 06, 2013 Trend News

Overview

Today, 4H chart show that yesterday's closing below the resistance level of 156.00 gives the price an opportunity for a bearish move. As shown here, currently, the price is trying to continue its bearish move by breaking the support level of 154.50 and closing below it. In that case, we may get another opportunity for more sell signals, and it opens the way towards 153.90, as the first target, and then the price should test the support level of 153.00 to continue its bearish move. But as long as the price stabilizes above the support level of 154.50, it cancels the first scenario.

Resistance and support levels: R3 (156.60), R2 (156.00), R1 (155.50), S1 (154.50), S2 (153.90), S3 (153.00).

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Gold Elliott wave analysis for September 6, 2013 Trend News

Gold broke down yesterday making a lower low, then 1,372 canceling the sideways scenario and confirming our primary view that prices were heading towards 1,360. Prices are falling in an impulsive pattern and our view that the trend is bearish is confirmed.

Our first short-term support and target for Gold is found at 1,359-55. This is the price level where we are going to take partial profits. If a new low below 1,363 is made, then automatically the stop for bears will be the 1,374 price level. The downward sloping channel is not very steep and that is why we prefer to take partial profits at the 1,355-59 zone.

Additionally, as one can see in the daily chart above, prices are heading towards the upward sloping trend line as we mentioned in previous posts too. 1,350 is the support at a daily level and we believe that at least a short term upward bounce should be expected from this level. At that price level, the MA provides additional support and that is why we prefer to lower our stop and take partial profits near 1,355. Concluding we remain bearish and will decrease our exposure and lower the stop for our short position.

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EUR/JPY H1 analysis for September 6, 2013 Trend News

General overview for 06/09/2013 08:00 CET

The demand broke through the grey rectangle zone yesteday but immediatly bounced back when it hit green triangle line.

The bounce was in five waves, that are finished and now the price is in corrective cycle. This correction may go as high as WR1 area of 131.47 and should reverse from this area making a potential right shoulder for Head&Shoulder technical formation. Then impulsive wave progression is expected that migh break the 130.79 support level and hit very important Key Level of 130.55 an even test the Weekly Pivot level. If this one is broken, then next support is at 129.26.129.48 is DEMAND area below.

On the other hand, a failure to break the 130.55 level will produce a bounce and the price might be back to the 131.50 area and try to test the recent high again.

Support/Resistance:

132.41 - Swing High

132.05 - 88.6%Fibo | Green Triangle Line |

131.74 - 78.6%Fibo

131.47 - WR1

13085 - 130.79 - Intraday Support | 59%Fibo |

130.55 - Technical Support | Key Level |

130.37 - Weekly Pivot

129.26 - 129.40 - DEMAND ZONE

Trading recommendations:

After the green triangle line maintained unbroken, the short side of the market should be in play with entry area at the 131.47 level (right shoulder area) and tight SL. The potential TP level is at 130.79 and then 130.55.

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Elliott Wave analysis of EUR/JPY for Spetember 6, 2013 Trend News

Today's Support and Resistance levels:

R3: 132.14

R2: 131.48

R1: 131.16

Current Spot: 131.07

S1: 130.86

S2: 130.64

S3: 130.26

Technical summary:

Wave i of the new impulsive rally ended at 132.14 and was followed by an zig-zag wave ii correction. This wave ii correction is still ongoing to minor resistance at 131.16 and more important resistance at 131.48, which protects the upside. As long as these resistance levels protect the upside we will be looking for one last decline closer to our target at 130.64. That said we have to remember, that this is a wave ii correction and the second waves are allowed to correct all of the first wave, but it can never break below the starting point of the first wave, which in this case is at 129.30. However, once we have seen a test of support at 130.64 or a break above 131.48 we are looking for a new powerful rally higher, at least, towards 133.48 and more likely 135.24.

Trading recommendation:

Our stop at 131.25 was hit first for a nice profit. Buy EUR again at 130.75 or upon a break above 131.48 and place stop at 129.29

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Elliott Wave analysis of EUR/NZD for September 6, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.6806

R2: 1.6744

R1: 1.6654

Current Spot: 1.6586

S1: 1.6582

S2: 1.6485

S3: 1.6409

Technical summary:

This wave ii correction has proven to be a harder nut to crack than expected. Once again we have taken out what could be the final low and once again we had to adjust our short-term count. Once again we could be at the low for this wave ii correction, which now has corrected 70.7% of wave i. However, the second waves are allowed to correct the whole wave i, but can never break below the starting point of wave i, which in this case is at 1.6325. Again we see a possible hidden divergence, but it could also be a warning that we still have more downside moves to come. To end this wave ii correction we need a break above the resistance at 1.6651 and more importantly a break above 1.6806. A break above the latter will confirm that wave ii has finally come to the end and wave iii is moving higher, at least, to 1.7968.

Trading recommendation:

If you are long from 1.6752, stay long, otherwise buy EUR upon a break above 1.6651 with a stop at 1.6325 expecting to be able to raise you stop higher soon.

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Gold Elliott wave analysis for September 5, 2013 Trend News

Gold prices fell sharply yesterday as expected after topping 1,415. Support at 1,400 failed and prices fell sharply below the recent low at 1,384 confirming that trend is down. Now trading at 1,388, we expect downward pressures to continue towards 1,360.

The short-term resistance is found at 1,395. If this resistance is broken upwards we could see a move towards 1,405. Important resistance is the recent high at 1,415. We do not think prices will manage to break that level. We expect prices to continue their pattern of making lower lows and lower highs. Next important support is 1,372.

If the 1,372 support is not broken and if there is no higher high above 1,415, then we could very well be inside a sideways triagnle. It is too early to confirm this scenario but until then we will remain bearish with 1,415 as stop. Our first target still remains at 1,350-60 area specially if 1,372 is broken. The longer term trend however remains bullish as no upward channel has been broken and all our automatic indicators still are green. This downward move could very well just be a small correction. In the next few sessions things will get clearer.

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