EUR/NZD - Elliott Wave Analysis for July 25 - 2012 2012-07-25



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Today's Support and Resistance Levels: 
S1: 1.5372                    R1: 1.5441S2: 1.5351                    R2: 1.5505S3: 1.5329                    R3: 1.5563  

Technical Overview: The minor correction we were looking for into the 1.5233 - 1.5265 materialized perfectly with at low at 1.5261 followed by a break above the minor high set at 1.5398. Ideally we should now see a continuation high for a break above resistance in the 1.5505 - 1.5510 area. A break above this area will add even more confidence that an important bottom was found at the 1.5131 low.In long term we are looking for a rally to at least the 1.5805 - 1.5885 area.Trading Recommendation:You should be long EUR against NZD from either 1.5250 or 1.5295. For now lift stop to 1.5125 and lift it further to 1.5250 upon a break above 1.5510.

GBP/USD Intraday Technical Analysis 2012-07-25


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The spot rate has broken the intermediate support of its medium term bearish channel at 1.5550 leading to acceleration. A pull back to these levels is expected before reaching the lower limit of its channel to 1.5370.Technical indicators are providing sell signals and approaching the oversell zone supporting the assumption of a pull back. Bollinger bands are much discarded as a result of a strong decline these days. Stabilization is expected in short term.According to the previous events, the market will provide a bearish opportunity at the level of 1.5550 with the 1st objective at 1.5490 and then at 1.5470. A break through 1.5570 will alter this scenario.

EUR/USD Intraday Technical Analysis 2012-07-25



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The spot rate has broken the intermediate support of its medium term bearish channel at 1.2110 leading to acceleration. A pull back to these levels is expected before reaching the lower limit of its channel to 1.1960.Technical indicators provide buy signals and evolve in oversell zone supporting the assumption of a pull back. Bollinger bands are much discarded as a result of a strong decline these days. Stabilization is expected in short term.According to the previous events, the market will provide a bearish opportunity at the level of 1.2110 with the 1st objective at 1.2050 and then at 1.2030. A break through 1.2130 will alter this scenario.

EUR/JPY - Elliott Wave Analysis for July 25 - 2012 2012-07-25


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Today's Support and Resistance Levels: 

S1: 94.09                      R1: 94.45S2: 94.00                      R2: 94.79S3: 93.85                      R3: 95.22  Technical Overview:The path we drew yesterday has described the price action almost to perfection. With the new low at 94.09 all demands are fulfilled for the decline, not only from 101.62, but also from 111.43. We are now looking for a break above 94.79 as first indication that an important bottom is in place, while a break above yesterday’s high at 95.22 will add even more confidence in the bottom being in place for a rally towards strong resistance at 97.27. In long term we are looking for much higher levels towards at least the 101.39 - 101.62 area.Trading Recommendation:You should be long EUR against JPY at 94.20 and a stop at 93.50. If you are not long EUR already you can buy at 94.05 or upon a break above 94.79 (buy at 94.85) with the same stop. Upon a break above 95.22 lift stop to 94.05.

Silver Consolidation Breakout Awaited2012-07-25


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Technical Outlook and Chart Setups:Silver is proving to be too strong around 26.50 level. Any selling pressure towards this region is met with strong pullback for almost 3 consecutive sessions. Very similar to the wave structure within gold, we expect the metal to breakout in the north side forming a thrust wave 3 towards at least 30.00 level in the coming sessions. We continue to recommend buy on dips towards 26.50/70 levels for a breakout above at least 29.00 level.Trading Recommendations:Buy on dips near 26.50/70, stop below 26.00, Target 30.00 at least.Good Luck!

GbpChf Stay Short. Recovery Underway Towards 1.5100 2012-07-25


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Technical Outlook and Chart Setup:As depicted above, on Monday there was an engulfing bearish candle and yesterday there was a pullback and test. We had recommended going short yesterday with stop above Monday’s highs for an expected pullback recovery towards 1.5100 level in the sessions to come. It is still good to stay short but with a stop loss as recommended. Fibonacci support starts from 1.5100 and extends till 1.5000 region. As shown above, the immediate rising trend line support meets 1.5000 region.Trading Recommendations:Remain short from yesterday’s recommendations.Good Luck!

Gold Setting Up For a North Side Breakout. Still Confined Within Consolidation 2012-07-25



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Technical Outlook and Chart Setup:The above daily charts clearly depict a cone type Consolidation Pattern for several weeks already. Immediate support is now strong at 1550 level while prices are inching higher towards a possible breakthrough of the resistance placed at 1600/20 regions. If we look into the wave structure, waves 1(1530-1640) and 2 (1640-1550) are in place and prices are consolidating after that. Waves 3 are normally powerful breakout waves and the expected extensions are around 1700.00 level. We maintain our bullish bias and recommendations till the time prices are above 1520/30 levels.Trading Recommendations:Buy on dips within the cone structure, stop below 1520 levels. Target open.Good Luck!

EUR/NZD - Elliott Wave Analysis for July 26 - 2012 2012-07-26



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Today's Support and Resistance Levels: 

S1: 1.5289                    R1: 1.5372S2: 1.5262                    R2: 1.5441S3: 1.5222                    R3: 1.5505  

Technical Overview:After registering an important low at 1.5131 for the decline, not only from 1.6969 but also from 1.9315 high in March 2011, we should now see a major rally back towards 1.6969 as the first major resistance.In short-term this new rally is in its infant start and looking at the minor rally from 1.5261 to 1.5443; the following correction has been rather deep, which does open up for two possible scenarios.The first scenario is shown on the chart above, which counts a series of wave one and two. If this scenario is the correct, one we should soon see a rally above minor resistance at 1.5372 and more important above the minor high at 1.5443 for a continuation towards at least 1.5587.The second scenario calls for a break below 1.5261 for a move closer to 1.5220 in an expanded flat correction for red wave ii, before the next powerful rally in red wave iii sets in for a rally towards at least 1.5654.Trading Recommendation: You should be long EUR against NZD from 1.5250; 1.5265 or 1.5295 with a 1.5125 stop. If you are not long EUR already either buy at 1.5230 or a break above 1.5372 (buy at 1.5380) with the same stop. Once we break above 1.5510, lift stop to 1.5250.

EUR/JPY - Elliott Wave Analysis for July 26 - 2012 2012-07-26


Show full picture  Today's Support and Resistance Levels: 

S1: 94.87                      S1: 95.22S2: 94.68                      S2: 95.73S3: 94.40                      S3: 96.12  

Technical Overview:We still view the test of 94.09 as an important long term low. Not only for the decline from 101.62, but also for the decline from 111.43, which calls for a significant rally in the upcoming weeks and months and a return towards strong resistance in the 101.39 - 101.62 area as the first major target.In short-term a break above minor resistance at 95.22 is required to add confidence to this view. A break above 95.22 should result in a strong and dynamic rally higher towards resistance 96.91. Trading Recommendation:You should be long EUR against JPY from 94.20 or at 94.85 with a stop at 93.50. Upon a break above 95.22 lift stop to 94.05. If you have not bought EUR already, then wait for a break above 95.22 (buy at 95.30) with a 94.05 stop.

GOLD Intraday Technical Analysis2012-07-26



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Gold is currently testing the upper limit of its medium term bearish channel at 1 612 and seems to initiate a decline. However, a break through these levels will release a good potential and initiate a violent bullish trend.Technical indicators provide buy signals but forthcoming overbuy zone supports the assumption of a decline. Bollinger bands have greatly tightened in recent days showing a decline in volatility and the imminence of a violent movement.According to previous events, the market will provide a bullish opportunity as soon as the gold breaks through its resistance of 1 612 with the 1st objective at 1 625 and then at 1 630. A breakthrough 1 609 will invalidate this scenario.

GBP/USD Intraday Technical Analysis 2012-07-26



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The spot rate is currently testing the intermediate resistance of its medium term bearish channel at 1.5550 and seems to initiate a decline. However, a break through these levels will release a good potential and will be able to reach the upper limit of this one to 1.5710.Technical indicators provide buy signals but until the resistance is not broken, the assumption of a decline is most likely. Bollinger bands are much discarded as a result of a strong decline these days. Stabilization is expected in a short term.According to previous events, the market will provide a bullish opportunity as soon as the spot rate is broken through its resistance of 1.5550 with the 1st objective at 1.5610 and then at 1.5630. A break through 1.5530 will invalidate this scenario.

EUR/USD Intraday Technical Analysis 2012-07-26



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The spot rate is currently testing the intermediate resistance of its medium term bearish channel at 1.2160 and seems to initiate a decline. However, a break through these levels will release a good potential and will make the upper limit of this one to 1.2250 available.Technical indicators provide sell signals but until the resistance is not broken, the assumption of a decline is most likely. Bollinger bands have greatly tightened recently showing a decline in volatility and the imminence of a violent movement.Taking into account the previous events, the market will provide a bullish opportunity as soon as the spot rate is broken through its resistance of 1.2160 with the 1st objective at 1.2220 and then at 1.2240. A break through 1.2140 will invalidate this scenario.

This post has been edited by jebat66: Jul 25 2012, 11:32 PM

EUR/JPY Intraday Technical Analysis2012-07-26



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The spot rate is currently testing the intermediate resistance of its medium term bearish channel at 95.10 and seems to initiate a decline. However, a break through these levels will release a good potential and will enable to reach the upper limit of this one to 95.70.Technical indicators provide buy signals but until the resistance is not broken, the assumption of a decline is most likely. Bollinger bands have greatly tightened in recent days showing a decline in volatility and the imminence of a violent movement.According to previous events, the market will provide a bullish opportunity as soon as the spot rate has broken through its resistance of 95.10 with the 1st objective at 95.70 and then at 95.90. A break through 94.90 will invalidate this scenario.

Silver Seems To Be Breaking Out Already 2012-07-26



 


Technical Setup and Chart Setups:As we can see, silver is already breaking out and a bullish candle today shall confirm it further. Otherwise, there is no much change in the bullish structure. Support remains strong at 26.50 level and immediate resistance is placed at 28.00 level. The swing structure recommends a target near at least 30.00 level. Stay long for now.Trading Recommendations:Stay long for now, build on intraday dips, and target 30.00Good Luck!

GbpChf Tanks. Recovery Underway Towards 1.5100 2012-07-26



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Technical Outlook and Chart Setups:


There is nothing much to discuss in the structure since last 2-3 sessions. Our expectations have been met with the single currency pair rolled down yesterday. Expect small intraday pullback but the follow up shall be on the bearish side. As depicted above, the immediate line of support is currently passing through the 1.5 region, and we are expecting this pullback to continue till at least 1.51, which is defined by the 0.5% Fibonacci retracement of the latest upswing. Stay short for now and build further on intraday rallies.Trading Recommendations:Stay short, stop above last swing high, targeting at least 1.5100.Good Luck!