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Currency Pair Overview:
Asian Shares Declining During Session
Equity Futures: Dow -11.00. S&P -1.20. NASDAQ -2.25. Japanese Nikkei +100.00. German Dax -4.00
Stock markets in Asia were declining at the start of trading after a report from the U.S. has shown that housing starts are beginning to slip. The Japanese Nikkei was off 11 points while the Australian S&P/ASX declined 13 points. Japans third largest automobile manufacturer Nissan Motor Co has dropped 1.34 percent. Meanwhile, electronics maker Sanyo gained 2.4 percent and Japan Airlines has jumped 5.08 percent.
An index of several leading indicators from Australia has been released from the Melbourne Institute. The index has gained 1.1 percent from the previous month. This index tracks eight different measurements of the Australian economy and compiles the data which is showing the economy is recovering from the global recession. The central bank was the first to raise interest rates 0.25 basis points to 3.25 percent two weeks ago.
Trade Plan of the Day: TheLFB Trade Plan is USD/CAD, one of the six that are available to members on the major pairs each day, plus four Jpy based cross pairs, plus S&P futures, oil, gold, and the dollar index.
The MSCI Asia Pacific Index has jumped by 0.81 points or 0.67 percent during the session.
Overnight, the Japanese Nikkei declined 11.08 points (-0.11%) to 10,325.76. The Australian S&P/Asx was lost 13.30 points (-0.27%) to 4,832.90.
Crude oil for November delivery was recently trading at $78.63 per barrel, lower by $0.51.
Gold for November delivery was recently trading lower by $4.60 to $1,054.00.
TheLFB Charting: Gold Elliott Wave view
4 Hour chart trend: Long. Main price points: 1043, and 1070. Looking for: Wave 4)
Gold traded higher recently after the bounce from the 1043 support region. This area needs to be taken out for a wave 4) pull-back confirmation.
Until then, the price action remains choppy, as the market may easily make new highs in red wave 3) before wave 4) falls lower.
The primary wave count is that wave 4) is already in progress and this recent move higher could be just a blue wave B pull-back, before the expected wave C lower trades lower over the coming days.
This count remains valid so long as the market trades below the 1070 top.TheLFB Charting: S&P Futures Elliott Wave view
4 Hour chart trend: Long. Main price points: 1075.75, and 1115-1120. Looking for: Wave 5) top
S&P futures made new highs in trade this week. As such, the wave count has been re-worked and a new target at the 1115-1120 area seems to be in play.
The expanding diagonal in black wave 5 or C is not completed yet, as themarket may be forming a complex (W)-(X)-(Y) structure with the current wave B of wave Y in process.
This wave B must not fall below the 1075.75 wave (X) area, as the market trades towards the 1120 resistance zone.TheLFB Charting: EUR/USD Elliott Wave view
4 Hour chart trend: Long. Main price points: 1.4672, 1.4816, and 1.5000-1.5050. Looking for: Wave 5)
EUR/USD is trading close to the 1.5000-1.5050 target right now, where wave III may be completed soon. A wave IV pull-back should follow over the coming days where prices must not trade into the territory of wave I, shown below at 1.4816, otherwise the wave count will be invalidated.