#USDX Analysis for August 9th, 2013 Trend News

The trend of the Dollar Index remains downward as the price continues to trade within the short-term downward sloping channel. Short-term resistance is found at 81.10 and 81.25. Support is found at 81.00 and 80.90. Although we still believe a bigger trend reversal should be expected, we will not enter long positions yet unless we see an upward break of resistance levels and an impulsive upward move.

The longer-term view supports a bounce from these levels as the price trades on top of the longer-term channel lower boundaries as shown in the daily chart below. We expect a bounce but as long as no resistance level is broken, we will stay neutral.

The Dollar Index will change its trend to upward if the blue downward sloping trend line is broken and if the prices breaks above 82.50. These two conditions must be met for the intermedate term trend to change to upward. Concluding, we favor long positions when the price breaks above resistance at 81.25 with 80.87 stop and target at 81.75 at least. Otherwise, we remain neutral waiting for a breakout.

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#USDX Analysis for August 9th, 2013 Trend News

The trend of the Dollar Index remains downward as the price continues to trade within the short-term downward sloping channel. Short-term resistance is found at 81.10 and 81.25. Support is found at 81.00 and 80.90. Although we still believe a bigger trend reversal should be expected, we will not enter long positions yet unless we see an upward break of resistance levels and an impulsive upward move.

The longer-term view supports a bounce from these levels as the price trades on top of the longer-term channel lower boundaries as shown in the daily chart below. We expect a bounce but as long as no resistance level is broken, we will stay neutral.

The Dollar Index will change its trend to upward if the blue downward sloping trend line is broken and if the prices breaks above 82.50. These two conditions must be met for the intermedate term trend to change to upward. Concluding, we favor long positions when the price breaks above resistance at 81.25 with 80.87 stop and target at 81.75 at least. Otherwise, we remain neutral waiting for a breakout.

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Gold Elliott wave analysis for August 9, 2013 Trend News

Gold managed to break above resistance levels yesterday and reached our important resistance level of 1,320 but it did not manage to overcome it. This is the most important price area for determination of the immediate trend. We remain in the longer-term bearish with short-term target at 1,255 and longer-term target at a new low below 1,180. Gold is trading near resistance levels and a break below the short-term support at 1,303 could open the way to an accelerated downward move to test 1,270 and 1,255.





The upward move from 1,270 remains corrective but also the bigger downward move from 1,349 is also a complex overlapping structure. This could put in danger our longer-term bearish target for a new low as we need to see an impulsive pattern lower in order to be more confident. In other words, if the decline from 1,349 is not impulsive, the chances of a new low below 1,180 will be small. Alhtough the price does not fall in a 5 wave pattern, the channel which still holds and the price continues to trade below the resistance levels and at the same time breaking support.

The daily longer-term downward sloping channel puts a lot of pressure on Gold and that is why we believe 1,260-55 is going to be tested. The decline may not have an impulsive form yet, but at least it clearly portrays that the trend is downward with lower lows and lower highs. We remain bearish biased expecting to see a break of the recent lows at 1,270. Today, we are bearish if the price breaks below 1,303 and will close all short positions if 1,326 is taken out.

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#USDX Analysis for August 9, 2013 Trend News

Trend on the Dollar Index remains downward as the price continues to trade within the short-term downward sloping channel. Short-term resistance is found at 81.10 and 81.25. Support is found at 81.00 and 80.90. Although we still believe a bigger trend reversal should be expected, we will not enter long positions yet unless we see an upward break of resistance levels and an impulsive upward move.

The longer-term view supports a bounce from these levels as the price trades on top of the longer-term channel lower boundaries as shown in the daily chart below. We expect a bounce but as long as no resistance level is broken, we will stay neutral.

The Dollar Index will change its trend to upward if the blue downward sloping trend line is broken and if the prices breaks above 82.50. These two conditions must be met for the intermedate term trend to change to upward.

Concluding, we favor long positions when the price breaks above resistance at 81.25 with 80.87 stop and target at 81.75 at least. Otherwise, we remain neutral waiting for a breakout.

The material has been provided by InstaForex Company - www.instaforex.com



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#USDX Analysis for August 9, 2013 Trend News

Trend on the Dollar Index remains downward as the price continues to trade within the short-term downward sloping channel. Short-term resistance is found at 81.10 and 81.25. Support is found at 81.00 and 80.90. Although we still believe a bigger trend reversal should be expected, we will not enter long positions yet unless we see an upward break of resistance levels and an impulsive upward move.

The longer-term view supports a bounce from these levels as the price trades on top of the longer-term channel lower boundaries as shown in the daily chart below. We expect a bounce but as long as no resistance level is broken, we will stay neutral.

The Dollar Index will change its trend to upward if the blue downward sloping trend line is broken and if the prices breaks above 82.50. These two conditions must be met for the intermedate term trend to change to upward.

Concluding, we favor long positions when the price breaks above resistance at 81.25 with 80.87 stop and target at 81.75 at least. Otherwise, we remain neutral waiting for a breakout.

The material has been provided by InstaForex Company - www.instaforex.com



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Gold Elliott wave analysis for August 9, 2013 Trend News

Gold managed to break above resistance levels yesterday and reached our important resistance level of 1,320 but it did not manage to overcome it. This is the most important price area for determination of the immediate trend. We remain in the longer term bearish with short-term target at 1,255 and longer-term target at a new low below 1,180. Gold is trading near resistance levels and a break below the short-term support at 1,303 could open the way for an accelerated downward move to test 1,270 and 1,255.

The upward move from 1,270 remains corrective but also the bigger downward move from 1,349 is also a complex overlapping structure. This could put in danger our longer-term bearish target for a new low as we need to see an impulsive pattern lower in order to be more confident. In other words, if the decline from 1,349 is not impulsive, the chances of a new low below 1,180 will be small. Alhtough the price does not fall in a 5 wave pattern, the channel which still holds and the price continues to trade below the resistance levels and at the same time breaking support.

The daily longer-term downward sloping channel puts a lot of pressure on Gold and that is why we believe 1,260-55 is going to be tested. The decline may not have an impulsive form yet, but at least it clearly portrays that the trend is downward with lower lows and lower highs. We remain bearish biased expecting to see a break of the recent lows at 1,270. Today, we are bearish if the price breaks below 1,303 and will close all short positions if 1,326 is taken out.

The material has been provided by InstaForex Company - www.instaforex.com



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Gold Elliott wave analysis for August 9, 2013 Trend News

Gold managed to break above resistance levels yesterday and reached our important resistance level of 1,320 but it did not manage to overcome it. This is the most important price area for determination of the immediate trend. We remain in the longer term bearish with short-term target at 1,255 and longer-term target at a new low below 1,180. Gold is trading near resistance levels and a break below the short-term support at 1,303 could open the way for an accelerated downward move to test 1,270 and 1,255.

The upward move from 1,270 remains corrective but also the bigger downward move from 1,349 is also a complex overlapping structure. This could put in danger our longer-term bearish target for a new low as we need to see an impulsive pattern lower in order to be more confident. In other words, if the decline from 1,349 is not impulsive, the chances of a new low below 1,180 will be small. Alhtough the price does not fall in a 5 wave pattern, the channel which still holds and the price continues to trade below the resistance levels and at the same time breaking support.

The daily longer-term downward sloping channel puts a lot of pressure on Gold and that is why we believe 1,260-55 is going to be tested. The decline may not have an impulsive form yet, but at least it clearly portrays that the trend is downward with lower lows and lower highs. We remain bearish biased expecting to see a break of the recent lows at 1,270. Today, we are bearish if the price breaks below 1,303 and will close all short positions if 1,326 is taken out.

The material has been provided by InstaForex Company - www.instaforex.com



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Silver tests backside of resistance line. Initiate short positions against 21.00 now Trend News

Technical outlook and chart setups:

The metal has breached through the resistance line now, around 20.25/30 levels. Hence, it is recommended to initiate short positions against 21.00. Immediate resistance is at 20.70/75, followed by 22.50/23.00; while support is around 18.70, followed by 18.25 levels. The wave structure indicates that a dip down ward movement towards 18.70/50 levels is possible before next leg higher up. The entire structure may be turning as a 3 wave pullback for now. Looking lower at least for the short-term prospect.

Trading recommendations:

Remain short, set stop at 21.00, target is at 18.50.

Good luck!

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Gold rallies through resistance. Next leg lower towards 1,250.00 Trend News

Technical outlook and chart setups:

The metal went through the resistance region at 1,309.00/1,312.00 levels yesterday. It is recommended to initiate short positions against 1,325.00 now. Immediate resistance is the 1320/21 region, followed by 1340/50 region on the higher side; while support is the 1260/50 region. Looking into the wave structure, it is possible to see another dip towards 1250.00 levels before next upper leg. The past resistance is becoming support region which is also around 1250.00 levels. On the other hand, a push through 1,320.00/21 levels would turn bearish scenario to bullish on dips from there.

Trading recommendations:

Initiate short positions now, stop is at 1,325.50, target is at 1,250.00

Good luck!

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EURJPY bounces just before hitting 128.00. Book profit on short positions Trend News

Technical outlook and chart setups:

The currency pair fell towards our measured minimum expectations around 128.00 levels. At the moment, a bounce should be expected as depicted in chart setup here; hence, it is recommended to book profit on short positions taken before. Aggressive traders might want to even go long against 127.50. Resistance is now at 132.00, followed by 132.50/60 and 133.80/134.00; while support is at 128.00, followed by 126.50 and 125.00 on the lower side. The intermediary down trend might be over or may still extend itself towards 127.20/30 levels. After that next leg should be on the higher side.

Trading recommendations:

Book profit on short positions. Aggressive strategy would be going long against 128.00

Good luck!

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EUR/JPY H1 analysis for 09/08/2013 Trend News

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

Demand area was hit and the price bounced up to corrective cycle of wave (ii).

There is a possibility that the correction is over (the main count) and to confirm this point of view, the price should break the Intraday Support at 128.90 and make a new low. Otherwise (alternate count) the last upward wave might be only the first leg of more deeper correction and to confirm this, the price should move above the Intraday Resistance at 129.78.

Nevertheless, to keep the bearish momentum, the retrace in wave (ii) should not be deep too much and the reasonable level for this correction would be WS1 level of 130.13. Anything above this level would decrease the downward momentum in this impulsive wave progression.

Support/Resistance:

127.99 - 128.22 - DEMAND AREA | Swing Low |

128.43 - WS2

128.90 - Intraday Support

129.59 - Technical Resistance

129.79 - Intraday Resistance

130.13 - WS1

130.71 - Technical Resistance

131.03 - Weekly Pivot

131.94 - Swing High

Trading recommendations:

According to the higher time frame cycle bias is to the downside, so short positions should be in play: the first level to enter is at 129.58 - 129.79 zone, with SL just above Intraday Resistance and potential TP below 129.22.

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GBPCHF tests resistance at 1.4320/40 again. Trend News

Technical outlook and chart setups:

The currency pair has raised towards the backside of the rising trendline again, which is resistance now. The resistance zone is around 1.4320/40 at the moment; followed by 1.44/45, 1.48 and 1.5 are on the higher side; while support is around 1.4. It is expected that the pair would reverse to the lower side from here, and hence it is recommended to remain short or initiate fresh short positions now against 1.44/45. On the alter side, a push higher towards 1.44/45 levels would negate bearish outlook further. Looking lower for now.

Trading recommendations:

Remain short, set stop above 1.44, target is open.

Good luck!

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