#USDX analysis for August 27, 2013 Trend News

The Dollar Index continued to trade below the resistance trendline yesterday. The short-term resistance is found at 81.55-65-75. The short-term support is found at 81.25-05. The trend is neutral and the decline from the recent highs at 81.76 looks corrective as the price action is overlapping.

Today, the price has made a short spike above the resistance level and we believe that it is very possible that a breakout is starting and that the uptrend is resuming. More signs of strength should be given by the Index. The price should make a clear break above the 81.75 resistance level in order to give the signal of serious strength. We are cautiously bullish expecting the trend to reverse upwards.

In the daily chart we observe that today's candlestick is breaking above the trendline, but we also need a daily candle that will break above the previous highs at 81.76. The slope of the MA is negative and this is not a good sign for the longer-term trend. However, these indicators are lagging, so we might need to give them more time. Breaking above these two MA will also be a good bullish sign and evidence that the trend is reversing.

Concluding, we are cautiously bullish and want to see more evidence that bulls are back. The resistance level of 81.76 must be clearly broken in order to make our view to 100% bullish. Until then we remain mostly neutral.

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Gold Elliott wave analysis for August 27, 2013 Trend News

Gold has managed to regain to 1,400.00 and is now heading towards the top of the resistance area at 1,425.00. The price continues to make higher highs and higher lows, therefore, the trend remains bullish. We noted that this price area that we are close now is a very important resistance area. 1,410-25.00 is resistance where we can see, at least, a short-term top on Gold. The price is heading straight towards our target and if the price manages to go above 1,395.00, we will be confident of reaching our goal.

The short-term support is found at 1,395.00 and 1,388.00. We remain bullish with those levels setting a stop and 1,425.00 as the first target. The trend remains upward, but we fear that we might be in the final stages of the rise from 1,270.00.

In the daily chart you can see that the price trades, curently, within the important resistance area and we believe that a pull back towards 1,350-60.00 may be justified now. We don't open short positions unless the short-term support levels are broken. Concluding, the trend remains bullish, but it is time for a pull back. Breaking below 1,395-88.00 will signal us that the top is reached and the correction is starting. The first target of the correction is 1,360-50.00.

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Gold Elliott wave analysis for August 27, 2013 Trend News

Gold has managed to regain to 1,400.00 and is now heading towards the top of the resistance area at 1,425.00. The price continues to make higher highs and higher lows, therefore, the trend remains bullish. We noted that this price area that we are close now is a very important resistance area. 1,410-25.00 is resistance where we can see, at least, a short-term top on Gold. The price is heading straight towards our target and if the price manages to go above 1,395.00, we will be confident of reaching our goal.

The short-term support is found at 1,395.00 and 1,388.00. We remain bullish with those levels setting a stop and 1,425.00 as the first target. The trend remains upward, but we fear that we might be in the final stages of the rise from 1,270.00.

In the daily chart you can see that the price trades, curently, within the important resistance area and we believe that a pull back towards 1,350-60.00 may be justified now. We don't open short positions unless the short-term support levels are broken. Concluding, the trend remains bullish, but it is time for a pull back. Breaking below 1,395-88.00 will signal us that the top is reached and the correction is starting. The first target of the correction is 1,360-50.00.

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EUR/JPY H1 analysis for August 27, 2013 Trend News

General overview for 27/08/2013 09:45

The pair has developed a downside wave as it was indicated yesteday. Currently, trading is going on in the grey rectangle zone, which is crucial for further wave development.

A break of the lower level of Supply Breakthrough Zone at 130.83 will make a test of the golden channel line possible. The 161%Fibo Extension and WS1 may provide some support for the price but the overall picture will be determined when the price gets there.

A break out of the 130.28 level and closing H1 below it will testify the bearish mood and open the way to the lower demand area at 129.26 - 129.41.

On the other hand, only a break of technical resistance at 131.24 will invalidate the view.

Support/Resistance:

132.41 - Swing High

131.87 - Key level

131.57 - 131.62 - Intraday Supply

131.42 - Weekly Pivot

131.24 - Technical Resistance

130.83 - 131.03 - Supply Breakthrough Zone

130.45 - WS1 | Golden TL Support |

130.28 - Technical Support

Trading recommendations:

For those of you who have short positions opened from the 131.87 level it is worth to notice that the golden trendline support level of 130.45 will be a good place to close the deals.

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EUR/JPY H1 analysis for August 27, 2013 Trend News

General overview for 27/08/2013 09:45

The pair has developed a downside wave as it was indicated yesteday. Currently, trading is going on in the grey rectangle zone, which is crucial for further wave development.

A break of the lower level of Supply Breakthrough Zone at 130.83 will make a test of the golden channel line possible. The 161%Fibo Extension and WS1 may provide some support for the price but the overall picture will be determined when the price gets there.

A break out of the 130.28 level and closing H1 below it will testify the bearish mood and open the way to the lower demand area at 129.26 - 129.41.

On the other hand, only a break of technical resistance at 131.24 will invalidate the view.

Support/Resistance:

132.41 - Swing High

131.87 - Key level

131.57 - 131.62 - Intraday Supply

131.42 - Weekly Pivot

131.24 - Technical Resistance

130.83 - 131.03 - Supply Breakthrough Zone

130.45 - WS1 | Golden TL Support |

130.28 - Technical Support

Trading recommendations:

For those of you who have short positions opened from the 131.87 level it is worth to notice that the golden trendline support level of 130.45 will be a good place to close the deals.

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Elliott wave analysis of EUR/NZD for August 27, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.7182

R2: 1.7143

R1: 1.7110

Current Spot: 1.7082

S1: 1.7042

S2: 1.6989

S3: 1.6936

Technical summary:

We have seen wave i from 1.6325 to 1.7197 of a new major impulsive rally. Currently, we are in wave ii correction, which ideally will correct 38.2% of wave i. That will call for a decline towards 1.6864. The reason why we are only looking for the minimum correction is a pace wave i is developing at. However, it should be noted that the second waves are allowed to correct 100% of the first wave, but they can never break the starting point of wave one. Once this wave ii correction is over we are looking for a new very powerful rally, at least, towards 1.7775, but it is more likely to extend towards 1.8314. As of now, we will stay focused on the possible termination of wave ii.

Trading recommendation:

Stay short on EUR from 1.7100 with a stop at 1.7185. Take profit + reverse the short position to a long position at 1.6875.

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