#USDX Analysis for September 2nd, 2013 Trend News

The Dollar Index has managed to maintain the 82 level and is targeting 82,50. Prices move upwards in an impulsive pattern and make small sideways corrective patterns confirming that the trend is up with higher highs and higher lows. Short term support is found at 82,10-82-81,90 and short term resistance is found at 82,30-50.

For this upward trend to continue, prices should hold above the upward sloping red trend line support as shown in the chart above. Breaking it will most probably commence a corrective phase that could push prices towards 81,50.

As the daily chart above shows, prices have broken the downward trend line and are now going to test the 82,50 resistance. A pause in the upward move could be justified at these prices levels. We believe that Dollar strength will continue as the price reversal from 80,76 will push prices towards the previous highs and will challenge the 84,75 high. Longer term stop for bulls is the 81 price level. Short term traders should use 81,99 as stop.

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Gold Elliott wave analysis for September 2nd 2013 Trend News

Gold has reahed the 38% Fibonacci retracement at 1372 where our first target of this downward move was. Prices our now bouncing upwards towards the downward sloping red trend line resistance at 1394. Short term resistance is found at 1394-1400-1410. Short term support is found at 1384-72-66.

We opened a short position when price broke down below 1412 and 1400. Half was closed at our first target at 1372 and we are looking to sell again this upward bounce as we expect prices to fall bak down towards 1355.

We should see a break below 1372 in order to confirm this bearish trend towards 1350 (50% retracement). Otherwise if prices start to make higher highs and higher lows we could see the bullish scenario that target 1450 increase its chances. As long as prices trade below 1400 we remain strongly bearish with 1350 as target.

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Silver Conter Trend Expected To Resume Soon. Remain Short Trend News

Technical Outlook and Chart Setups:

Similar to Gold, the white metal is pulling back at the moment only to find resistance ahead of 25.00 levels. It is recommended to remain short on earlier positions for now and also add after pullback ends. Immediate resistance is around the 25.00 region while support is around 22.50 for now. Looking into fibonacci convergence, 21.50 region remains of importance for the next bullish bounce. The current pullback is expected to reverse around 24.50/75 region. The counter trend should also end around 21/21.50 region before the trend resumes.

Trade Recommendations:

Remain short for now, stop at 25.50.

Good Luck !

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Gold Pulling Back. Remain Short For Counter Trend Trend News

Technical Outlook and Chart Setups:

The metal opened gap down today and is pulling back at the moment. Expect this pullback to continue for a while before it reverses lower for a continued counter trend. Resistance region is 1435/40 for now and a lower high ahead is expected to be formed today or tomorrow. It is recommended to remain short for positions taken earlier and also look to sell the rally at reversal before 1432/35. The fibonacci confluence and trend line support points at 1340/50 region, for the next bullish reversal. A break below the support line would warn against turning too bullish. At the moment, looking lower at least towards 1340/50.

Trade Recommendations:

Remain short, stop around 1445/50.

Good Luck !

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EurJpy Consolidation Continues. Above 132.40 Is Breakout Trend News

Technical Outlook and Chart Setups:

The single currency pair remains under triangle consolidation for now, as depicted on the daily chart view. This seems to be probable last leg before break out. Resistance is lined up at 132.40/50, followed by 133.80/134.00; while support is seen at 129.00, followed by 128.00, 125.00 and 119.00 as strong support. It is recommended to remain long for now, with risk below 129.00 as suggested earlier. Also intraday dips ahead of 129.00 levels can be bought. A push through the 132.40/50 region again would confirm a bullish breakout towards fresh highs. On the flip side, a break below 129.00 levels would bring back control to the bears.

Trade Recommendations:

Remain long for now, stop below 129.00.

Good Luck !

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GbpChf Rally Gathers Pace. Remain Long and Move Risk To Break Even Trend News

Technical Outlook and Chart Setups:

The single currency pair has rallied past the sloping downtrend line for now. A bullish candle appearance here would confirm a break; which could extend the rally further higher above 1.46. Immediate resistance region is 1.45/1.46, followed by 1.48, and strong resistance at 1.5 as depicted here. Support is at 1.42 (intermediary), followed by 1.4 and lower. A push ahead of 1.46 would confirm that the single currency pair is headed towards 1.49 levels. On the flip side, a failure to break 1.46 would reverse the same. It is recommended to remain long for now with risk at break even; a change in scenario would be re-considered.

Trade Recommendations:

Remain long for now. Move stop to break even levels.

Good Luck !

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