#USDX Analysis for September 24, 2013 Trend News

Nothing new regarding the Dollar Index. The prices continue to trade around the 80.50 price level. It continues to trade within the downward sloping channel testing the upper boundaries of the channel. Soon we should expect the prices to trend towards either direction. If resistance at 80.65 is broken, then in the short term will change to up with first target 81.10. If however the prices continue to trade below 80.65, we should anticipate the trend to resume downwards as the longer term is still down. Target if trend resumes downwards is 80.

Nothing has changed in the daily level. Trend remains down and we expect prices to continue their downward move once this sideways action is over. We cannot rule out a visit towards 81 if prices break above 80.65.

Concluding we remain bearish biased as long as prices trade below 80.65. Nothing new from yesterday's session. We still wait for a breakout.

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Gold Elliott wave analysis for September 24, 2013 Trend News

Gold did not made much improvement towards any direction yesterday. The sideways move has kept the precious metal between the 1,315-28 range. It is very possible that this correction will end with another leg down towards 1,300. Important support is found at 1,291 and 1,272. We are neutral with a small upward bias. If prices break above 1,333 resistance we will enter long targeting 1,400.

The hourly chart shows that the decline has paused between the 76.4% and 61.8% retracement. This is an important support level relative to the upward move from 1,291 to 1,375. We expect the prices to move upwards soon and start a new upward move towards 1,400.

The daily chart above shows that prices are supported near the 1,280-1,300 area. This support if held, we should anticipate another upward move towards 1,400. So we remain sightly bullish as long as the prices stay above support.

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Silver remains bullish in the short term. 21.00 key level Trend News

Technical outlook and chart setups:

Silver remains unchanged from what was discussed yesterday. Having bounced off from the 0.618 Fibonacci support last week, the metal looks to be poised to extend rally into the sub 24.00 zone, before deciding the next big move ahead. Intermediary resistance remains at sub 25.00 level, while support is at 21.00/20 levels, followed by 119.00 respectively. It is recommended to remain long for now, with risk just below 21.00 level. A wave 3 rally is anticipated to run into 24.30/50 region before running down towards the larger trend, which is down.

Trading recommendations:

Remain long, add further, stop is below 21.00, and target is at 24.00/30.

Good luck!

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Gold showing signs of rally into 1,400 again Trend News

Technical outlook and chart setups:

The yellow metal looks to be preparing for a wave 3 rally into 1,400s again before the next move could be determined. It is recommended to remain long for now with risk below 1,270.00 level. Intermediary resistance is at 1,440.00 level, while support is at 1,270.00 respectively. A straight fall from current levels (1,320/30), breaking down 1,270.00 would prove extremely bearish and turn our trade strategy to selling rallies. At the moment, the possibility of a wave 3 rally (at least), cannot be ruled out. The rally could be extending itself into 1,405/10 levels before the next action could be determined.

Trading recommendations:

Remain long, add further now, stop is below 1,270.00, and target is at 1,400/10.

Good luck!

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EurJpy: Rally to continue. 133.00/10 immediate support Trend News

Technical outlook and chart setups:

The single currency is being supported by 133.00/10 region, the past resistance turned support zone. It is recommended to remain long and also add further now. Intermediary resistance is the 134.70/80 region, while support is at 131.50/75 respectively. A bullish bounce is warranted around current levels, which is also re-enforced by the Fibonacci 0.382 retracement levels of recent upswing from 131.50/75 to 135.00 level. The overall structure suggests that another rally should print higher highs above sub 135.00 level before any change in trend takes place. The rising trend line support is also around 133.00 region at present.

Trading recommendations:

Remain long, add further positions, stop is at 131.50, and target is open.

Good luck!

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GbpChf: Long positions can be initiated. 1.42 strong support Trend News

Technical outlook and chart setups:

The single currency pair is forming base around 1.45 level, as discussed yesterday. This is also re-enforced by the 0.382 Fibonacci support of the recent upswing between 1.42 and 1.48. Furthermore, the past resistance turned support region is also around 1.45 level. Smaller time frames have produced a bullish reversal as depicted here (1/4 Hour). It is recommended to hold long positions initiated yesterday with risk just below 1.45. Intermediary resistance is the 1.48 level, while support is at 1.42 respectively. It is quite possible that the single currency pair retraces further down to 1.44/43 levels before resuming rally. In that case we shall re-enter buying at lower levels.

Trading recommendations:

Initiate long positions, stop is below 1.45, and target is at 1.49.

Good luck!

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