GBP/USD intraday technical levels and trading recommendations for September 27, 2013 Trend News

Strong bullish sentiment was found in the support zone around 1.4830, which pushed the pair to the upside reaching 1.5400 then 1.5700 where two prominent tops were established.

The uptrend line around 1.5430-1.5400 applied bullish pressure on the pair which was able to break trough 1.5720 which corresponds to August's highest level and the recently established top.

The market expressed obvious closure above 1.5575 which invalidated the H&S reversal pattern. This opened the way towards 1.5900, 1.6000 and 1.6170.

It is important to note that the market expressed bearish rejection off 1.6150 which resulted in an inverted hammer WEEKLY candlestick. That is why, bearish movement was expected to take place during this week provided that the bears remain defending the weekly high at 1.6150. However, lack of bearish momentum enhanced by the weakness of the USD prevented further decline.

Fibonacci expansion 100% is located at 1.6040 where the upper limit of the ongoing channel is located. Stablilization above this level opens the way towards the next one around 1.6200 where Fibonacci Expansion 127.2% is located.

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#USDX Analysis for September 27, 2013 Trend News

The price formation from the 80.05 low to yesterday's 80.62 is not impulsive. The sideways pattern makes us believe that this is just a pause to the larger downtrend. Prices got rejected once again at the 80.65 resistance and we believe that soon downward pressures will reappear.

However, if prices break above the red resistance trendline at 80.65-70, we will anticipate a move towards 81 with 80.28 as a stop. However, we believe that it is more possible to see a new low towards 80-79.90.

The daily chart confirms the fact that the resistance still holds and that prices cannot manage to break above it. When resistance is not broken, it is expected to see a downward move instead. So we remain bearish biased as long as prices stay below 80.65.

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Gold Elliott wave analysis for September 27, 2013 Trend News

Gold made a strong pull back yesterday from 1,338 to 1,320 breaking the short-term support. The upward sloping trendline was broken but the important support at 1,300 still holds. Prices have risen as much as the 50% retracement and if we look at this having a short position, then we could say that the upward correction can be over and prices will be starting a new downward move.

Bulls, on the one hand, see the support at 1,300-1,310 holds, but bears, on the other hand, see that prices pulled back down from the 50% retracement. It is very possible to see another move upwards towards 1,340-45, but for now we remain neutral as the current price action and the price pattern does not provide us with a good risk/reward opportunity. Important levels for trading are 1,291 and 1,375. If prices break any of these two levels, then we should expect a big move. If prices move close to these levels, we should take action in favor of the support or resistance. For example, if prices move towards 1,300 and support holds, then we should take action in favor of the support by buying with 1,291 stop reverse. The opposite, if prices move towards 1,645-50, where the 61,8% and 76,4% Fibonacci resistance levels are, we should sell with 1,375 as stop reverse.

Concluding we remain neutral now, as the short-term support has failed, as prices could move lower towards 1,300 and give another buy opportunity. Until then we remain on the sidelines waiting for a good opportunity to come once a signal is given.

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