EUR/JPY H1 Analysis for October 9, 2013 Trend News

General overview for 09/10/2013 06:30 CET

The first wave upwards has been done and corrective wave (ii) looks to be done as well, however it might be just the first leg of correction.

Currently, the most important level to overcome for bulls to confirm the intraday bullish bias is Weekly Pivot area of orange rectangle at the 132.20 level.

Only when the level is broken, the test of another level is possible at 132.67.

On the other hand, the Key Level for bulls to keep the bullish momentum going is at 131.41 as the former low of the wave (ii). If this level is broken, then test of 131.13 is in view.

Support/Resistance:

130.85 - 130.96 - GAP ZONE

131.13 - Swing Low

131.41 - Key Level for Bulls

132.14 - Weekly Pivot | Intraday Resistance | 50%Fibo | Golden Trend Line Resistance

132.67 - Techncial Resistance

132.98 - WS1

Trading recommendations:

As long as the Key Level holds, bias is to the upside. Long positions from 131.60 area, as per Monday recommendation, should be still in play.

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#USDX Analysis for October 8, 2013 Trend News

The Dollar Index remains above the 50% Fibonacii retracement support and is trying to break above the short-term resistance levels at 80.05-80.20. If it manages to break above that levels, then it will most probably push towards 80.50-65.

The move from the lows is a 5 wave complete movement with a three wave pull back. We expect prices to push upwards to new short-term highs. After 5 waves up and three waves down, according to elliott wave theory we should anticipate at least 5 more waves up. Our target is 80.60-70 with 79.65 stop.

In the daily chart we observe nothing more but a small pause to the bigger downward trend. The longer-term trend remains downward and there is no strong reverse signal in order to make us believe there is something about to change for the longer term. So any upward opportunity we see is labeled as corrective, because we believe the main trend is downward.

Concluding, short-term support at 70.65-80 may help the index to try and push upwards as the short-term price patterns show impulsiveness. We believe short-term opportunities are on the upside and we should trade with extreme caution as the longer-term trend is still downward.

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Gold Elliott wave analysis for October 8, 2013 Trend News

Gold has broken outside and above the sideways triangle and is testing short-term resistance at 1,329. The downward sloping resistance trendline is found at 1,330 and if broken, prices could push towards 1,350-60. Short-term support is found at 1,320 and 1,313. If these support levels are broken, then we should expect prices to move towards 1,300-1,290.

Short-term trend has changed to up as long as prices trade above 1,313. We think it more probably for the precious metal to find strong resistance at 1,330 and pull back down towards 1,300. Even if resistance is broken at 1,330, we will prefer to stay neutral as the bullish potential towards 1,350-60 is not risk rewarding.

The longer-term trend, as shown in the daily chart, remains down as prices trade below both the trendline and the Moving average. We expect prices not to be able to break above resistance and we will become strongly bearish if the support at 1,280-70 is broken with the target at 1,140-1,200.

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USD/CAD H1 Analysis for October 08, 2013 Trend News

General overview for 08/10/2013 07:45 CET

Yesterday's idea of shorting the golden trendline from 1.0325 with TP at 1.0305 turned out to be profitable so congrats to anyone who took this trade.

As for today, the last cycle of the impulsive wave has been done in five waves, and then a sharp correction was made in for of a ZigZag making at 1.0295, the low of wave ii.

The overall bullish picture is still valid, and as long as 1.0288 is not taken out, the higher prices are anticipated.

In Daily time frame the level of 1.0296 is the 200 DMA and this is the primary dynamic support for this pair.

Further, the bullish bias is confirmed, when SUPPLY ZONE is breached.

Support/Resistance:

1.0349 - 1.0354 - SUPPLY ZONE

1.0337 - WR1

1.0329 - 61%Fibo

1.0306 - Weekly Pivot

1.0288 - Wave (ii) Low

1.0285 - Invalidation Line

Trading recommendations:

As long as 1.0288 holds, the long side of the market should be in play from the current levels with togh SL and possible TP at 1.0337 and 1.0350.

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