#USDX analysis for November 1, 2013 Trend News

We mentioned yesterday that the Dollar index had changed its short-term trend to upward, and that if resistance at 80.15 was broken and if the longer-term downward sloping trend lines were broken, the longer-term trend would be challenged. The Dollar index being pushed higher mainly by the sharp decline in EURUSD, has broken all short-term resistance levels and moved higher than the 76.4% Fibonacci retracement confirming that the trend is upward and bullish momentum is being built.

The upward sloping channel supports the trend. Short-term support is found at 80.30 and then at 80.15. Short-term resistance is found at 80.65-70. If this resistance is broken then this will be very bullish for the Dollar index as this is the area of an important previous high.

The daily chart shows how longer-term trend is being challenged. The first downward sloping trend line was broken. Now prices test the second downward sloping trendline. Breaking above 80.65-70, we could confirm that longer-term trend is changing to neutral with expectations of turning bullish.

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Gold Elliott wave analysis for November 1, 2013 Trend News

Gold has reached the first target we mentioned yesterday at 1,318, so we can start taking some profits as an upward bounce could be possible at these levels. Short-term support is found at 1,315 and then at 1,300. Short-term resistance level is found at 1,328 and then at 1,334.

Prices have reached the 38% Fibonacci retracement and the decline could continue towards the 50% Fibonacci retracement. The decline is currently in three waves from 1,361; thus is labeled corrective. We prefer to take profits at this price level and at 1,305-1,310. An upward bounce could be possible as well as the entire downward correction. We are now neutral for the short term waiting for prices to unfold and give us more data on what to expect next.

The daily chart continues to form the right hand shoulder. Prices are breaking below the MA and if prices continue towards 1,290-80, then it will be very possible to see a test of the Head-and-shoulders neckline at 1,260-50. If this neckline breaks, we expect prices to see 1,140. If prices make a new short-term high above 1,361, then we should expect Gold to reach 1,430.

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USD/CAD H1 analysis for November 1, 2013 Trend News

General overview for 01/11/2013 07:30 CET

Over the nigh, the price went down to grey rectangle support zone, and it looks like the top of wave A green is in.

What I am expecting now is some sort of consolidation, and then another leg down to complete the cycle.

The wave progression from top is impulsive, so the whole corrective structure might be in shape of ZigZag.

The most important support zone is the grey rectangle of wave 4 support zone. If broken, more downside is expected.

Support/Resistance:

1.483 - 1.0496 - SUPPLY ZONE

1.0439 - Intraday Resistance

1.0427 - Technical Support

1.0408 - 1.0418 = Wave 4 Support ZOne

1.0404 - Weekly Pivot

1.0395 - 1.0389 - SUPPLY BREAKTHROUGH ZONE

1.0365 - Technical Support

1.0350 - WS1

Tradinig recommendations:

The short side of the market should be in play due to unfinished corrective cycles. Entry on intraday resistance level up to the golden trend line resistance level with SL above 1.0500 and potential TP1 at 1.0395 and TP2 at 1.0365

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