#USDX analysis for November 21, 2013 Trend News

The Dollar index was trading inside the downward sloping channel. We labeled this decline as corrective. We also mentioned that prices were trading inside the support zone. We also mentioned that an upward move should soon be expected. This is what happened yesterday. Short-term trend has reversed upwards.

The downward sloping trend channel was broken upwards. Prices are moving upwards in an impulsive pattern and are now going to test the previous highs at 81.50. Breaking above that level will re-energise the bullish momentum with 82-83 as a target. The short-term support levels to watch are 81.05 and 80.50.

Prices in the daily chart have now reached the next resistance level at 81.30-81.50, where the previous highs and the 100-day MA are found. Breaking above the MA will be an initial bullish signal for the longer-term trend that has changed to upward after the low at 79. An important support level in the daily chart is the 80.45 level. Breaking that level will push prices towards 80.15 and probably to 79.50.

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#USDX analysis for November 21, 2013 Trend News

The Dollar index was trading inside the downward sloping channel. We labeled this decline as corrective. We also mentioned that prices were trading inside the support zone. We also mentioned that an upward move should soon be expected. This is what happened yesterday. Short-term trend has reversed upwards.

The downward sloping trend channel was broken upwards. Prices are moving upwards in an impulsive pattern and are now going to test the previous highs at 81.50. Breaking above that level will re-energise the bullish momentum with 82-83 as a target. The short-term support levels to watch are 81.05 and 80.50.

Prices in the daily chart have now reached the next resistance level at 81.30-81.50, where the previous highs and the 100-day MA are found. Breaking above the MA will be an initial bullish signal for the longer-term trend that has changed to upward after the low at 79. An important support level in the daily chart is the 80.45 level. Breaking that level will push prices towards 80.15 and probably to 79.50.

The material has been provided by InstaForex Company - www.instaforex.com



For detail explanation and best discovery on market trends you may visit via #USDX analysis for November 21, 2013 . Thanks for your support on #USDX analysis for November 21, 2013

Gold analysis for November 21, 2013 Trend News

Gold prices have broken downwards and are now trading near 1,245. The trend was downward and our view remained bearish from 1,279 once the support trend line was broken. Prices never really managed to break above the resistance trendline and support levels started to fail one after the other. The daily chart as shown below shows clearly that the important support levels were broken. We remain short biased as we believe that prices will continue lower towards 1,230 at least.

The Head-and-shoulders target is at 1,140 with a chance to see 1,080. We remain bearish and we see as important resistance level now the 1,280-95 price range. The support levels were broken as expected since the upward move was labeled as corrective after we analysed the form and pattern of the rise from 1,260 to 1,294.

The trend remains downward, as long as prices trade below the short-term downward sloping red trend line. This could change if prices manage to break above 1,270. This is its short-term resistance. Short-term support is found at 1,230 and then at 1,200. We could see an upward bounce from these levels, so it could be a profit taking opportunity to close short positions at these levels. The bigger trend remains downward, so any upward bounce should be met with sellling.

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USD/CAD H1 analysis for November 21, 2013 Trend News

General overview for 21/11/2013 08:00 CET

After yesterday's invalidation of an immediate bullish impulsive trend resumption, there is still a possibility for a further impulsive trend development however.

In this count wave progression might be impulsive as long as the 1.0427 level holds and that progression is way more dynamic that the previous one.

The first resistance level would be Intraday Resistance zone at 1.0478. If this level is broken then further upside continuation is anticipated, up to the level of 1.0506 and more ( SUPPLY ZONE).

Support/Resistance:

1.0392 - WS1

1.0404 - DEMAND ZONE

1.0413 - Swing Low

1.0428 - Invalidation Line

1.0435 - Intraday Support

1.0458 - Weekly Pivot

1.0478 - 1.0483 - Technical Resistance Zone | DEMAND BREAKTHROUGH ZONE |

1.0412 - WR1

1.0506 - 1.0524 - SUPPLY ZONE

Trading recommendations:

In anticipation of more impulsive wave development to the upside 1.0478 -1.0483 zone should be bought IF there is 1h candle close above the zone. If there is no close above the zone, sell orders should be in play for intraday scalps of 25-30 pips.

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