#USDX analysis for December 13, 2013 Trend News

The first signs of strength were shown yesterday in the Dollar Index. Prices have paused their decline at the price level we were talking about all this time. The 61.8% Fibonacci retracement has proven important support and as expected, prices have made a short-term trend reversal from that level. The downward sloping wedge was broken upwards.

The Dollar index as shown above shows the first signs of strength. As we mentioned in previous posts, we would go long only on signs of strength. Any pull back below 80 would not be good for bulls. On the other hand, the trend seems to have reversed upwards and bulls need now to break above 81 in order to change upards in the intermediate term, target is 82-83.

Breaking above the red rectangle resistance will bring prices at least towards the blue elcipse area near 82.50. We are bullish as long as prices trade above 80. Our longer-term target is 82.50-83. Confirmation above 81.

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EUR/JPY H1 analysis for December 13, 2013 Trend News

General overview for 13/12/2013 08:55 CET

Breakout above last swing high indicates that bullish impulsive wave progression has not been finished yet and count has been re-labeled slightly.

The bearish divergence on AO oscilator is clear and the current price action should be to the downside with the main focus on 142.16 level. If this level is broken, this would be first clue that the top is really in place. Further clue would be breakout below red channel line and the price return inside the channel area to test technical resistance level.

On the other hand, if 141.16 holds the top might be tested/broken again and wave (5) purple will get very extended.

Support/Resistance:

142.97 - WR1

142.80 - Intraday Resistance

142.16 - Intraday Support

141.00 - Techncial Support

140.70 - Weekly Pivot

Trading recommendations:

Range play after breakout is advised:

- if 142.16 is broken go short with SL above 143.00 and TP open for now.

- if 142.16 holds,go long on retrace with SL below 142.16 and TP at 142.80.

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