#USDX analysis for January 10, 2014 Trend News

The U.S. Dollar Index is battling hard with the important resistance area of 81-81.50 we are mentioning for so long. This is good for traders as it cofirms how important a resistance level is. There are two ways to treat such a situation. Either wait for the confirmation of the break out and go long, or go short and reverse position when prices confirm an upward break out. We have seen several times before in the dollar index that when a resistance rejectes prices, strong reverse movement follows. In this case, rejection to break upwards, could bring more selling pressures to push prices to 80 or 79.

Short-term resistance is found at 81.30. Short-term support at 80.65. Important support for bulls is 79.70. Important resistance level for bears is 81.50.

The price formation in the daily chart favors the bulls and there is a possibility that prices will finally manage to break above 81.50 and reach at least 82.5-83. However, without a clear and confirmed break out we have to remain neutral or take short position with a stop reverse at 81.50.

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Gold analysis for January 10, 2014 Trend News

Gold prices are rising as expected from the first support area of $1,220 that was tested. Gold is most probably unfolding in an upward wave C that could put to the test the $1,275 resistance level. Our target for a complete wave C is $1,290 ($15 higher or lower).

The $1,290 target is derived if we assume wave C will be equall to wave A. However, we only need a higher peak than wave A to complete the upward correction. Resistance is found at $1,245 and we will see $1,270 if broken. Otherwise, the short term support of $1,225 could be tested.

The daily chart is showing that there is still a downtrend. The slope of our MA remains negative. The gold is trading within a downward sloping channel. Prices are trying to test important resistance now at $1,275 and that is where many information will be derived. Breaking that resistance or being rejected by it, will give us a lot of information for what to expect next. Our preferred scenario implies that we are in an upward corrective phase within a big downward impulsive wave. We should sell when prices reach $1,270 and if a top formation is confirmed.

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Intraday technical levels and trading recommendations for EUR/USD for January 10, 2014 Trend News

Bullish movement above 1.3450 within the depicted bullish channel allowed the pair to reach further supply levels around 1.3650 and 1.3750, respectively. This was taking place until obvious bearish rejection was expressed at 1.3850 (failing to reach 100% Fibonacci Expansion at 1.3904).

Few days later, the bulls managed to break down the lower limit of the ascending channel at 1.3700 after establishing a double top reversal pattern which pushed the pair to record a temporary low at 1.3547.

Fundamentally, the euro witnessed important data releases this week such as inflation rates which showed rebound. Moreover, the total GDP rose during the previous quarter according to the official data released today. This may apply bullish pressure on the market today.

Stabilization below 1.3600 is a must to gather further bearish momentum to reach the estimated projection target of the double-top pattern around 1.3460 (Demand Zone). However, a daily closure above 1.3600 will probably invalidate this bearish view allowing a bullish impulse towards 1.3690-1.3740 to take place.

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EUR/NZD: analysis for January 10, 2014 Trend News

Overview:

Since our last analysis, the EUR/NZD pair has been trading upward movement, as like we expected, price tested level of 1.6526 on average volume .As you can see on the 1H chart, price has been break our FE 38.2 % at 1.6500, so we may expect testing of next Fibonacci 61.8 % around the price of 1.6570.We can also observe selling climax at 1.6395 which got absorbed . Since our FE 161.8 % is held successfully, selling EUR/NZD looks very risky.Selling looks risky so watch for buying opportunities.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.6504

R2: 1.6530

R3: 1.6571

Support levels:

S1: 1.6421

S2: 1.6395

S3: 1.6353

Trading recommendation: Be careful with selling the EUR/NZD pair and watch for buying opportunities.

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