#USDX analysis for January 15, 2014 Trend News

The Dollar index after back testing the broken triangle has started another move upwards towards the important resistance area of 81-81.50. Chances are now again in favor of the bullish scenario. There are increased chances that this time the resistance at 81.50 will be broken and the index will eventually start a new upward move towards 83.

Prices are rising in an impulsive form and short-term resistance at 81.15, which should easily break soon. The price pattern that is forming has created a higher low at 80.40 relative to the low at 79.75. We expect prices to continue higher and bulls should use 80.40 as stop. We favor long positions.

The daily chart shows how prices are trying once again to break above the red resistance area. This area is of high importance. If broken, we will see 83. The MA are starting to take a neutral slope and could soon change to a positive slope if prices break resistance at 81.50. This will confirm bullish trend and will support our bullish scenario.

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Gold analysis for January 15, 2014 Trend News

Gold prices have most probably completed the upward three wave correction from $1,180. Prices have broken the short term upward sloping trend line and this is our first bearish signal. Our next bearish signal will come when and if prices break below the intermediate low at $1,220 and thus confirm that the upward move is a three wave pattern.

Short-term support is found at $1,236. Short-term resistance is found at $1,256. The highs could be used as stop for short positions. We believe that there are many chances the upward move is over. Breaking above $1,256 could push towards $1,270 which was our first target.

The daily chart confirms the strong resistance that rejected prices in this recent upward move from $1,180. I now expect to retest the lows and make new ones towards $1,140.

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Technical analysis of USD/CAD for January 15, 2014 Trend News

General overview for 15/01/2014 08:05 CET

The extension in wave 5 green is comming to an end and the bearish divergence on the AO oscilator must be taken into account finally.

The count has been changed slightly and I have put the top for wave iii at the previous top of the wave C blue. This means that there is a possibility of one more wave to the upside IF the level of 1.0979 is broken. To support this view the golden trend line must not be violated as well. In that case of upside breakout, the next target is 61%Fibo Extension at the level of 1.1062 that is in nice confluence with WR1 at the level of 1.1075.

Support/Resistance:

1.1.075 - WR1

1.1062 - 61%FE

1.0979 - 38%FE

1.0957 - Intraday Support

1.0840 - Weekly Pivot

Trading recommendations:

In anticipation of wave five to the upside, a Buy Stop order should be placed from the level of 1.0985 with SL below the level of 1.0956 and TP at the level of 1.1062.

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