#USDX Analysis for October 16, 2013 Trend News

The Dollar index continues its sideways corrective movement towards the blue upward sloping trendline. This support trendline is crucial for this wave count and the continuation of the upward momentum. The short-term support is found at 80.25-30. It will not be a good sign for this trendline to break downwards.

We remain bullish biased as long as prices trade above this trendline and above the wave 2 low near 79.85. Adding to our long positions will happen if a new high above 80.70 comes.

The daily chart has not changed much since last time. The upward move from the lows looks impulsive and the short-term trend is upward. The longer-term trend is still downward and we need to break above the 81.70 level to change. Concluding we remains bullish as long as prices stay above 79.85. Today buying near 80.35-40 could give profits near 80.60 with 80.25 as stop.

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Gold Elliott wave analysis for October 16, 2013 Trend News

GOLD reached 1,255 yesterday, but reversed upwards to turn positive and reached the 1,290 levels. This pull back although may have put the bearish scenario in danger, it most probably was another back test of the broken neckline. The previous support is now resistance and prices are testing that levels once again.

Now trading is below 1,280 once again, it seems that prices got rejected at the resistance level and we should expect prices to fall towards new lower lows. The trend remains downward as long as prices trade below the red downward sloping trendline. The short-term resistance is found at 1,290 and if prices break below the 1,275 support, then we could see prices test yesterday's lows.

The short-term chart shows that the upward move is not a clear impulsive wave and we believe it is a part of an upward correction pattern. We expect prices to continue lower towards 1,260 and a new low could be seen even today. The Head-and-shoulders pattern, we noted in the previous posts, remains active and its target is 1,150. We will start taking profits near 1,200, but we also would not want to be short if prices break above 1,320.

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EUR/JPY H1 Analysis for October 16, 2013 Trend News

General overview for 16/10/2013 08:45 CET

The green abc Irregular Flat corrective cycle wave (ii) is done UNLESS it is the first leg of the correction.

So far, in this intraday time frame three upward legs are done, so there is still a possibillity of one more lover leg down. This is why alternate labeling of the low of wave (ii) green has alt:(iii) label there. To invalidate the scenario of a this last lower wave down, the price can not break below brown line level.

Break out above wave b green high will confirm further strength.

Break out below Weekly Pivot level will expose lower DEMANC ZONE level to be tested.

Support/Resistance:

133.98 - DEMAND BREAKTHROUGHT ZONE

133.82 - Intraday High

133.34 - Intraday Resistance

132.72 - Weekly Pivot

132.64 - 38.6%Fibo

132.45 - Lowel DEMAN ZONE level

131.89 - WS1

Trading recommendations:

As correction has ended bias is to the upside so long positions are favouired.

For intraday scalp the entry level is at 132.95 with tight SL and potential TP at 133.34 and beyond.

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Elliott Wave Analysis of EUR/NZD for October 16, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.6239

R2: 1.6193

R1: 1.6149

Current Spot: 1.6107

S1: 1.6068

S2: 1.6036

S3: 1.5996

Technical summary:

With the break below the support at 1.6072 the last piece of doubt for the new more bearish count was eliminated. In the short term we are now looking for minor resistance at the 1.6183-1.6193 zone to protect the upside for a break below 1.6068 confirming continuation lower towards 1.6050 and likely even lower towards 1.6018, before the next consolidation is seen. In the longer term we are looking for a decline towards 1.5872 as the ideal target for wave C from 1.7274.

Trading recommendation:

Stay short in EUR from 1.6255 and keep your stop at 1.6200 and take profit + revers (buy EUR) at 1.5890.

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#USDX Analysis for October 15, 2013 Trend News

Although the dollar index has overlapped the wave 1 high and canceled the wave 4 count, we now turn to another bullish alternative that implies that another wave 1 and 2 are finished, but they are of lower degree. The bullish potential of this wave count is even bigger than the previous wave count.

The blue upward sloping trendline was held and support did not break. This is a good sign for our bullish wave count and we believe that the trend is reversing upwards not only for the short term, but also for the longer term as long as prices do not fall below wave 2 (79.85).

The daily chart continues to show the short-term trend change, but it is too early to say anything about a trend change in the longer term. We remain slightly bullish favored as this could be a trend reversal for a larger scale move of the Dollar index towards 85.

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Gold Elliott wave analysis for October 15, 2013 Trend News

Gold is moving downwards in an impulsive pattern. We mentioned yesterday that prices were back testing the broken support neckline and that soon selling pressures would come back. The upward move from 1,264 to 1,289 was corrective as explained yesterday as the overlapping pattern suggested so.

Today new lows are made towards 1,258 as expected. The trend remains downward and support levels are broken both in short and longer term. The short-term support is now found at 1,252 and 1,230. The short-term resistance is now found at 1,274 and 1,290.

We remain bearish biased towards 1,200-1,150, as per the H&S pattern explained in the previous posts. We remain bearish as long as prices continue to make lower lows and lower highs and as long as the downward sloping trendline is not broken upwards.

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EURJPY at the 133.00 levels. Book partial profits Trend News

Technical outlook and chart setups:

The currency pair bounced off the trendline support at 131.00 lately. Immediate support is at the 128.00/129.00 levels followed by 126.00 and lower. It is recommended to book partial profits on long positions taken earlier and buy further on dips ahead of the 131.00 levels. The extensions are pointing at 136.00 and higher for now. Only a break of the rising trendline would delay matters for bulls. Intermediary resistance is seen at the 135.00 levels for now. Fresh long positions can be taken around the 132.00 levels.

Trading recommendations:

Book partial profits for now, remain long on rest.

Good luck!

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