#USDX Technical analysis for March 13, 2014 Trend News

The trend in the Dollar index remains down. The index continues to make lower lows and lower highs. The Dollar index was rejected at 79.80-90 resistance and turned lower to make new lows towards our target of 79. A few days ago, we mentioned that the bearish flag pattern was giving a target near the 79.15-79.

Short-term trend is down. Ichimoku cloud remains resistance as it is above the current price. Short-term support is found at 79.20-15 where the wedge boundaries are found as can be seen in the chart above. Short-term resistance is found at 79.80-90 and only if the index breaks above this level we can expect a test of the upper channel boundaries and the Ichimoku cloud resistance at 80-80.10.

The daily chart as shown above shows clearly why we preferred short positions the last few days. Trend is clearly down and can only change if the index manages to break above 80.20. The dollar index is heading towards 79 and we can see a short-term bounce up from that support level. Long-term trend will only change if price breaks above 81.40. Long-term trend is down.

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Gold technical analysis for March 13, 2014 Trend News

In the previous analysis, we mentioned that if Gold price made a break above $1,355, we should anticipate uptrend to resume with $1,380-90 target. Gold price remains in uptrend. Short-term support is found at $1,364 and $1,355. Short-term resistance is found at $1,380-90.

The weak dollar and tensions in Ukraine make Gold popular as a safe haven asset and demand rises. The trend is clearly up and bulls will have problems if Gold price falls below $1,340. Ichimoku cloud support is found at $1,340, but I do not expect Gold price to pull back more than $1,355. I expect Gold price to continue higher and continue to make higher highs and higher lows.

The double bottom in Gold daily chart as shown above gives us the target of $1,500-$1,600 now that Gold price has clearly broken above the downward sloping red trend line resistance. We are bullish on Gold and we expect this upward trend to remain strong. Short-term stop for bulls is $1,330. Intermediate-term stop for bulls is $1,290.

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Technical analysis of EUR/JPY for March 13, 2014 Trend News

General overview for 13/03/2014 10:50 CET

The complex correction in wave (iv) green looks finished as the market is trying to resume the upward trend. The red trendline is broken now but the whole move upward lacks an impulsive wave progression, so there might still be a possibility that wave (iv) has not been completed yet. Currently, the market is in range area and bulls and bears are fighting over to take control: a breakout higher above the level of 143.36 is bullish, a breakout lower below the level of 142.83 is bearish. Time will show, patience is required now.

Support/Resistance:

143.78 - Swing high

143.36 - Intraday resistance

142.83 - Intraday support

142.31 - Weekly pivot

141.46 - Techncial support (weak)

Trading recommendations:

Trade the range breakout here:

- buy stop orders should be opened from the level of 143.41 with SL below the level of 142.83 and TP at the level of 143.78 with a possible upside extension.

- sell stop orders should be opened from the level of 142.79 with SL above the level of 143.36 and TP at the level of 142.31 with a possible downside extension to the level of 141.46.

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Technical analysis of USD/CAD for March 13, 2014 Trend News

General overview for 13/03/2014 10:30 CET

The count has been slightly changed due to the recent price action. The top for wave 2 green might be in place now as the full five wave progression can be labeled. An alternate count suggests that the current structure is an abc irregular flat correction that might end soon at one of the Fibonacci levels. Nevertheless, any breakout below the level of 1.1004 would suggest more weakness is coming into the market and wave progression would invalidate the alternate count. Another clue that indicates the top for wave 2 might be in place is the fact that the market is testing the weekly pivot at the level of 1.1062 and starts to trade below it.

Support/Resistance:

1.0952 - Swing low

1.1004 - Intraday support

1.1008 - WS1

1.1062 - Weekly pivot

1.1070 - Intraday resistance

Trading recommendations:

For intraday scalpers: short positions should be opened from the level of 1.1070 with SL above the level of 1.1077 and TP at the level of 1.1029 and 1.10004.

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Technical analysis of AUD/USD for March 13, 2014 Trend News

Forecast :

• According to previous events, The AUD/USD pair has still been trapped between 0.9090 and 0.9030.


• Strong resistance will be formed at the level of 0.9140 providing a clear signal for sell deals with the target seen at 0.9030. Stop-loss is to be placed above 0.9175.


• Strong level (support) will be formed at the level of 0.9010 providing a clear signal for buy deals with the target seen at the 0.9110 level. Stop-loss is to be placed below 0.8980.

Notes :

• The double top will be set at the level of 0.9133.


• We expect a range of 64 pips. But it should be noted that the risk of 64pips must make a profit of 96 pips.


• Volatility: 85.81. Therefore, the market indicates the higher volatility.


• The value of 50% Fibonacci retracement levels is 0.9033 (for confirming for the bullish market).

Intraday technical levels:

Date and Time: 13/03/2014 09:53

Pair: AUD/USD

• R3: 0.9198


• R2: 0.9139


• R1: 0.9103


• PP: 0.9044


• S1: 0.9008


• S2: 0.8949


• S3: 0.8913

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Technical analysis of USD/CAD for March 13, 2014 Trend News

Overview :

• As expected, the support has broken and turned to resistance at the same key level (1.1150), so the resistance of the USD/CAD pair has already set at the price of 1.1150. Equally important, the price set below the resistance fifteen days ago. Furthermore, the price has still been moving between 1.1130 and 1.1066. Therefore, the USD/CAD pair started showing the signs of bearish market, hence the market indicates the bearish opportunity at the level of 1.1150 with the first target of 1.1050, and continues towards the level of 1.1030 again. On the other hand, the stop loss should always be taken into account, hence it will of the wisdom to set your stop loss at the 1.1025 price.


• It should be noted that the level of 1.1030 is representing a strong support on March 13, 2014. Moreover, the same level is coinciding with the 38.2% Fibonacci retracement levels. Consequently, the pair is going to form a strong support at the 1.1030 price.

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Daily analysis of major pairs for March 13, 2014 Trend News

EUR/USD: The EUR/USD is now challenging the resistance level at 1.3950, which ought to be breached soon. Our target at the resistance level of 1.4000 remains unchanged. In addition, there are some economic figures that would be released today, and they will have impact on this market.

USD/CHF: This pair is now trading below our target - at the former support level at0.8750. With the continuation of the bearish pressure, the possibility of the price testing the support level at 0.8700 is very high. This is an easy target.

GBP/USD: On the Cable, the price slashed through the accumulation territory at 1.6600, but it was unable to close below it. Further bearish plunge was rejected as the price rose upwards, targeting the accumulation territory at 1.6700. However, it is better to wait to see a confirmed bias in the market before one takes a side. Why? The bulls are currently battering the bears, but no bullish signal has been confirmed in the timeframe.

USD/JPY: This market is showing lack of strength as the price slashes through the EMA 56. The RSI period 14 is already below the level 50, but the price needs to close below the EMA 56 before the short trade is sought. The bias this week has been bearish so far; the price has dropped by over 50 pips.

EUR/JPY: This currency trading instrument is still fighting the bearish pulls on it, successfully. The Bullish Confirmation Pattern in the chart is still very much relevant (although tight stop orders would have been triggered). It is almost sure that the supply zone at 145.00 will be tested.

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