#USDX analysis for November 1, 2013 Trend News

We mentioned yesterday that the Dollar index had changed its short-term trend to upward, and that if resistance at 80.15 was broken and if the longer-term downward sloping trend lines were broken, the longer-term trend would be challenged. The Dollar index being pushed higher mainly by the sharp decline in EURUSD, has broken all short-term resistance levels and moved higher than the 76.4% Fibonacci retracement confirming that the trend is upward and bullish momentum is being built.

The upward sloping channel supports the trend. Short-term support is found at 80.30 and then at 80.15. Short-term resistance is found at 80.65-70. If this resistance is broken then this will be very bullish for the Dollar index as this is the area of an important previous high.

The daily chart shows how longer-term trend is being challenged. The first downward sloping trend line was broken. Now prices test the second downward sloping trendline. Breaking above 80.65-70, we could confirm that longer-term trend is changing to neutral with expectations of turning bullish.

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Gold Elliott wave analysis for November 1, 2013 Trend News

Gold has reached the first target we mentioned yesterday at 1,318, so we can start taking some profits as an upward bounce could be possible at these levels. Short-term support is found at 1,315 and then at 1,300. Short-term resistance level is found at 1,328 and then at 1,334.

Prices have reached the 38% Fibonacci retracement and the decline could continue towards the 50% Fibonacci retracement. The decline is currently in three waves from 1,361; thus is labeled corrective. We prefer to take profits at this price level and at 1,305-1,310. An upward bounce could be possible as well as the entire downward correction. We are now neutral for the short term waiting for prices to unfold and give us more data on what to expect next.

The daily chart continues to form the right hand shoulder. Prices are breaking below the MA and if prices continue towards 1,290-80, then it will be very possible to see a test of the Head-and-shoulders neckline at 1,260-50. If this neckline breaks, we expect prices to see 1,140. If prices make a new short-term high above 1,361, then we should expect Gold to reach 1,430.

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USD/CAD H1 analysis for November 1, 2013 Trend News

General overview for 01/11/2013 07:30 CET

Over the nigh, the price went down to grey rectangle support zone, and it looks like the top of wave A green is in.

What I am expecting now is some sort of consolidation, and then another leg down to complete the cycle.

The wave progression from top is impulsive, so the whole corrective structure might be in shape of ZigZag.

The most important support zone is the grey rectangle of wave 4 support zone. If broken, more downside is expected.

Support/Resistance:

1.483 - 1.0496 - SUPPLY ZONE

1.0439 - Intraday Resistance

1.0427 - Technical Support

1.0408 - 1.0418 = Wave 4 Support ZOne

1.0404 - Weekly Pivot

1.0395 - 1.0389 - SUPPLY BREAKTHROUGH ZONE

1.0365 - Technical Support

1.0350 - WS1

Tradinig recommendations:

The short side of the market should be in play due to unfinished corrective cycles. Entry on intraday resistance level up to the golden trend line resistance level with SL above 1.0500 and potential TP1 at 1.0395 and TP2 at 1.0365

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Elliott wave analysis of EUR/NZD for November 1, 2013 Trend News

Today's Support and Resistance levels:

R3: 1.6515

R2: 1.6487

R1: 1.6461

Current Spot: 1.6433

S1: 1.6390

S2: 1.6356

S1: 1.6312

Technical summary:

Support at 1.6469 was broken without troubles, and we are now close to our next target near 1.6390. We could still see a slightly deeper decline towards 1.6312 as long as resistance at 1.6485 protects the upside, before this wave ii is over and a new powerful rally higher towards 1.7424 is expected as wave iii is developing. In the longer term we are still looking for much higher levels once this new impulsive rally really gets strong development. It should also be remembered that wave 3 is the wave we really want to be exposed as this normally is the longest wave.

Trading recommendation:

Take profit on your short EUR-positions from 1.6610 here at 1.6433 for a profit. Place a new buy order at 1.6325 or upon a break above 1.6485.

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Elliott wave analysis of EUR/JPY for November 1, 2013 Trend News

Today's Support and Resistance levels:

R3: 134.22

R2: 134.05

R1: 133.83

Current Spot: 133.57

S1: 133.45

S2: 133.01

S3: 132.61

Technical summary:

Our new preferred count has worked out perfectly and red wave c of b is developing now. With the decline below 133.60, red wave c could end any time now. However, we are looking for minor resistance at 133.83 to protect the upside for one last decline towards 133.01, before red wave c of b is finally in place, and the c wave of wave v will take over for a rally towards 137.69 and maximum 138.39.

Only a direct break above 134.20 indicates that red wave c already has finished and the final wave c of v is developing already.

Trading recommendation:

We recommend to book your profit on the short positions from 134.70 here at 133.57 for a nice profit. Place a new EUR buy order at 133.20 or upon a break above 134.20.

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#USDX analysis for October 31, 2013 Trend News

The Dollar index continues to move higher inside our upward sloping channel. Our short-term view was bullish from two days ago, and we continue to get confirmation of short-term uptrend as pries make short-term higher highs and higher lows breaking above short-term resistance levels.

Prices have reached the 50% Fibonacci retracement level and the upper boundaries of the upward sloping trend channel. We might see a pause in the upward move today, but still there is no signal that this upward bounce has ended. A sell signal will come if prices break below the critical support area noted in the chart above near 79.55.

The longer-term trend is bearish still, but we see the index that now tries to challenge the downward sloping trend lines as shown in the chart above. Important intermediate and long-term resistance levels are found at 80 and 80.60 and for longer-term trend to change to up, these resistance levels must be broken upwards. Short-term trend is upward and is challenging the intermediate term trend.

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Gold Elliott wave analysis for October 31, 2013 Trend News

Gold did not manage to break above its previous high and made a double top and reversal confirming our bearish view. Prices initially broke below the 1,353 pivot support and then failed to hold the support levels at 1,346 and 1,338.

Prices are heading towards the 1,318 price level, where the 38% Fibonacci retracement is. Prices are making lower lows and lower highs confirming bearish trend. We remain bearish with the 1,318 first target. Below that, I see 1,300-1,290.

Gold is forming the right hand shoulder in the daily chart. Prices are going to test the MA support at 1,318-20. Important support level for bulls in the daily chart is the 1,250-60 area. If this support is broken, expect prices to move towards 1,140. For now, we remain bearish with 1,360 as a stop.

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