#USDX Technical analysis for September 29, 2014 Market Analysis Review

The Dollar index remains in a bullish trend. The up trend is very strong and is now looking parabolic. This means that bulls should be on high alert as a trend reversal will be very strong and swift. On the other hand, I do not prefer going against this trend.

Red line = resistance

The Dollar index remains in a bullish trend. Price is above the Ichimoku cloud and still inside the upward sloping channels. Resistance is at 85.80. A short-term pull back is justified towards 85.50. This is the short-term support level. Breaking below that level could push the index towards 85.

The parabolic rise in the Dollar index is strong. It is prefered to stay neutral than trade against this strong up trend. However, bulls should also take their precautions as a pull back could bring the index as low as 84.40 in a very fast manner. Such parabolic rises also bring strong reversals, so it is prefered to raise stops in order to lock in profits. A normal correction would bring the index towards the 83.50 level. In conclusion, we remain fully bullish with our stops raised in order to protect profits. Betting against this strong trend is not advisable.

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Elliott wave analysis of EUR/NZD for September 29 - 2014 Market Analysis Review

Today's support and resistance levels:

R3: 1.6514

R2: 1.6475

R1: 1.6446

Current spot: 1.6345

S1: 1.6308

S2: 1.6300

S3: 1.6266

Technical summary:

We have seen the expected acceleration higher to 1.6407 after the break above the base channel resistance line. After a minor pause towards 1.6308, we should see a continuation higher towards 1.6830 as the next upside target. Longer term we are looking for much higher levels towards 1.6996 and 1.7274 on the way towards 1.8133 and likely even higher.

Trading recommendation:

We are long in EUR from 1.5826 and will move our stop higher to 1.6100. If you are not long in EUR yet, then buy near 1.6308 with the same stop at 1.6100.

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Gold Technical analysis for September 29, 2014 Market Analysis Review

Gold price has held support at $1,207 on Friday and made a higher low at $1,212. Short-term trend is sideways and I prefer to stay neutral for now. My longer-term view remains bearish. My target remains at $1,000. We first need to break below $1,180. This will strengthen our bearish scenario.

Blue line = support

Green line = price channel

Gold price as shown above in the 4 hour chart remains in a bearish trend. Price is below the Ichimoku cloud and still inside the downward sloping green channel. However, price remains above the short-term support at $1,208. Breaking below that support will probably push Gold price towards $1,180. Breaking above $1,233 resistance could push Gold price towards $1,250-60.

Red line= resistance

Blue line = support

In the 30-minute chart, we see the higher low made on Friday and this could signal a move towards $1,225-30 where resistance is found. Gold price is forming a sideways triangle as long as it trades between $1,233 and $1,212. The triangle is getting narrower and we should soon expect a break out. I prefer to stay neutral and wait for the break out before opening a position. A longer-term trend remains bearish, so we should also keep in mind that opening a long position is against the larger trend.

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Technical analysis of USD/CAD for September 29, 2014 Market Analysis Review

General overview for 29/09/2014 09:00 CET

The market is developing in the anticipated way, still making higher highs as the impulsive wave progression has not been finished yet. The recent swing high at the level of 1.1177 has been labeled as wave -iii- top, so now this pair is in the corrective cycle wave -iv-. This means one more wave to the upside is still missing and when correction is done this wave will materialize. Please notice, that any violation of the level of 1.1126 will invalidate blue bullish impulsive count.

Support/Resistance:

1.1175 - Swing High

1.1148 - Intraday Support

1.1125 - Blue Impulsive Count Invalidation Line

1.1100 - Weekly Pivot

1.1082 - Red Impulsive Count Invalidation Line

1.1035 - WS1

Trading recommendations:

Swing traders and day traders should consider moving the trailing stop loss orders for all buy positions just below the level of 1.1125 in case the corrective cycle will be more complex and deeper in retracement.

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Short-term analysis of USD/CAD for September 29, 2014 Market Analysis Review

The pair made the highest closing in the previous week. As we have been recommending to buy for the last couple of weeks for a target at 1.1145, 1.1195, 1.1224. We are still waiting for the rest of the targets. For the longer-term perspective, a strong breakout above 1.1230, we can see 1.1938. This view is valid with sl 1.0865. We initiated the buy at 1.1 in the August 22 article. As of now toady the pair went up approximately 200 pips, and we are still waiting for more upside. This week the pair opened on a very strong note (opened lower). We expect the uptrend to continue.

For an hourly and intraday view, the pair has support at 1.1151 and 1.1138, below this, 1.1110 and 1.1074. Use a dip to add the long positions.

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Intraday trading recommendations for GBP/USD for September 29, 2014 Market Analysis Review

The cable has support at 200WEma. Consecutive 3 weeks the pair managed to close above 200Wema. This week we can expect further clear oneside direction in the near and short term. The cable has support at 1.6160, below this, 1.6050 and 1.60 is the strong support zone. A close below 1.60 only the short and medium term turns down. The trading pattern is framed between 1.60-1.66, a break either side will give further room for the rest of the year. On the down side, if it hits 1.60, it can fall to 1.59, 1.5850 and 1.5720 levels. The cable is making a broadening tip in the weekly chart at 1.64. It closed below the descending trend line and hit the ascending trend line. These factors are representing more bearish thoughts in the near term. A daily close above 1.63, the cable can fly up 100 pips, and a daily close above 1.64 only, it can fly up to 1.6575-1.66. Until it closes below 1.64, selling on every upmove will mint the money in the near term and on a weekly basis as well.

For an intraday view, the prices are trading near hourly and intraday key moving averages. We recommend selling at the current market price or if any upmove takes place. We can see 1.62 and 1.6175 in a day or two. The pair has resistance at 1.6254, above this, 1.6282, 1.63 and 1.6345. Fresh upmove is only above 1.6345 towards 1.64-1.6415, strong upmove if only it closes above 1.64.

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Short-term forecast and intraday recommendations on Gold for September 29, 2014 Market Analysis Review

The metal has been testing its fate at $1,212 levels. Though the pair hit it during the intraday session, it managed to trade above it. In the monthly chart $1,212 is at 200MEma. A daily close below $1,215-$1,2$1,2, it can extend its fall to $1,200, $1,185-1,180, $1,150 and may be even $1,135 levels. Below 200MEma, the metal has support at 1,185 (200MSma). We have been recommending to sell the metal for a couple of weeks, the recommendation is the same. The near-term resistance is at $1,237, until the metal closes above $1,237 on a daily basis, the weekly trend favors selling on an upmove. On the down side for the weekly basis, the metal is holding support between $1,215-$1,212 levels.

A monthly close below $1,212, gates are open for $1,185-$1,150-$1,135- pending

For an intraday basis, the metal has been facing strong resistance at hourly key moving averages at $1,219, above this only, the metal looks safe to buy on an hourly basis for a target at $1,224, $1,230 and $1,234 levels. On the down side, it has support at $1,215-$1,212, we recommend only selling below this. Today, as of now, buy above $1,219-$1,220.

Buy above $1,219-$1,220.

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