US Dollar and GOLD Technical Analysis

US Dollar Technical Analysis

Talking Points:

• US Dollar Technical Strategy: Holding Long via Mirror Trader Basket **
• Support: 10439 (61.8% Fib exp.), 10475-84 (channel floor, 23.6% Fib ret.)
• Resistance: 10401 (76.4% Fib exp.), 10339 (100% Fib exp.)

The Dow Jones FXCM US Dollar Index began to recover as expected afterputting in a bullish Piercing Line candlestick pattern. Initial resistance lines up in the 10473-84 area, marked by the underside of a previously broken falling channel and the 23.6% Fib retracement. A break above the latter barrier targets the 38.2% Fib at 10536. Near-term support is at 10400, the April 10 low.




--- Written by Ilya Spivak, Currency Strategist for DailyFX.com


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Talking Points:

• Support: 10400 (Apr 10 low)
• Resistance: 10473-84 (channel floor, 23.6% Fib exp.), 10536 (38.2% Fib exp.)

The Dow Jones FXCM US Dollar Index began to recover as expected afterputting in a bullish Piercing Line candlestick pattern. Initial resistance lines up in the 10473-84 area, marked by the underside of a previously broken falling channel and the 23.6% Fib retracement. A break above the latter barrier targets the 38.2% Fib at 10536. Near-term support is at 10400, the April 10 low.



--- Written by Ilya Spivak, Currency Strategist for DailyFX.com


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Daily



-Bottom line, respect downside potential as long as price is below 10500. 10393 is possible support for a low IF a new low is registered. Above 10500 (daily close) would suggest that a tradable low is in place.
LEVELS: 10355 10393 10420 | 10460 10495 10518


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Daily



-Bottom line, respect downside potential as long as price is below 10500. 10385/93 is possible support for a low IF a new low is registered. Above 10500 (daily close) would suggest that an important low has formed.
LEVELS: 10410 10440 10465 | 10485 10500 10519


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Daily



-Bottom line, respect downside potential as long as price is below 10500. 10385/93 is possible support for a low IF a new low is registered. Above 10500 (daily close) would suggest that an important low has formed. Wave wise, a new low could complete 5 waves down from 10600.
LEVELS: 10393 10410 10440 | 10469 10500 10519


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Daily



-Bottom line, respect downside potential as long as price is below 10500. 10385/93 is possible support for a low IF a new low is registered. Above 10500 (daily close) would suggest that an important low has formed. Wave wise, a new low could complete 5 waves down from 10600.

LEVELS: 10393 10410 10437 | 10469 10500 10519

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Talking Points:

• Support: 10375 (double bottom)
• Resistance: 10472 (channel top), 10495 (support-turned-resistance)

The Dow Jones FXCM US Dollar Index is attempting to carve out a double bottom at 10375. Near-term resistance is at 10472, marked by the top of a falling channel that has guided the greenback lower since the beginning of the year. A break above that on a daily closing basis initially targets support-turned-resistance at 10495.




--- Written by Ilya Spivak, Currency Strategist for DailyFX.com


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Daily




-USDOLLAR has dropped into (and held) 10385. This was estimated support from October 2013 although a more important zone is defined by the June 2012 high and October 2013 low at 10323/55. The top of the zone is also home to the line that extends off of the 2011 and 2012 lows and downward sloping channel support.
-Exceeding 10495 would suggest that an important low is in place.

LEVELS: 103131037010408 | 104451049510518

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Daily




-USDOLLAR has dropped into (and held) 10385. This was estimated support from October 2013 although a more important zone is defined by the June 2012 high and October 2013 low at 10323/55. The top of the zone is also home to the line that extends off of the 2011 and 2012 lows and downward sloping channel support.
-Exceeding 10495 would suggest that an important low is in place. Near term, today’s doji warns of weakness in the coming days.

LEVELS: 104101042910445 | 104761049510518


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Talking Points:

• Support: 10375 (double bottom)
• Resistance: 10455 (channel top), 10495 (support-turned-resistance)

The Dow Jones FXCM US Dollar Index may be in the process of confirming a double bottom at 10375, the October 22 close. Confirmation of an upward reversal pattern requires a breach of resistance at 10455, marked by the top of a falling channel that has guided the benchmark currency downward since the beginning of the year. A daily close above this barrier initially targets horizontal support-turned-resistance at 10495.



--- Written by Ilya Spivak, Currency Strategist for DailyFX.com


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