US Dollar struggling to remain higher (05/11/2013)

It was a mixed day today for the US Dollar making both gains and losses against the key currencies. Indicator signals are mixed as they approach key levels that may make or break the USD.

Read about the Trend/Wave/Extreme system here  twx 05.11.2013

Our Trend/Wave/Extreme indicator multi –currency view shows that the US Dollar is up against the EUR, CHF,JPY ,CAD,   while is down against the NZD and struggling against the GBP and AUD.

Let us investigate in more detail 2 trade opportunities.

gbpUSD 05.11.2013

GBPUSD (H4)

GBPUSD is a pair that rose majorly today.

–          Trend bar is slightly filled to upside pointing a slight Uptrend

–          Wave bar is pointing up pointing also a short term Upside move

–          Extremes bar is pointing highly Overbought

–          There is a significant resistance at 1.6080

This is a trade that relies a lot on the 1.6080 level.

A break of 1.6080 could change the trend to the upside making a good buy, while a rebound at that level could see it continue the downwards move. Wait for confirmation act accordingly and set your stop losses.

usdcad 05.11.2013

USDCAD (H4)

This is a tricky situation. Both Trend,Wave and Extreme bars are significantly filled to the upside .

The pair however is near the 1.0460 level which appear to be a key resistance level. So we may see one of the two outcomes

–          Strong upside momentum will retain the uptrend break the resistance making 1.0550 possible

–          Failure to break the 1.0460 level combined with the overbought conditions may see the pair drop towards 1.0400.

Read about the Trend/Wave/Extreme system here

The following is an analysis of the currency markets using the Trend/Wave/Extreme system . You can read about the system here. Please read our Risk Disclosure and Terms of Use  prior to making a trade using this information.