Daily View - Dollar Index, 8 Nov 2013

Trend, Momentum, and S/R Levels

Review of previous Analysis:

Trading recommendation – none
S/R Levels – Partly Correct
Direction View - Not given

Price reached 81.565 (our resistance level was 81.25) and made a low of 80.52 (near our support level of 80.6/44).

System Analysis:

	Analysis
Minor Cycles	Near top
Intermediate Cycles	Turned Up, but end of downtrending not confirmed
Major Cycles	Approaching Bottom

System Signals: Major cycle is near bottom so direction should be up from here but minor cycles may cause a correction.

Conventional Technical Analysis:

Bearish setups –
1. Momentum indicating overbought price

Bullish setups –
1. Price has crossed above 30 DMA
2. Price has crossed above down channel
3. Price has crossed above speed resistance line
4. Price has crossed above 38.2% retracement level of 80.5

Price has all bullish signals except momentum which may cause a correction.

Key S/R Levels:
• Resistance Levels: 81.1 - 81.54
• Support Levels: 80.5 - 80

Risk: Buyers may not see a dip.

Recommendation: Wait for a correction to buy near 80.2.