#USDX Analysis for October 11, 2013 Trend News

The Dollar index is most probably rising in an impulsive pattern. We believe that the current wave formation is as shown in the chart below. The index is currently in wave 4 and we expect a new upward move to new short-term highs as wave 5.

The wave count as shown above will be canceled if prices break below the wave 1 high at 80.18. If prices overlap that price level, then this is not wave 4. The bullish trend will be challenged if prices reach the blue upward sloping trendline currently providing support at 80.05.

In the daily chart we observe the small trend change and prices will have to continue higher towards 80.75-81 in order to mount a serious challenge for the longer-term downtrend. Currently, we are bullish in the short term, as long as prices trade above 80. Target is at 80.75-81.

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Gold Elliott wave analysis for October 11, 2013 Trend News

Gold remains in downtrend after breaking the sideways triangle. We remain short as prices have broken below 1,300 and the support level of 1,290. Next short-term support is found at 1,270. This level also coincides with the neckline of the Head-and-Shoulders pattern.

The trend remains downward, as long as prices trade below 1,325. The recent low at 1,278 is expected to be tested and most probably broken during the next couple of trading sessions. We are bearish and confirmation of our view will come once the 1,270 level is broken.

Gold, as shown in the daily chart above, has been making lower lows and lower highs. Three falling peaks are forming the right hand shoulder and prices are very close to breaking the neckline. Target price of the H&S pattern is at 1,140. We believe that soon we will see a crash in Gold prices towards 1,200-1,150.

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USD/CAD H1 Analysis for October 11, 2013 Trend News

General overview for 11/10/2013 09:00 CET

This pair is still in corrective cycle and it starts to look like a ZigZag.

One-to-One equal legs measurement for the ZigZag correction is in the chart, and it indicates that the level of 1.0361 might be tested again.

However, I have now an alternate count that is slightly more bullish now. In this count abc Irregular Flat correction plays the major role and the labeling degree is slighty higher.

To sum up: if the high of wave i at 1.0410 is not broken to the upside, then the alternate count is in play.

Support/Resistance:

1.0361 - ZigZag Target

1.0370 - Intraday Support

1.0386 - WQR2

1.0410 - Intraday Resistance

1.0418 - WR3

Trading recommendations:

A break of the 1.0410 level is bullish and intraday long positions should be in play. The target is at 1.0418 and 1.0450.

A break of 1.0386 is bearish and intraday short positions should be in play. The target is at 1.0368 and 1.0362

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