USD/CAD intraday technical levels and trading recommendations for November 14, 2013 Trend News

Four months ago, a prominent bottom was established around 1.0260. This happened after the pair found strong bearish pressure around 1.0555-1.0600, this was followed by intensive bearish momentum that led to 1.0254.

An important key level was located around 1.0505. This was the key level for the previous weeks' movement as the re-closure below it enabled the pair to break down 1.0455 as well, where the lower limit of the depicted consolidation range was located.

The nearest support zone is located around 1.0250. On September 19, the pair expressed a false breakdown reaching 1.0180 where obvious bullish rejection was expressed to get the pair back above 1.0250 again on Thursday, resulting in a bullish hammer weekly candlestick. Since then, the pair has been consolidating within narrow range between 1.0260-1.0340, until we had a bullish breakout at the daily closure of October 8.

As Expected, bullish momentum was expressed at retesting of the lower limit of the ongoing channel around 1.0280 pushing higher towards 1.0460 then 1.0500 being tested today.

The price level around 1.0465 remains the nearest considerable resistance for the pair. A valid sell entry was recommended at retesting. A daily hanging man was expressed on October 30 followed by a bearish engulfing candlestick confirming our taken position. However, the loonie pair failed to break down below 1.0400 returning back to retest 1.0465 thus establishing another ascending buttoms around 1.0400 and possibly around 1.0450 which threatens our SELL position.

The SELL position should be closed as long as the pair is trading above 1.0460 on a daily basis. Daily fixation above this level with this obvious bullish engulfing pattern will probably enable the pair to reach 1.0560 and 1.0600 quickly.

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USD/CAD H1 analysys for November 14, 2013 Trend News

General overview for 14/11/2013 09:30 CET

The main count has been invalidated and now the alternate count is in play.

This count indicates that wave X brown top is in place at 1.0506 and now some continuation to the downside should develop.

Wave a green is in place already and it had bottomed at 1.0438. Currecntly, the price is correcting that down move and I expect the golden descending trend line OR one of inraday resistance levels will hold.

Moreover, there is a new alternate count that indicates wave B green low at 1.0395 and the current price progression would be a continuation to the upside in wave C green. New highs confirms the alternate count. New low - invalidates it.

Support/Resistance:

1.0506 - Swing High

1.0494 - Intraday Resistance

1.0480 - 61%Fibo

1.0474 - Intraday Resistance

1.0466 - Weekly Pivot

1.0438 - 1.0444 - DEMAND ZONE

1.0438 - Swing Low

Trading recommendations:

For intraday scalps, the golden trend line rejection should be in play with entry at 1.0480 and SL above 1.0495 with potential TP at1.0444.

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#USDX analysis for November 14, 2013 Trend News

Althought the Dollar index has broken the upward sloping trend line that started at 79, prices have found support at the previous resistance level at the 80.60-75 area. The support area is shown with green colours in the chart. Resistance is still the 81.50 area where a triple top was formed.

The decline to 81.50 is in three waves for now and we believe this is a corrective pull back. If prices break above the intermediate high at 81.30, we will have confirmation that the up trend is resuming and that the correction is over. Breaking below the green support area is possible if buyers are not able to break above 81.30. We are bullish in the longer term and as far as the short term is concerned, we want to enter long if prices break above 81.30 and add to long position if 81.50 is broken.

The daily chart is starting to form a pattern of higher highs and higher lows, something that will support our bullish view. Our first target now is the 82-83 area to be reached as long as we trade above 80.50. In the longer term stop for bulls is 79. The longer-term bears should not have a position as the trend is upward.

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