USD/CAD H1 Analysis for November 29, 2013 Trend News

General Overview for 29/11/2013 10:00 CET

The price has broken above the Supply Breakthrough Zone and stays close to the last swing high but wave progression is far from impulsive so far.

The overall wave progression has been finished in wave C green according to main count BUT there is a possibility that the last wave v will be extended. If price will not break below golden trend line then traders might assume one more high might be made. The alternate count for this scenario has been indicated on H4 chart.

Support/Resistance:

1.0600 - Swing High | WR1 |

1.0598 - Intraday Resistance

1.0573 - 1.0582 - SUPPORT ZONE

1.0560 - Intraday Support

1.0514 - 1.0522 - DEMANZD ZONE

1.0506 - Weekly Pivot

Trading Recommendations:

Main count H1 chart scenario: As long as Intraday Resistance is not broken, short positions should be in play here with SL above 1.0601 and TP1 @ 1.0560 and TP2 @ 1.0522.

Alternate count H4 chart scenario: If Intraday Resistance is broken, then BUY STOP orders from 1.0605 should be in play with SL below 1.0570 and TP1 @ 1.0628 and TP2 @ 1.0690.

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#USDX Analysis for November 29, 2013 Trend News

Nothing has changed to Dollar index. Trend remains down and bulls are weak for now. There is no sign of a possible trend reversal but prices continue trading above critical support levels. Breaking below 80,50-45 then will push prices towards its next important support at 80,15.

The big sideways move has reached its lower boundaries and unless we see soon a trend reversal by breaking above 80,80, we should expect prices to try to reach the lower boundaries of the downward sloping blue channel as shown above. This could push prices towards 80,15.

The daily chart shows nothing different. If prices break below 80,50 they will not only break the channel boundaries but also put pressure on the 34 day MA. This will worsen the technical view of the Dollar index. Prices will need to close on a daily level above 81 in order to confirm an upward trend reversal. For now we remain neutral waiting for a signal to be given.

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Gold analysis for November 29, 2013 Trend News

As mentioned yesterday, there is increased probability that prices will move towards 1260$ again and maybe higher towards 1290$. The upward move from 1226 is impulsive and the decline from 1258 to 1233 is corrective. We have a move of 5 waves up and 3 waves down. Thus we should at least expect another 5 waves up that will most probably push prices towards 1260 and maybe higher.

Prices have broken out of the downward sloping red trend line resistance and will be testing the neckline resistance level again at 1260$. Prices are trying to form a new bullish pattern from 1333 with smaller degree higher highs and higher lows at 1239$. We believe this is the start of a new upward move that will break above previous high at 1258$.

Support is found at 1239 and resistance is at 1260$. Prices tend to move upwards with 1260-90 as possible target. As shown in the chart above, prices have broken out of the downward sloping channel and we should see an upward bounce. This could push prices towards 1300$ before continuing with its larger head and shoulders pattern that could take prices to 1140$. So for now as long as we trade above 1240 we remain short term bullish.

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