Technical analysis of Silver for January 30, 2014. Trend News

Technical outlook and chart setups:

1. The metal has drifted lower towards $19.40, as expected. It is still expected to test sub $19.00 levels before rallying further. It is recommended to initiate 50% long positions now and remaining around $19.00. Risk remains at $18.50.

2. Immediate resistance is at $20.50 (recent swing highs), followed by $21.00 and $22.00, while supports are spread through $19.00 and $18.75 respectively.

3. The structure reveals that $18.75 could be a meaningful base for the next rally towards $22.00 and $25.00. Trading strategy could be buying on dips from here on.

Trading recommendations:

50% long now and remaining around $19.00, stop at $18.50, target open.

Good luck!

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Technical analysis for Gold for January 30, 2014 Trend News

Technical outlook and chart setups:

1. The yellow metal has retraced up to $1,270.00, which is fibonacci 0.618 resistance of recent fall from $1,279.00 to $1,248.00. It is recommended to hold on to short positions and also look to add further, risk remains at $1,286.50 for now.

2. Immediate resistance is $1,290.00/$1,300.00, while support is at $1,248.00 (intermediary), followed by $1,230.00, $1,220.00/10.00 and lower respectively.

3. The structure reveals that a pullback towards $1,215.00/20.00 levels could be due. Please note that $1,20.00/15.00 is also the 0.618 fibonacci retracement level of the entire rally from $1,182.00 through $1,279.00. On the other hand, a push through recent highs would target $1,290.00/95.00.

Trading recommendations:

Remain short for now, stop at $1,286.50, target at $1,220.00

Good luck!

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Technical analysis for EUR/JPY for January 30, 2014. Trend News

Technical outlook and chart setups:

1. The EUR/JPY is drifting lower for now. Trading below 140.00 levels at the moment, it is recommended to remain flat and initiate short positions on a counter rally towards 143.00/50. The structure remains unchanged for now.

2. Immediate resistance is at 143.00/50, followed by 145.50, while supports are spread through 138.50, followed by 134.00, 131.00 and lower respectively.

3. The entire structure reveals that rallies towards 143.00 levels could be sold. The EUR/JPY pair is poised to drift lower towards passing support trend line as seen here.

Trading recommendations:

Remain flat for now. Looking to sell around 143.00/50.

Good luck!

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Technical analysis of GBP/CHF for January 30, 2014 Trend News

Technical outlook and chart setups:

1. The GBP/CHF pair seems to be carving out a head and shoulder reversal as seen here. Prices have turned low from 1.4900 for now. The backside of trendline is also providing resistance around the same level. It is recommended to hold short positions for now. More positions could be planned at 1.4900.

2. Immediate resistance is at 1.5120/30, while support is at 1.4700 (intermediary), followed by 1.4350, 1.4200 and 1.4000 respectively.

3. The entire structure reveals that 1.5120/30 should hold as a resistance now and prices should continue drifting lower towards 1.4400 and 1.4000 from here on.

Trading recommendations:

Hold on to short positions. Sell rallies through 1.4900, stop at 1.5150, target 1.4

Good luck!

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Technical analysis of gold for January 30, 2014 Trend News

The Fed decision was widely expected. Overall signs of improvement in the US economy suggest that Fed officials will stay on track to cut monthly purchases of Treasuries and mortgaged backed securities by USD $5billion each. On Wednesday the Fed trimmed another $10 billion, now it comes to $65 billion inFebruary consisting of $30 billion of mortgage-backed securities and $35billion of Treasuries. Gold showing strong upwards momentum due to emerging markets concerns and India, Turkey and South Africa hiked interest rate which makes traders shift to safe heaven asset.

In the technical front yellow metal is trading above the falling trend line - above 21DEMA and making support at the level $1,248 these are the bull factors. Oscillators gave a sell signal in the daily chart and hourly chart as well these are the bearish factors. We recommend sell on every raise.

Intraday Support- $1,261, $1,256 $1,248

Resistance- $1,270, $1,279

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Fundamental analysis of Crude for January 30, 2014 Trend News

The US Fed is expected to cut its bond purchases by another $10 billion. So starting in February, it will buy $65 billion in bonds per month. Also, there are growing concerns about the impact of slower growth in China that make the US dollar stronger. Estimates from 11 analysts surveyed showed that US oil inventories are projected to have risen by 2.2 million barrels on average in the week ended January 24, 2014. Crude oil inventories rose 6.4 million barrels, thus contributing to decrease in oil prices. Technical front crude is trading above the level $97 which is a bullish factor. Oscillators gave mixed indications resulting in limited downside.

Support- $96, $91.75

Resistance- $97.8, $99.76

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Technical analysis of silver for January 30, 2014 Trend News

Silver has lagged Gold and has been under pressure with the rest of the base metals. 19.334 is a key support, if it holds then it should be ready to move up again. If it breaks, it will be a bearish sign for Silver. So far, its holding above the support. In the daily chart, oscillators gave a positive indications on RSI, stochastic is still likely to give. The falling channel trend line is at 20.45, a close above which would gave a breakout and a further up move, cmp $19.53

Support- 19.650, 19.450

Resistance- 19.840, 19.872 20.35

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Daily analysis of USDX for January 30, 2014 Trend News

Daily chart: The USDX continues forming a higher low pattern below the resistance level of 80.62. Now, the USDX is trying to make a breakout at that level, but the USDX has been very weak in the last few hours, so it is very likely to see falls below this level. However, if the USDX manages to consolidate above the level of 80.62, it is expected to rise to the level of 81.05. The MACD indicator is still in negative territory.

H4 chart: The USDX has formed 3 fractals above the 200 SMA, which is a clear indication that this level is serving as a strong resistance on the USDX. Now, the USDX is finding support on the bearish trend line near the level of 80.50. If the USDX manages to break the support level of 80.40, it is expected ti drop to the level of 80.09. The MACD indicator is entering extreme overbought zone.

H1 chart: The USDX has found strong resistance at the level of 80.73, where the 200 day moving average is located. Now the USDX is consolidate below the level of 80.59, so it is very likely to fall to the level of 80.35. If the USDX manages to break that level, it is expected to fall to the level of 80.15. On the other hand, if the USDX manages to break the resistance at the level of 80.59, it is expected to rise to the level of 80.73. The MACD indicator is in neutral territory.

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USDX Index breaks with a bearish candlestick; the support level is at 80.35, take profit is at 80.15, and stop loss is at 80.55.

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Daily analysis of GBP/USD for January 30, 2014 Trend News

Daily chart: Although the FOMC meeting was held yesterday, the GBP/USD has not significantly changed so that to change the current trend. For now, the GBP/USD continues to find strong support at the 1.6540 level, so it is very likely that this pair has a bullish momentum in the coming days to climb to the resistance level of 1.6663. The MACD indicator is still in positive territory.

H4 chart: This pair continues to find support on the bullish trend line and is very likely to be the confirmation of the strength of the bullish trend in the GBP/USD. However, any breakout below the level of 1.6516 is seen to be an opening for bearish to the support path at the level of 1.6483. Moreover, if this pair manages to break the resistance level of 1.6644, it is expected to rise to the level of 1.6700. The MACD indicator is in negative territory.

H1 chart: The point of control this week is set within the range between the levels of 1.6578 and 1.6544. Now this pair is within that range, so it is not advisable to place orders in this volatile area. However, if the pair manages to break the support level of 1.6544, it is be expected to fall below the 200 day moving average and below the resistance level of 1.6544. The MACD indicator is in neutral territory.

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.6578, take profit is at 1.6629, and stop loss is at 1.6526.

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Technical analysis of USD/CAD for January 30, 2014 Trend News

Trading recommendations:

• According to the previous events, the USD/CAD pair is still moving between 1.1185 and 1.1140.


• Sell below 1.1203 with the first target at 1.1165, then it will be gone towards 1.1125 in order to test this strong support.


• Buy above 1.1120 (if the trend fails to close below it) with target at 1.1155, then at the price of 1.1200.


• Please check out the market volatility before investing, because the sight price may have already been reached and scenarios might have become invalidated.


• Key level is at 1.1120.


• History will probably repeat itself at this level again.

Intraday technical levels:

• Projected high:1,1355


• Breakout (buy stop):1,1300


• Strong resistance (sell limit):1,1270


• Current pivot:1,1144


• Strong support (buy limit):1,1018


• Breakout (sell stop):1,0993


• Projected low:1,0943

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Technical analysis of GBP/USD for January 30, 2014 Trend News

Overview :

• According to beforehand events, the price of GBP/USD pair has still been trapping between the level of 1.6635 and the 1.6515 level, for that it is of the discernment to pay attention at this range area around the level 50% of Fibonacci retracement levels. Therefore, the first step is to looking forward for a period of tight sideway range market before investing. Thence, probably the market is going to start showing the signs of bullish market above the price of 1.6634 because it represent a major resistance and is about to breakout. In other words, it will be a good sign to buy above the support 1 (1.6634) with a first target of 1.6667 in order to form a double top and it will climb towards the second resistance at the 1.6786 price. However, if the pair could not break this resistance, hence the market will indicate a bearish opportunity below 1.6640; then the level is going to act really as strong resistance. So, it will be a good sign to sell below this psychological level with a first target of 1.6514 (the weekly pivot point and it is going to call for downtrend in order to continue a bearish market towards 1.64.

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Daily analysis of GBP/JPY for January 29, 2014 Trend News

Overview

According to the today's H4 chart, yesterday's closing below the resistance level of 171.50 provided an opportunity to make a bearish move after the price has failed to break it through. As shown here, currently the price is trying to continue its bearish move and is approaching support level of 168.50. In that case we may get another opportunity for more sell signals which will open the way towards the level of 167.50 as the first target. Then the price should test the support level to continue its bearish move. But as long as the price stabilizes above the support level of 168.50, it cancels the first scenario.

Resistance and Support levels: R3 (170.75), R2(170.00), R1(169.50), S1 (168.50), S2 (167.75), S3(167.10).

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Daily analysis of Silver for January 29, 2014 Trend News

Overview

As shown on today's H4 chart, the metal failed to break the Support level of 19.50 and is still trading between the Support level of 19.50 and below the Resistance level of 20.00 and currently is bouncing from the Support level and is preparing for the bullish move. So we still suggest waiting for closing above the Resistance level of 20.00 to give us a new opportunity for more buy signals with the first target few pips below the Resistance level of 20.00, then after breaking this Resistance level silver would open the way towards the Resistance level of 20.50, which means more bullish signals, but as long as the metal trades below the Resistance level of 20.00 this cancels the bullish scenario.

Resistance and support levels: R3 (20.50), R2 (20.20), R1 (20.00), S1 (19.75), S2 (19.50), S3 (19.15).

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GBP/USD intraday technical levels and trading recommendations for January 29, 2014 Trend News

GBP/USD had been moving within a wide-ranged price zone extending between 1.5900 and 1.6250 until November 27 when a bullish breakout took place.

Since then, the bulls have been defending 1.6250 as a prominent support. Another successful bullish retesting took place in mid-December that pushed the pair again to the upside.

Based on this bullish breakout, the GBP/USD pair had a projection target around 1.6630.

As suggested, the bearish reversal was strongly expressed at 1.6660 (30 pips higher). The pair has declined about 150 pips few hours later.

The 4H chart reveals prominent support levels located at 1.6490 and 1.6450. We can notice an obvious bullish rejection at 1.6490 on Friday and recently this week.

Bullish momentum was manifest all through the current week's consolidations until bearish rejection was expressed on retesting of 1.6620 on Tuesday.

4H closure above 1.6600 may indicate another bullish opportunity towards 1.6666 then probably new highs around 1.7000 roughly.

On the other hand, bearish reversal is being expressed today and maybe preparing for another bearish impulse towards 1.6490.

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EUR/NZD: Analysis for January 29, 2014 Trend News

Overview:

Since our last analysis, the EUR/NZD pair has been trading sideways, around the level of 1.6500, we are still waiting for a potential test of FR 61,8% at the level of 1.6395, and our previous analysis is still intact. Currently, we are in progress of smaller bearish corrective phase. We can observe a robust supply which is good sign that we may see more downward movements before the bullish continuation phase. I have placed Fibonacci levels to find a potential end of the bearish corrective phase and I got FR 61.8% at te level of 1.6400, so we may see testing of this level before we continue with major bullish movement. Once we finish the bearish corrective phase, we may expect testing of the previous swing high at 1.6690. Do not forget that EUR/NZD is in short- and mid-term bullish trend and selling EUR/NZD at this stage looks very risky, so watch for buying opportunities on the dips and try to catch the bullish continuation phase.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1.6613

R2: 1.6656

R3: 1.6725

Support levels:

S1: 1.6475

S2 : 1.6432

S3: 1.6363

Trading recommendation: Be careful with selling the EUR/NZD pair, watch for buying opportunities and try to catch the bullish continuation phase.

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USD/CAD intraday technical levels and trading recommendations for January 29, 2014 Trend News

The bulls have managed to reach new price levels (around 1.1170) that haven't been reached since 2009.

Temporarily, USD failed to keep its gains against CAD, and the USD/CAD pair was pushed to the downside until Monday when another bullish impulse was initiated on retesting of 1.1030 resulting in a daily bullish engulfing candlestick.

The pair has a significant support zone between 1.0700 and 1.0750 representing the upper limit of consolidation range that got broken this month. Re-testing of this zone will probably provide a valid BUY entry for the mid-term.

The next prominent resistance level is located around 1.1230 corresponding to 50% Fibonacci level of the bearish movement that had been extending since March 2009 and ended in July 2011.

The pair was pushed strongly to the upside after the bullish rejection was expressed at the uptrend line that came to meet the pair around 1.0650.

This was followed by a bullish breakout above 1.0720 (previous triple-top resistance).

During the last two days of the last week, the Shooting Star daily candlestick was expressed at retesting of 1.1090 on Thursday, and then another bearish candlestick was expressed on Friday indicating lack of bullish momentum there.

On Monday, another bullish impulse was initiated on retesting of 1.1030 resulting in a daily bullish engulfing candlestick. The pair is probably heading towards 1.1230 in the intermediate term.

A prominent support zone is located at 1.0960-1.0900. Any further retesting may offer a valid BUY entry with SL as a daily closure below 1.0900.

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GOLD: Analysis for January 29, 2014 Trend News

Overview:

Since our last analysis, gold has been trading downwards, as we expected, the price tested our first down target at the level of 1,250.00 (sub-major FR 61.8 %). In case the price breaks the level of 1,250.00 on high volume, we may see testing of next down level at major FR 61.8 % (1,243.00). Currently, we can observe a rejection from our sub-major FR 61.8% and low volume, which is a sign that supply is still on the market. If the price continues an upward movement, we may see testing of FR 38.2 % at the level of 1,260.00 or FR 61.8 % at 1,267.00 before futher downward movement continues. Buying gold looks risky since we are in short- and mid-term downtrend, and we also got finished the ABCD bullish corrective phase.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,258.93

R2: 1,261.83

R3: 1,266.53

Support levels:

S1: 1,249.53

S2: 1,246.63

S3: 1,241.93

Trading recommendation: Trading the metal, be careful when buying and try to catch the bearish continuation phase.

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Intraday technical levels and trading recommendations for GBP/USD for January 29, 2014 Trend News

The GBP/USD pair successfully achieved its projection target around 1.6600 after the bullish breakout above 1.6252 took place on November 27.

Further bullish movement took place towards the recent high at 1.6666. However, bearish engulfing daily candlestick was expressed off these high levels (1.6666) on Friday.

This week, the pair was brought back below 1.6600 extending down to 1.6530 and 1.6475 as well.

Fixation between these two levels renders the intraday bias of the pair unclear.

This week, bullish recovery is witnessed after testing the price zone of 1.6475-1.6500 corresponding to Demand zone between 50% and 61.8% Fibonacci levels of the bullish swing are between 1.6310 and 1.6666.

For Conservative traders, the pair remains neutral until it breaches 1.6666 or breaks-down 1.6475 levels.

The price zone of 1.6475-1.6500 is the key zone of this week's movement.

As expected, bullish fixation above this zone enhanced bullish momentum towards the recent high around 1.6660-1.6620.

On the other hand, re-fixation below it will probably apply further bearish pressure towards 1.6400 then 1.6320.

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Intraday technical levels and trading recommendations for EUR/USD for January 29, 2014 Trend News

A breakout above the previous resistance level of 1.3450 allowed the bulls to push within the bullish channel to hit higher levels around 1.3650 then 1.3750.

This bullish momentum took place until obvious bearish rejection was expressed at 1.3850 (failing to reach 100% Fibonacci Expansion at 1.3904). Instead, breakdown of the depicted bullish channel took place shortly after (January 2).

This led to the recent bearish movement that almost reached 1.3520.

After few days of consolidation around SMA-100, bullish impulse was initiated at 1.3520. This led to a long full-bullish engulfing daily candlestick.

On Friday, the bulls pushed towards the price levels around 1.3737 where strong bearish rejection was expressed resulting in two successive shooting star Daily candlesticks on Friday then this week on Tuesday.

This may indicate a possible corrective movement to occur towards 1.3525-1.3550 (where the depicted uptrend line and SMA-100 come to meet the pair).

Price Zone of 1.3525-1.3550 will probably provide a valid BUY entry with SL as daily closure below 1.3500.

Obvious bullish rejection took place off the level of 1.3520 which is an important key-level on an intraday basis (corresponding to previous price ranges established in December as well as the lower limit of the channel).

As expected, the pair remains moving within the depicted channel having a strong resistance located at the upper limit of the ongoing channel around 1.3700 (50% Fibonacci) then 1.3745 (61.8% Fibonacci Level).

Obvious bearish rejection was expressed at 1.3737 (few pips below 1.3745) resulting in 4H closure below 1.3700 (50% Fibonacci Level).

This probably applies further bearish pressure on the pair towards 1.3575 then 1.3530. Breakdown of 1.3630 (where SMA-100 comes to meet the pair) is mandatory to gather enough bearish momentum to push towards 1.3500.

Fundamentally, M3 money supply has exceeded the expected growth during the month of December, while private loans decreased for the 20th month in a row, according to official data released today.

On the other hand, the bulls need to achieve 4H fixation above 1.3700-1.3740 in order to gather enough bullish momentum to push towards 1.3800 enhanced by positive fundamental data. Otherwise, our bearish view remains intact.

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#USDX Technical analysis for January 29, 2014 Trend News

The Dollar index looks like it is too weak to make an upward break above the short-term resistance at 80.70. Both a downward sloping trend line and the MA pose strong resistance for the index. As long as the index trade below 80.70 we feel it is more probable to see fall towards 80.40 or even 80.10 if 80.40 support fails.

Short-term trend is down and we expect the index to trade today between 80.70 and 80.40. Fed decision tonight will bring volatility in the markets and we could see the index move towards 80.10 or even 81 depending on what decisions the Fed takes regarding the QE program and potential tapering.

The daily chart shows us the big triangle that was broken upwards. However, the index was rejected at the 81.50 price level and turned back down to back test the broken triangle and retest the two MA that have crossed. Our view favors long positions as we believe that it is more probable to see an upward move towards 82 than a downward break towards 79.50. Stop for bulls is 80.10 and stop for bears is 81.35.

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Gold Elliott wave analysis for January 29, 2013 Trend News

Gold price has made a decline from $1,278 to $1,252 in 5 waves. This impulsive downward move was followed by three corrective upward waves and a new lower low. Currently, Gold price is trading sideways creating a triangle. Our Elliott wave count is shown in the chart below. Our preferred wave scenario expects Gold price to move lower towards $1,240. Bears want Gold price to break the triangle downwards and the upward sloping purple trend line that places support for the precious metal at $1,245.

Short-term support is found at $1,245. Short-term resistance is found at $1,273. Gold price has moved again below the red downward sloping long-term resistance trend line as shown in the daily chart below. This favors short positions.

Although we believe the rise from $1,180 is corrective, Gold price should also break the important support at $1,230 in order for our preferred scenario to be confirmed. Gold bulls will need to see Gold price move again above $1,270 in order to hope to see $1,300. Today we expect Gold price to become more volatile after the Fed decision on interest rates.

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Daily analysis of major pairs for January 29, 2014 Trend News

EUR/USD: Since Monday, this pair has gone sideways in a perpetual manner. It must be noted that the bullish bias is still valid and the price could go further upwards when momentum returns to the market. The Williams’ % Range continues to go downwards, which gives a good indication to go long.

USD/CHF: From the beginning of this week, this pair has been trudging upwards in a perpetual manner. It must be noted that the bearish bias is still valid and the price could resume its downward journey when momentum returns to the market. The Williams’ % Range continues to go upward, which gives a good indication to go short. The indication to go short would be strong, especially if the price is unable to breach the EMA 56 to the upside.

GBP/USD: The Cable remains in a bull market, and it is currently trying to recover the loss it sustained when it pulled back significantly last week. For this to be possible, the price would go need to go above the distribution territories at 1.6600 and 1.6650 consecutively, and this would result in a very strong northward bias.

USD/JPY: After testing the demand level at 102.00, the USD/JPY has bounced upwards by over 130 pips. This is a threat to the recent bearish signal in the chart, and should the price break the supply level at 103.50 to the upside, the bearish signal would become invalid completely.

EUR/JPY: This cross is also going in the way of most JPY pairs – upwards retracement after an exponential fall in the price. The RSI period 14 is above the level 50, and the price is challenging the EMA 56. Should the price break it to the upside, the recent bearish signal would be over.

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Elliott Wave Analysis of EUR/NZD for January 29, 2014 Trend News

Today's Support and Resistance levels:

R3: 1.6632

R2: 1.6568

R1: 1.6524

Current spot: 1.6504

S1: 1.6452

S2: 1.6434

S3: 1.6385

Technical summary:

It finally looks as red wave iv has ended slightly below our ideal target at 1.6463 (the low has been at 1.6452). In the short term we will be looking for a break above minor resistance at 1.6523 and more importantly a break above 1.6567 which confirms that red wave iv is over and red wave v is developing for a move higher towards 1.6792.

In the short term we will be looking for support at 1.6493, which ideally will hold for the break above 1.6523, but we could see a move slightly lower towards 1.6476 before the break above 1.6523. At no point a break below 1.6452 can be accepted as that will prolong the correction from 1.6690.

Trading recommendation:

Stay long in EUR from 1.6495 with a stop at 1.6340. If you are not long in EUR yet, then buy at 1.6493 or upon a break above 1.6523 with the same stop at 1.6340.

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Elliott Wave Analysis of AUD/USD for January 29, 2014 Trend News

AUD/USD Elliott Wave
For the last few days, the AUD/USD pair has bee trading upwards in a corrective pattern, wave .b (coloured black) of the bigger wave (iii) (coloured blue) has been developing. Yesterday, this upward move just extend toward the new high at 0.8825 that we are currently calling the end of the .b wave (coloured black) and while the price stays below 0.8885, we can look for a selling signal when the price breaks below the 0.8760 level. In accordance with our wave rules and taking into account that wave C should retrace 100% of wave A, we can define the potential targets with measuring wave A with take profit at 0.8595 (100% of wave A). Swing traders should wait for the (v) wave to complete before price turn higher, and from there we are going to look for a buying opportunity.

Support and Resistance
(S3) 0.8633, (S2) 0.8679, (S1) 0.8728, (PP) 0.8774, (R1) 0.8823, (R2) 0.8869, (R3) 0.8918.

Trading forecast
Proceeding from Elliot Wave rules today, the trend is expected to begin the downward movements. That is why short position at level of 0.8760 with stop loss at 0.8825 and take profit at 0.8595 are recommended.

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Elliott Wave Analysis of EUR/JPY for January 29, 2014 Trend News

Today's Support and Resistance levels:

R3: 142.42

R2: 141.80

R1: 141.36

Current spot: 141.16

S1: 140.77

S2: 140.29

S3: 139.79

Technical summary:

The correction from 139.15 has extended as it has turned into a triple zig-zag correction, but we should be very close to the end of the correction. We expect the correction (blue wave ii) to end near 141.36. To indicate that the correction is over, we need a break below minor support at 140.77 and more importantly a break below 140.29 that confirms that blue wave iii is over and blue wave iii lower is developing for a decline towards at least 136.15.

In the longer term we are looking for a much deeper correction, but we will have to remember, that correction can be rather unpredictable as they evolve.

Trading recommendation:

Stay short in EUR from 141.85 with your stop at 141.80. If you are not short in EUR yet, then sell EUR near 141.36 with the same stop at 141.80.

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Technical analysis of EUR/JPY for January 29, 2014 Trend News

General overview for 29/01/2014 07:30 CET

The price has hit a very important technical resistance level indicated yesterday and now a rejection or breakout is possible. Current count does suggest, that the upside wave progression is in only three waves so far and there is one more to the upside missing. Therefore, in case of upside breakout, the next level of resistance is a supply area between the levels of 141.62 - 141.76. Please notice the golden descending trend line is just above this area. It might provide further resistance as well. On the the hand, in case of a downside break, the first level to look at is intraday support at the level of 140.86 and red trend line support as well. A breakout to the downside at the level would indicate that weekly pivot might be tested again.

Support/Resistance:

141.76 - 141.62 - Supply Zone

141.24 - WR1

141.02 - Key Level

140.80 - Intraday Support

140.16 - Weekly Pivot

Trading recommendations:

As long as the level of 141.24 provides the resistance, short positions should be opened with SL above the level of 141.26 and TP at the level of 140.86 and 140.16.

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Technical analysis of USD/CAD for January 29, 2014 Trend News

General overview for 29/01/2014 08:00 CET

A new marginal high was made yesterday and the impulsive bearish count has been invalidated due to wave one and wave two overlaps. This is why new count has been made and this one suggestes more impulsive wave progression to the upside, as long as the level of 1.1118 is not violated. If it is, then the immediate impulsive reaction to the downside should follow. However, there is one more possibility in wave development inside of the wave 5 blue: an ending diagonal formation. This formation is possible to develop as long as the low of the wave 2 red at the level of 1.1076 is not broken.

Support/Resistance:

1.1303 - WR2

1.1185 - WR1

1.1175 - Swing High

1.1125 - 1.1134 - Intraday Support Zone

1.1118 - Wave 1 red high

1.1076 - Wave 2 red low

1.1061 - Weekly Pivot

1.1029 - 1.1017 - Techncial Support Zone

Trading recommendations:

As long as the level of 1.1118 is not broken, the long positions should be open with SL below 1.1076 and TP at the level of 1.1850 and 1.1303.

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