10.12.201312:16 Forex Analysis & Reviews: USD/CAD H1 analysis for December 10, 2013

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

General overview for 10/12/2013 09:20 CET

The wave c purple to the downside has developed as it should, and it looks like wave (2) purple correvtion is done. Now the price should start the impulsive wave progression to the upside in direction of the new highs and target zone. If there is no impulsive wave progression, the Supply Breakthrough Zone might be broken and new low will be made. For that scenario support is at the 1.0600 level.

Any price below 1.0581 invalidates the count and top is in.

Support/Resistance:

1.0744 - WR2

1.0733 - 1.0744 - Wave 5 Target Zone

1.0710 - Intraday High

1.0689 - WR1

1.0665 - Intraday Resistance

1.0650 - Weekly Pivot

1.0623 - Intraday Support

1.0601 - Techncial Support

1.0588 - WS1

1.0557 - WS2

Trading recommendations:

As long as intraday support holds long side of the market should be in play with potential wave 5 blue to the upside progression.

If Key Level is broken, then 1.0600 is next support.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.