11.11.201318:00 Forex Analysis & Reviews: USD/CAD H1 analysys for November 11, 2013

General overview for 11/11/2013 14:10 CET

Both targets from last analysis were hit and now there is a first clue to assume that wave c green of wave X brown is done, but so far there is no immediate impulsive trend resumption to the downside to complete the corrective wave progression in wave Y brown. Therefore, I assume one more high is possible with target even on 1.0523 level if SUPPLY zone will be broken in impulive fashion. First hurdle is 61% Fibo at 1.0487 level.

On the other hand, the break below beige rectangle is invalidation of the main count and a first clue that top of the wave X brown is in place.

Support/Resistance:

1.0404 - Swing Low

1.0426 - WS1

1.0444 - Intraday Support

1.0460 - Main COunt Invalidation Line

1.0466 - Weekly Pivot

1.0487 - 61%Fibo

1.0501 - Intraday Resistance | First wave X traget Level |

1.0525 - Second wave X Target Level |

Trading recommendations:

As long as DEMAND zone holds, long positions should be in play with entry as close as possible to Weekly Pivot and SL just below 1.0458 and potential TP1 at 1.0500 and TP2 at 1.0525.