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12.08.201312:47 Forex Analysis & Reviews: USD/CAD H1 analysis for 12/08/2013

Long-term review

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General overview for 12/08/2013 10:30 CET:

Corrective wave (ii) in shape of Irregular Flat WXY pattern looks to be done and now the price should start impulsive five waves advance, that should take out the high of wave X at 1.0445. In this scenario, the first resistance is at level of 1.03200 where the golden trend line is, and just above that - Weekly Pivot level at 1.0327. Next resistance is at 1.0347 as a former wave (iv) high and 50% Fibo of the recent decline. For further advance, the brown trend line to be broken at some point as well.

On the other hand, the price movement below 88,6%Fibo at 1.0267 would invalidate the smaller cycle impulsive structure and a break out below wave (i) low at 1.0244 would invalidate the count and would expose 1.0135 - 1.0152 area for test.

Support/Resistance:

1.0445 - Swing High

1.0380 - WR1

1.0347 - Technical Resistance

1.0327 - Weekly Pivot

1.0267 - 88%Fibo

1.0244 - Swing Low

Trading recommendations:

Intraday: As long as the low of wave (ii) at 1.0272 is not taken out long side of the market is preffered with SL below the 1.0272 and TP1 at Weekly Pivot 1.0327 and TP2 at 1.0347 resistance.

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