06.08.201311:06 Forex Analysis & Reviews: USD/CAD M30 analysis for 06/08/2013

General overview on 06/08/2013 08:00 CET:

The price had been testing the level of 1.0400 for three times but it got no success, and then broke the intraday support (now resistance) and  stopped at Weekly Pivot area at 1.0350.

So far the correction is in three waves and might be finished, but to confirm this, the price must break the Intraday Resistance level at 1.0377 and then create a new high. Otherwise more complex and time consuming corrective cycle might be seen and Intraday Support at 1.0335 is the first level to be tested. If it fails, next one is WS1 at 1.0309.

  Support/Resistance:

  1.0400 - Swing high

  1.0396 - 78% Fibo | SUPPLY ZONE |

  1.0377 - Intraday resistance

  1.0355 - Weekly pivot

  1.0335 - Intraday support

  1.0307 - WS1

  1.0244 - Swing low

  Trading recommendations: 

  If Intraday resistance at 1.0377 holds the line, then short positions should be in play from this level with SL above 1.04000 and TP at 1.0335.

  If Intraday resistance is broken, then new highs are in view and long positions should be in play with SL below 1.0377 and TP at 1.0445.