General overview for 21/10/2013 10:15 CET
Wave A green looks to be finished, but so far there is not much movement at the begining of this week, and this pair is still in congestion zone where Intraday Resistance level keeps at 1.0298.
If this level is not broken, then more downside should be expected together with 1.0273 Technical Support test.
However, the breakout above 1.0298 should bring the test of the golden trendline and Weekly Pivot level at 1.0312. If this levels are broken, next target for wave c would be Technical Resistance level at 1.0330. This is the point where some intraday consolidation should start.
Support/Resistance:
1.0275 - Techncial Support
1.0298 - Intraday Resistance
1.0312 - Weekly Pivot
1.0330 - Technical Resistance | Wave a green target |
1.0348 - WR1
Trading recommendations:
Intraday scalps for a breakout trade of the level of 1.0298 is preffered with SL below 1.0275 and potential TP1 at 1.0315 and TP2 1.0330.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via USD/CAD H1 analysis for October 21, 2013 . Thanks for your support on USD/CAD H1 analysis for October 21, 2013
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