Thursday, 31 October 2013

USD/CAD H1 analysis for October 31, 2013 Trend News

General overview for 31/10/2013 09:00 CET


Although it looks like wave 5 of wave A green has been done and the target level I had mentioned yesterday has been hit, there is still a possibility of an Ending Diagonal wave 5 navy.


This scenario for wave A green termiantion is in play as long as the low of wave alt:(ii) is not taken out: 1.0440.


If this low is broken to the downside, the alternate count is invalidated and the market is giving traders the first clue that top for wave A green might be in place.


The Key Level here is at 1.0428 Technical Support. Only if this level is taken out the downside is more probable than upside.


Support/Resistance:


1.0496 - Swing High


1.0470 - Intraday Resistance


1.0455 - Golden Channel Trend Line Support


1.0440 - Key Level


1.0428 - Techncial Support


1.0405 - Weekly Pivot


Trading recommendations:


Short positions should be in play from current levels with SL above 1.0497 and TP1 at 1.0440 and TP2 at 1.0427



The material has been provided by InstaForex Company - www.instaforex.com



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