USD/CAD H1 analysis for August 28, 2013 Trend News

General overview for 28/08/2013 07:30 CET

The last leg of corrective wave 4 green needs one small downward sub-wave to be completed.

The intraday resistance level of 1.0498 should hold and the price should decline to 38%Fibo level of 1.0461.

In case the 38%Fibo is broken, next support is 50%Fibo level of 1.0429.

Please notice that there is nothing wrong with the correction to retrace even to 61%Fibo level of 1.0396 and then to bounce and reverse.

Only a break of the 1.0368 level invalidates the impulsive green bullish count.

Support/Resistance:

1.0567 - Swing High

1.0501 - 23%Fibo

1.0490 - 1.0498 Technical Resistance | Intraday Supply |

1.0475 - Weekly Pivot

1.0469 - Technical Support

1.0461 - 38%Fibo

1.0429 - 50%Fibo

1.0396 - 61%Fibo

1.0368 - Invalidation Line

Trading recommendations:

For intraday scalping, place short positions in the range of the 1.0490 - 1.0498 levels with SL just above it and a potential TP at 1.0461 or below at one of the mentioned Fibo levels.

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



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