empty
 
 
09.12.2013 01:05 PM
USD/CAD H1 and H4 analysis for December 9, 2013

General overview for 09/12/2013 09:45 CET

The overall wave development looks rather bearish mainly due to higher cycle impulsive progression finished and now SUPPLY ZONE has capped any upside spikes.

From the EWP point of view the larger cycles are done, but no new impulsive price development to the downside has been iniciated, so a possible test of the SUPPLY ZONE is in view.

In H4 chart traders can see that afer wave 5 blue extension the price has tested previous wave iv zone and last high as well. The alternate count here would indicate this wave structure as a possible correction in wave 4 and the first impulsive wave to the downside.

As long as Supply Breakthrough Zone is not broken OR new high is made no confirmaion comes so far from price action analysis, so waiting for some decisive movent is advised.

Support/Resistance:

1.0744 - WR2

1.0733 - 1.0744 - Wave 5 Target Zone

1.0710 - Intraday High

1.0689 - WR1

1.0665 - Intraday Resistance

1.0650 - Weekly Pivot

1.0623 - Intraday Support

1.0601 - Techncial Support

1.0588 - WS1

1.0557 - WS2

Trading recommendations:

As long as Intrday Support Zone is not broken buing the dips should be in play with SL below 1.0623 and Potential TP1 at 1.0710 and TP2 at 1.0734 

This image is no longer relevant
This image is no longer relevant

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In October we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback