Technical analysis of USD/CAD for December 31, 2013
December 31, 2013 10:15 am
General overview for 31/12/2013 10:00 CET
The last bullish count has been invalidated due to wave (i) and wave (iv) overlapse, so alterate count is in play. In this scenario, the level of 1.0735 is the top of the bullish cycle and the top for wave 5 of wave C green. Currently, the first two waves of the impulsive wave development has been done and now wave (iii) is in progress. The golden trend line has been broken and the price is consolidating in wave 4 red before the downside breakout in wave 5 red is supposed to happen.
Support/Resistance:
1.0777 – WR1
1.0736 – Swing High
1.0685 – Intraday Resistance
1.0675 – Weekly Pivot
1.0634 – 1.0655 – Daily Range Zone
1.0618 – Intraday Support
Trading recommendations:
For intraday scalpers: short positions should be taken from the range zone with SL above the level of 1.0656 and TP at the level of 1.0618.
The material has been provided by InstaForex Company – www.instaforex.com
General overview for 31/12/2013 10:00 CET
The last bullish count has been invalidated due to wave (i) and wave (iv) overlapse, so alterate count is in play. In this scenario, the level of 1.0735 is the top of the bullish cycle and the top for wave 5 of wave C green. Currently, the first two waves of the impulsive wave development has been done and now wave (iii) is in progress. The golden trend line has been broken and the price is consolidating in wave 4 red before the downside breakout in wave 5 red is supposed to happen.
Support/Resistance:
1.0777 – WR1
1.0736 – Swing High
1.0685 – Intraday Resistance
1.0675 – Weekly Pivot
1.0634 – 1.0655 – Daily Range Zone
1.0618 – Intraday Support
Trading recommendations:
For intraday scalpers: short positions should be taken from the range zone with SL above the level of 1.0656 and TP at the level of 1.0618.
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