USD/CAD H1 analysis for November 18, 2013

General overview for 18/11/2013 08:30 CET

The downside wave progression fits the overall bigger picture of a missing wave to the downside. That wave is a wave Y brown of higher degree cycle wave B green. When it is done, the upward trend will recume to complete another cycle of a higher degre.

Nevertheless, intraday downward wave development looks pretty much unfinished and when correction in  sub-wave (iv) is completed, lower prices are expected. The first support level is 1.0405 and next one is around WS1 level. It is possible to see bounce in price from that levels.

Support/Resistance:

1.0525 – Swing High

1.0506 SUPPLY ZONE

1.0482 – WR1

1.0458 – Weekly Pivot

1.0450 – Intrday Resistance

1.0438 – 1.0441 – Intraday Supply Zone

1.0422 – Technical Support

1.0405 – Intraday Demand Zone

1.0392 – WS1

Trdaing recommendations:

At any price below 1.0450, we should sell with anticipation of last wave to the downside to come. TP level would be at 1.0404 and 1.0395 zone.

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