FX.co ★ USD/CAD H1 analysys for August 19, 2013

General overview for 19/08/2013 13:30 CET:

Still, there is a possibility for an impulsive wave to the downside to develop from this levels. To obtain this, current wave (ii) can not move above 50%Fibo at 1.0358, so the intraday supply area is intact. Whatsoever, ideally brown descending trend line would hold the level and act as a resistance. From here, impulsive decline is expected - without this clue, bearish impulsive wave progression might be easily invalidated.

To confirm further weakness, an intraday close is needed below th 23% Fibo level at 1.0313 and then further continuation downward is needed to break the golden tren line and hit the intraday demand level or beyond.

Support/Resistance:

1.0273 - Swing Low

1.0283 - 1.0291 - Intraday Demand

1.0288 - WS1

1.0313 - 23% Fibo

1.0322 - Weekly Pivot

1.0358 - 50% Fibo

1.0356 - 1.0362 - Intraday Supply

1.0367 - Technical Resistance

1.0377 - WR1 | 61%Fibo

1.0410 - Bearish Impulsive Count Invaliadtion Level

1.0417 - WR2

Trading recommendations:

As long as the brown trend line, 50% Fibo and intraday supply zone holds, short side of the market sould be played with SL above 1.0358 and potential TP at 1.0300.