FX.co ★ USD/CAD H1 analysys for 09/08/2013

General overview for 09/08/2013 07:30 CET:

The price chose to follow the alternate labeling here that I put on chart yesterday and warned about: Irregular Flat correction of wave (ii) could be still possible.

Currently, there is one more wave to the downside missing in wave Y of wave (ii) and then the price should rebound in impulsive fashion to the upside. If there is no impulsive wave progression after wave (ii) is finished OR wave (v) the price will travel beyond 1.0244 then this count is invalidated and more lower prices could be seen.

Nevertheless, in intraday chart traders might see that Key Level of 1.0335 must be broken for the price to move upwards.

Support/Resistance:

1.0244 - Swing Low | Invalidation Live for green bullish impulsive count |

1.0287 - 78%Fibo | Wave (v) Target |

1.0309 - WS1

1.0335 - KEY LEVEL

1.0354 - Weekly Pivot

1.0396 - 23%Fibo | Technical Resistance |

1.0445 - Swing High

Trading recommendations:

There are two possible trading ways for intraday scalpers:

First: sell at any price from current levels with SL just above 1.0335 in anticipation of wave (v) to hit TP at 1.0287.

Second: Buy lower 78%Fibo with SL below 1.0244 in anticipation of bullish impulsive wave progression to resume the uptrend soon.