FX.co ★ USD/CAD H1 analysis for November 1, 2013

General overview for 01/11/2013 07:30 CET

Over the nigh, the price went down to grey rectangle support zone, and it looks like the top of wave A green is in.

What I am expecting now is some sort of consolidation, and then another leg down to complete the cycle.

The wave progression from top is impulsive, so the whole corrective structure might be in shape of ZigZag.

The most important support zone is the grey rectangle of wave 4 support zone. If broken, more downside is expected.

Support/Resistance:

1.483 - 1.0496 - SUPPLY ZONE

1.0439 - Intraday Resistance

1.0427 - Technical Support

1.0408 - 1.0418 = Wave 4 Support ZOne

1.0404 - Weekly Pivot

1.0395 - 1.0389 - SUPPLY BREAKTHROUGH ZONE

1.0365 - Technical Support

1.0350 - WS1

Tradinig recommendations:

The short side of the market should be in play due to unfinished corrective cycles. Entry on intraday resistance level up to the golden trend line resistance level with SL above 1.0500 and potential TP1 at 1.0395 and TP2 at 1.0365