FX.co ★ USD/CAD H1 analysys for September 23, 2013

General overview for 23/09/2013 09:00 CET

The Retail Gap has been filled up already and according to my count, the price is currently in the last stages of corrective wave c purple of wave (ii).

The first level to complete this wave is Weekly Pivot at 1.0279. Second support comes at 1.0261.

Nevertheless, to continue with an upward move, the price must break above 1.0317 technical resistance and golden trend line cluster, otherwise the corrective move will be deeper and more time consuming.

Support/Resistance:

1.0432 - WR2

1.0380 - WR1

1.0331 - 1.0348 - SUPPLY ZONE

1.0317 - Technical Resistance

1.0279 - Weekly Pivot

1.0261 - Intraday Support

1.0226 - WS1

1.-180 - Swing Low

1.0130 - WS2

Trading recommendations:

First intraday scalp short positions from current levels with SL above 1.0300 and TP at 1.0261.

Then intraday long positions from 1.0261 with tight SL and TOP at 1.0317 or even above.