FX.co ★ USD/CAD H1 Analysis for September 26, 2013

General overview for 26/09/2013 15:30 CET

Not much of a progress in this dull market with complex and time consuming corrective waves is observed. Nevertheless, some first indication of a very impulsive setup is starting to emerge.

The current labeling is a sequence of 1-2,i-ii and (i)-(ii) and this is the reason of the bullishness.

This main count is invalidated if the level of Weekly Pivot is broken.

The alternate count points out a possibility of deeper correction before wave 3 violet will happen.

Support/Resistance:

1.0130 - WS2

1.0180 - Swing Low

1.0226 - WS2

1.0261 - Intraday Support

1.0279 - Weekly Pivot

1.0273 - 1.0309 - RANGE ZONE

1.0285 - Intraday Support

1.0317 - Technical Resistance

1.0331- 1.0348 - SUPPLY ZONE

Trading recommendations:

A breakout strategy should be in play and as the bias is to the upside, long spositions are in favour as long as the price stays above 1.0284 level.