FX.co ★ USD/CAD H1 analysis for November 5, 2013

General overview for 05/11/2013 06:30 CET

The projected level for the ZigZag completion has not been hit and this structure was finished earlier that was expected; so called Running ZigZag shape.

Currently, the overall retracement is not deep enough in price and time to call 1.0395 for a low for wave B green, so I expect more lower levels to come when wave X brown is done.

So far this wave X brown starts to look like a ZigZag, but it can turn out to be virtually anything. Nevertheless, the projected target now is based on geometry again and it should end in the 1.0451 zone.

The golden descending channel helps to define the price range and only a slight breakout is allowed.

Support/Resistance:

1.0522 - WR2

1.0496 - Swing High

1.0463 - WR1

1.0451 - Intraday Resistance

1.0436 - Weekly Pivot

1.0414 - Intraday Support

1.0390 - 1.0395 - SUPPLY BREAKTHROUGH ZONE

1.0375 - WS1

1.0364 - 1.0369 - FRESH DEMAND

1.0349 - WS2

Trading recommendations:

Short positions should be in play from grey rectange levels of 1.0442 - 1.0452 with SL just above 1.0464 and potential TP at 1.0370.