FX.co ★ Technical analysis of USD/CAD for December 31, 2013

 General overview for 31/12/2013 10:00 CET

The last bullish count has been invalidated due to wave (i) and wave (iv) overlapse, so alterate count is in play. In this scenario, the level of 1.0735 is the top of the bullish cycle and the top  for wave 5 of wave C green. Currently, the first two waves of the impulsive wave development has been done and now wave (iii) is in progress. The golden trend line has been broken and the price is consolidating in wave 4 red before the downside breakout in wave 5 red is supposed to happen.

Support/Resistance:

1.0777 - WR1

1.0736 - Swing High

1.0685 - Intraday Resistance

1.0675 - Weekly Pivot

1.0634 - 1.0655 - Daily Range Zone

1.0618 - Intraday Support

Trading recommendations:

For intraday scalpers: short positions should be taken from the range zone  with SL above the level of 1.0656 and TP at the level of 1.0618.