Technical analysis of USD/CAD for January 22, 2014
January 22, 2014 10:15 amVideo
Latest News
- Analysis of EUR/USD pair on May 23rd. Buyers make a second attempt to test the 1.0880 level May 23, 2024
- Analysis of GBP/USD pair on May 23rd. American reports saved the dollar May 23, 2024
- Forecast of EUR/USD pair on May 23, 2024 May 23, 2024
- Forecast of GBP/USD pair on May 23, 2024 May 23, 2024
- USD/JPY: Simple trading tips for novice traders on May 23rd (US session) May 23, 2024
- GBP/USD: Simple trading tips for novice traders on May 23rd (US session) May 23, 2024
- EUR/USD: Simple trading tips for novice traders on May 23rd (US session) May 23, 2024
- GBP/USD: trading plan for the US session on May 23rd (analysis of morning deals). Buyers hit resistance at 1.2760 May 23, 2024
- EUR/USD: trading plan for the US session on May 23rd (analysis of morning deals). The euro rebounded from the 1.0819 level May 23, 2024
- Technical analysis – US 500 index slips after all-time high but holds within bullish area May 23, 2024
- Nvidia set to propel Wall Street to new highs but Fed uncertainty weighs – Stock Markets May 23, 2024
- Trading Signals for EUR/USD for May 23-25, 2024: buy above 1.0834 (200 EMA – rebound) May 23, 2024
- Trading Signals for SILVER (XAG/USD) for May 23-25, 2024: buy above 30.00 (200 EMA – rebound) May 23, 2024
- Forex forecast 05/23/2024: EUR/USD, GBP/USD, USDX, Oil and Bitcoin from Sebastian Seliga May 23, 2024
- Video market update for May 23, 2024 May 23, 2024
- USD/JPY: Simple trading tips for novice traders on May 23rd. Analysis of yesterday’s forex transactions May 23, 2024
- GBP/USD: Simple trading tips for novice traders on May 23rd. Analysis of yesterday’s forex transactions May 23, 2024
- EUR/USD: Simple trading tips for novice traders on May 23rd. Analysis of yesterday’s forex transactions May 23, 2024
- Technical Analysis – EURUSD recovers ground, remaining above downtrend line May 23, 2024
- Technical Analysis – EURGBP tests critical pivot area after slump May 23, 2024
General overview for 22/01/2014 08:30 CET
This pair is keeping making new higher highs and that is why I decided to take a look at the higher time frames like H4 to analyse the possible wave development. There is some evidence, that a termination pattern in shape of Ending Diagonal triangle is being formed on H4 time frame. Currently, there are three waves completed inside the Ending Diagonal and this pattern has one more wave up to complete before the sell off will happen. The projected target area for wave (v) blue is between the levels of 1.1037 – 1.1063. From there the impulsive wave progression should start and the first support for the sell off would be a blue trendline and Weekly Pivot at the level of 1.0939. To confirm this scenario, the breakout below the level of 1.0904 must happen as the first weak confirmation that the top is in place. Please notice that a Bearish Divergence has formed on momentum oscilator, supporting the scenario of a sudden price collapse after the target zone is hit.
Support/Resistance:
11087 – WR2
1.1037 – 1.1063 – Target Zone for wave (v)
1.1018 – Intraday High
1.0939 – Weekly Pivot
1.0904 – Wave (ii) support level
1.0887 – WS1
1.0839 – 1.0866 – Previous wave four area
1.0790 – WS2
Trading recommendations:
Long positions should be opened from curent price levels with SL below the level of 1.0939 and TP at the level of 1.1037.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: