Technical analysis of USD/CAD for December 15, 2016
December 15, 2016 10:48 am
General overview for 15/12/2016:
After the FED decision to raise the interest rates, the price bounced impulsively to the upside almost hitting 50%Fibo at the level of 1.3333. This means the bottom of the wave 5 (blue) of the wave 1 (purple) has been established a little sooner than anticipated. Moreover, according to the updated H4 time frame labeling, this low might be just the wave (b) (blue) bottom. This means the price should move even higher as the wave (c) of the final wave Y (brown) unfolds.
Support/Resistance:
1.3061 – WS1
1.3269 – Intraday Support
1.3322 – Intraday Resistance
1.3208 – Weekly Pivot
1.3263 – WR1
1.3412 – WR2
Trading recommendations:
Both TP from the beginning of the week were hit yesterday, so all buy order should be now closed or put on the trailing stop.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
General overview for 15/12/2016:
After the FED decision to raise the interest rates, the price bounced impulsively to the upside almost hitting 50%Fibo at the level of 1.3333. This means the bottom of the wave 5 (blue) of the wave 1 (purple) has been established a little sooner than anticipated. Moreover, according to the updated H4 time frame labeling, this low might be just the wave (b) (blue) bottom. This means the price should move even higher as the wave (c) of the final wave Y (brown) unfolds.
Support/Resistance:
1.3061 – WS1
1.3269 – Intraday Support
1.3322 – Intraday Resistance
1.3208 – Weekly Pivot
1.3263 – WR1
1.3412 – WR2
Trading recommendations:
Both TP from the beginning of the week were hit yesterday, so all buy order should be now closed or put on the trailing stop.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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