Technical analysis of USD/CAD for December 30, 2016
December 30, 2016 8:52 am
General overview for 30/12/2016:
The market is trading inside the trading range between the recent top at the level of 1.3598 and intraday support at 1.3474. Moreover, the alternative scenario is indicating that the recent impulsive wave progression was the last swing up in the blue wave alt.(b) and now this longer-term cycle might have been completed as well. Any rally above the intraday resistance at the level of 1.3600 will invalidate this alternative scenario.
Support/Resistance:
1.3588 – Swing High
1.3475 – Intraday Support
1.3483 – Weekly Pivot
1.3412 – WS1
1.3244 – WS2
Trading recommendations:
Take profit level set above 1.3588 has been hit and now all buy orders should be closed with profit. Day traders should now refrain from trading and wait for another trading setup to occur shortly.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
General overview for 30/12/2016:
The market is trading inside the trading range between the recent top at the level of 1.3598 and intraday support at 1.3474. Moreover, the alternative scenario is indicating that the recent impulsive wave progression was the last swing up in the blue wave alt.(b) and now this longer-term cycle might have been completed as well. Any rally above the intraday resistance at the level of 1.3600 will invalidate this alternative scenario.
Support/Resistance:
1.3588 – Swing High
1.3475 – Intraday Support
1.3483 – Weekly Pivot
1.3412 – WS1
1.3244 – WS2
Trading recommendations:
Take profit level set above 1.3588 has been hit and now all buy orders should be closed with profit. Day traders should now refrain from trading and wait for another trading setup to occur shortly.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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