Technical analysis of USD/CAD for January 19, 2017
January 19, 2017 9:56 am
General overview for 19/01/2017:
The market reversed strongly to the upside and now is trading just below 50%Fibo of the last swing down. The gray rectangular zone is the first target projection area for wave 1/a (main count) or wave 2/b (alternative count). In case of a further breakout higher, the next resistance is seen at the 61%Fibo at the level of 1.3377. Those levels are the key resistance levels for the day, because the price might start to stall/reverse at one of those levels and move lower in order to test the intraday support at the levle of 1.3188.
Support/Resistance:
1.2883 – WS2
1.2994 – WS1
1.3143 – Weekly Pivot
1.3188 – Intraday Support
1.3259 – WR1
1.3308 – Technical Resistance
1.3377 – 61%Fibo
1.3408 – WR2
Trading recommendations:
Day traders should keep the buy orders that are in play already, but the TP should be set lower than 1.3408 and for this two levels are appropriate: 1.33308 and 1.3377.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
General overview for 19/01/2017:
The market reversed strongly to the upside and now is trading just below 50%Fibo of the last swing down. The gray rectangular zone is the first target projection area for wave 1/a (main count) or wave 2/b (alternative count). In case of a further breakout higher, the next resistance is seen at the 61%Fibo at the level of 1.3377. Those levels are the key resistance levels for the day, because the price might start to stall/reverse at one of those levels and move lower in order to test the intraday support at the levle of 1.3188.
Support/Resistance:
1.2883 – WS2
1.2994 – WS1
1.3143 – Weekly Pivot
1.3188 – Intraday Support
1.3259 – WR1
1.3308 – Technical Resistance
1.3377 – 61%Fibo
1.3408 – WR2
Trading recommendations:
Day traders should keep the buy orders that are in play already, but the TP should be set lower than 1.3408 and for this two levels are appropriate: 1.33308 and 1.3377.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
Related Posts: