Technical analysis of USD/CAD for September 13, 2016
September 13, 2016 7:01 am
General overview for 13/09/2016:
All of the Fibonacci retracement levels have been violated as the wave Y has almost hit the swing top at the level of 1.3147. The market is still trading above the weekly pivot. Please notice, that any violation of the level of 1.3147 will result in immediate invalidation of the current count, especially wave a purple will not be labeled as the impulsive structure, but more possibly as a zig-zag pattern. Moreover, the growing bearish divergence is still supporting the main count.
Support/Resistance:
1.3155 – WR1
1.3124 – Intraday Resistance
1.3077 – 78%Fibo
1.3031 – Intraday Support
1.2994 – Weekly Pivot
1.2935 – WS1
Trading recommendations:
Day traders are recommended to refrain from trading for now and wait for a better trading setup to occur shortly.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
General overview for 13/09/2016:
All of the Fibonacci retracement levels have been violated as the wave Y has almost hit the swing top at the level of 1.3147. The market is still trading above the weekly pivot. Please notice, that any violation of the level of 1.3147 will result in immediate invalidation of the current count, especially wave a purple will not be labeled as the impulsive structure, but more possibly as a zig-zag pattern. Moreover, the growing bearish divergence is still supporting the main count.
Support/Resistance:
1.3155 – WR1
1.3124 – Intraday Resistance
1.3077 – 78%Fibo
1.3031 – Intraday Support
1.2994 – Weekly Pivot
1.2935 – WS1
Trading recommendations:
Day traders are recommended to refrain from trading for now and wait for a better trading setup to occur shortly.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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