Technical analysis of USD/CAD for September 9, 2016
September 9, 2016 8:07 am
General overview for 09/09/2016:
The market is currently testing the dynamic resistance provided by a golden trend line and the wave b purple is still in progress. The projected target for wave b purple is recently violated the golden trend line zone, just above the intraday resistance at the level of 1.2946 and 38% Fibo level. In case of a break out higher, the next resistance is seen at the level of 1.2985 (50%Fibo). The market reversal is expected from one of the indicated levels.
Support/Resistance:
1.3191 – WR2
1.3069 – WR1
1.3025 – Weekly Pivot
1.2985 – 505Fibo
1.2946 – 38%Fibo
1.2903 – WS1
1.2886 – Intraday Resistance
1.2859 – WS2
1.2822 – Intraday Support
Trading recommendations:
The buy orders has hit the TP at the level of 1.2900 and they should now be closed with profit. Currently the day traders should 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 09/09/2016:
The market is currently testing the dynamic resistance provided by a golden trend line and the wave b purple is still in progress. The projected target for wave b purple is recently violated the golden trend line zone, just above the intraday resistance at the level of 1.2946 and 38% Fibo level. In case of a break out higher, the next resistance is seen at the level of 1.2985 (50%Fibo). The market reversal is expected from one of the indicated levels.
Support/Resistance:
1.3191 – WR2
1.3069 – WR1
1.3025 – Weekly Pivot
1.2985 – 505Fibo
1.2946 – 38%Fibo
1.2903 – WS1
1.2886 – Intraday Resistance
1.2859 – WS2
1.2822 – Intraday Support
Trading recommendations:
The buy orders has hit the TP at the level of 1.2900 and they should now be closed with profit. Currently the day traders should 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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