Elliott Wave Analysis of USD/CAD for January 21, 2014
January 21, 2014 1:45 pm
USD/CAD Elliott WaveВ
The USD/CAD pair has reached invalidation level in the early London session, we have slightly adjusted our waveВ count to get new fresh signal for this pair. In the 1-hour chart, we can see that we are looking at the waveВ (b) (coloured red) as already complete cycle at 1.0841 level, now while this low holds we are going to look forВ any pullback to enter a long position in the final (c) wave (coloured red) that is taking a form of EndingВ Diagonal. Next fresh long signal we are going to have on the next push lower around 1.0935, 50% of the wave iВ (coloured blue). In accordance with our wave rules and taking into account that wave (C) should retrace 100% ofВ wave (A), we can define the potential targets with measuring wave (A) with take profit at 1.1200 (100% of waveВ (A)). Swing traders can also try the same position since next clear swing signal will come only after wave (C)В complete the cycle.В
Proceeding from Elliott Wave rules today, the trend is expected to begin upward movements. That is whyВ long positions at the level of 1.0935 with stop loss at 1.0841 and take profit at 1.1200 are recommendedВ
The material has been provided by InstaForex Company – www.instaforex.com
USD/CAD Elliott WaveВ
The USD/CAD pair has reached invalidation level in the early London session, we have slightly adjusted our waveВ count to get new fresh signal for this pair. In the 1-hour chart, we can see that we are looking at the waveВ (b) (coloured red) as already complete cycle at 1.0841 level, now while this low holds we are going to look forВ any pullback to enter a long position in the final (c) wave (coloured red) that is taking a form of EndingВ Diagonal. Next fresh long signal we are going to have on the next push lower around 1.0935, 50% of the wave iВ (coloured blue). In accordance with our wave rules and taking into account that wave (C) should retrace 100% ofВ wave (A), we can define the potential targets with measuring wave (A) with take profit at 1.1200 (100% of waveВ (A)). Swing traders can also try the same position since next clear swing signal will come only after wave (C)В complete the cycle.В
Support and Resistance
(S3) 1.0884 (S2) 1.0906 (S1) 1.0926 (PP) 1.0948 (R1) 1.0968 (R2) 1.0990 (R3) 1.1010
Trading forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin upward movements. That is whyВ long positions at the level of 1.0935 with stop loss at 1.0841 and take profit at 1.1200 are recommendedВ
The material has been provided by InstaForex Company – www.instaforex.com
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