Elliott Wave Analysis of USD/CAD for January 23, 2014
January 23, 2014 8:30 am
USD/CAD Elliott WaveВ
For the last couple of days, the USD/CAD pair has been trading upward, just like we expected, impulsiveВ wave iii (coloured blue) of the bigger wave (c) (coloured red) has been developing. In the 1-hour chartВ of the USD/CAD pair we can see that the strong ascending movements from 1.0951 represent impulsive waveВ iii (coloured blue), we should already be in the corrective wave iv at the moment, but while priceВ stays above 1.0950 we are still expecting to see one more push higher and that is why long positionsВ are going to be our game plan for today. In accordance with our wave rules and taking into account thatВ wave (C) should retrace 100% of wave (A), we can define the potential targets with measuring wave (A)В with take profit at 1.1200 (100% of wave (A)). Swing traders can also try the same position since nextВ clear swing signal will come only after wave (C) 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 1.1077 В with stop loss at 1.1040 and take profit at 1.1200 areВ recommended. В В
The material has been provided by InstaForex Company – www.instaforex.com
USD/CAD Elliott WaveВ
For the last couple of days, the USD/CAD pair has been trading upward, just like we expected, impulsiveВ wave iii (coloured blue) of the bigger wave (c) (coloured red) has been developing. In the 1-hour chartВ of the USD/CAD pair we can see that the strong ascending movements from 1.0951 represent impulsive waveВ iii (coloured blue), we should already be in the corrective wave iv at the moment, but while priceВ stays above 1.0950 we are still expecting to see one more push higher and that is why long positionsВ are going to be our game plan for today. In accordance with our wave rules and taking into account thatВ wave (C) should retrace 100% of wave (A), we can define the potential targets with measuring wave (A)В with take profit at 1.1200 (100% of wave (A)). Swing traders can also try the same position since nextВ clear swing signal will come only after wave (C) complete the cycle.В
Support and Resistance
(S3) 1.0858, (S2) 1.0905, (S1) 1.0996, (PP) 1.1043, (R1) 1.1134, (R2) 1.1181, (R3) 1.1272.
Trading forecastВ
Proceeding from Elliott Wave rules today, the trend is expected to begin upward movements. That is whyВ long positions at the level of 1.1077 В with stop loss at 1.1040 and take profit at 1.1200 areВ recommended. В В
The material has been provided by InstaForex Company – www.instaforex.com
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