Elliott Wave Analysis of USD/CAD for March 10, 2014
March 10, 2014 8:15 am
USD/CAD Elliott Wave
Since our last analysis, the USD/CAD pair has been trading upwards, impulsive wave (i) (coloured green) of the bigger wave [c] (coloured black) has been developing. In the 1-hour chart of the USD/CAD pair, we can see clear five wave pattern from the 1.0953 level, this move should be a part of the (i) wave (coloured green) that will complete anytime soon and offer us a good selling opportunity. Short term traders should focus on the selling opportunity against the 1.1158 level, and for the confirmation that (i) wave is over, we can look for the break below the 1.1080 level. In accordance with our wave rules and taking into account that wave (ii) should extend 50% of wave (i), we can define the potential targets with measuring wave (i) with take profit at 1.1038 (50% of wave (i)).
Proceeding from the Elliott Wave rules today, the trend is expected to begin downward movements. That is why, short positions at the level of 1.1080 with stop loss at 1.1158 and take profit at 1.1038 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
USD/CAD Elliott Wave
Since our last analysis, the USD/CAD pair has been trading upwards, impulsive wave (i) (coloured green) of the bigger wave [c] (coloured black) has been developing. In the 1-hour chart of the USD/CAD pair, we can see clear five wave pattern from the 1.0953 level, this move should be a part of the (i) wave (coloured green) that will complete anytime soon and offer us a good selling opportunity. Short term traders should focus on the selling opportunity against the 1.1158 level, and for the confirmation that (i) wave is over, we can look for the break below the 1.1080 level. In accordance with our wave rules and taking into account that wave (ii) should extend 50% of wave (i), we can define the potential targets with measuring wave (i) with take profit at 1.1038 (50% of wave (i)).
Support and Resistance
(S3) 1.0889, (S2) 1.0934, (S1) 1.1010, (PP) 1.1055, (R1) 1.1131, (R2) 1.1176, (R3) 1.1252.
Trading forecast
Proceeding from the Elliott Wave rules today, the trend is expected to begin downward movements. That is why, short positions at the level of 1.1080 with stop loss at 1.1158 and take profit at 1.1038 are recommended.
The material has been provided by InstaForex Company – www.instaforex.com
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