Technical analysis of USD/CAD for December 11, 2015
December 11, 2015 10:30 am
General overview for 11/12/2015 10:15 CET:
The current wave progression has been updated, and a new count suggests an ending diagonal pattern to be completed at the top of the wave 5 purple. There are still two missing sub-waves inside of the pattern to terminate it, but the multiple bearish divergence suggests rather fast completion and downside breakout.
Support/Resistance:
1.3621 – Intraday Support
1.3555 – WR3
Trading recommendations:
Swing traders should consider closing long-term buy orders as the cycles on the higher time frames suggests possible completion of the five wave impulsive development and an imminent corrective cycle ahead.
The material has been provided by InstaForex Company – www.instaforex.com
General overview for 11/12/2015 10:15 CET:
The current wave progression has been updated, and a new count suggests an ending diagonal pattern to be completed at the top of the wave 5 purple. There are still two missing sub-waves inside of the pattern to terminate it, but the multiple bearish divergence suggests rather fast completion and downside breakout.
Support/Resistance:
1.3621 – Intraday Support
1.3555 – WR3
Trading recommendations:
Swing traders should consider closing long-term buy orders as the cycles on the higher time frames suggests possible completion of the five wave impulsive development and an imminent corrective cycle ahead.
The material has been provided by InstaForex Company – www.instaforex.com
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