Technical analysis of USD/CAD for Febuary 17, 2016
February 17, 2016 10:10 am
General overview for 17/02/2016:
An impulsive upward reversal from the wave c purple bottom has not been completed yet, but it looks like the market is finally resuming its uptrend. Four impulsive eaves are visible in the hourly chart and now it is time to make one more to the upside. The target would be the technical resistance at the level of 1.4014. There is still a possibility however that a breakout below this level might extend the C purple wave down to the next support at 1.3637. Nevertheless, the abc purple corrections looks completed and the market might reverse any time now. To confirm this bullish progression to the upside, the price should break out above the golden trend line at least.
Support/Resistance:
1.3637 – Local Low
1.3648 – WS2
1.3746 – WS1
1.3819 – Intraday Support
1.3880 – Weekly Pivot
1.3911 – Intraday Resistance
1.3972 – WR1
1.4014 – Technical Resistance
1.4108 – WR2
Trading recommendations:
Buying on dips is a proper way to trade on this market as the uptrend is still in play. The corrective cycle is violating the support levels, but the most important support at the level of 1.3637 has not been broken yet. Bulls are still in control in this market, but no confirmation of a bullish reversal has been received yet.
The material has been provided by InstaForex Company – www.instaforex.com
General overview for 17/02/2016:
An impulsive upward reversal from the wave c purple bottom has not been completed yet, but it looks like the market is finally resuming its uptrend. Four impulsive eaves are visible in the hourly chart and now it is time to make one more to the upside. The target would be the technical resistance at the level of 1.4014. There is still a possibility however that a breakout below this level might extend the C purple wave down to the next support at 1.3637. Nevertheless, the abc purple corrections looks completed and the market might reverse any time now. To confirm this bullish progression to the upside, the price should break out above the golden trend line at least.
Support/Resistance:
1.3637 – Local Low
1.3648 – WS2
1.3746 – WS1
1.3819 – Intraday Support
1.3880 – Weekly Pivot
1.3911 – Intraday Resistance
1.3972 – WR1
1.4014 – Technical Resistance
1.4108 – WR2
Trading recommendations:
Buying on dips is a proper way to trade on this market as the uptrend is still in play. The corrective cycle is violating the support levels, but the most important support at the level of 1.3637 has not been broken yet. Bulls are still in control in this market, but no confirmation of a bullish reversal has been received yet.
The material has been provided by InstaForex Company – www.instaforex.com
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