Technical analysis of USD/CAD for Febuary 18, 2014
February 18, 2014 1:25 pm
General overview for 18/02/2014 12:15 CET
The corrective cycle wave (iv) blue is getting more complex and so far the most accurate corrective price formation would be a triangle. That means the market might stay within the treading range between the levels of 1.0944 – 1.0987 for some time now and only a breakout would be a good clue for a next market move. Please notice the bearish impulsive count invalidation line at the level of 1.1040. Any line violation means that the bottom is in place and the market is ready for another leg up.
Support/Resistance:
1.0944 – 1.0987 – Intraday Range Zone
1.0994 – Weekly Pivot
1.1016 – 1.1024 – Demand Breakthrough Zone
1.1034 – Invalidation Line
Trading recommendations:
A breakout above the level of 1.0987 is bullish and buy positions should be opened with SL below the level of 1.0971 and TP at the level of 1.1016.
The material has been provided by InstaForex Company – www.instaforex.com
General overview for 18/02/2014 12:15 CET
The corrective cycle wave (iv) blue is getting more complex and so far the most accurate corrective price formation would be a triangle. That means the market might stay within the treading range between the levels of 1.0944 – 1.0987 for some time now and only a breakout would be a good clue for a next market move. Please notice the bearish impulsive count invalidation line at the level of 1.1040. Any line violation means that the bottom is in place and the market is ready for another leg up.
Support/Resistance:
1.0944 – 1.0987 – Intraday Range Zone
1.0994 – Weekly Pivot
1.1016 – 1.1024 – Demand Breakthrough Zone
1.1034 – Invalidation Line
Trading recommendations:
A breakout above the level of 1.0987 is bullish and buy positions should be opened with SL below the level of 1.0971 and TP at the level of 1.1016.
The material has been provided by InstaForex Company – www.instaforex.com
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