Technical analysis of USD/CAD for January 10, 2014
January 10, 2014 9:45 amVideo
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В General overview for 10/01/2014 CET
The Very Strong Confluence Zone lower boundary at the level of 1.0871 has been hit, but higher prices has been rejected so far. This would mean, the top for the whole impulsive wave progression to the upside might be in place, because the rejection from the level of 1.0871 to the downside is in clear five waves structure and it has been labeled as wave 1 red of a small sub-cycle.
Currently, the market is in the corrective cycle wave 2 red and the daily trading range has been established: it is the area between the levels of 1.0828 – 1.0855. Breakout to the downside will confirm the outlook and the impulsive wave 3 red might be in progress. Breakout to the upside would mean, that the corrective structure in wave 2 red has not been finished yet and more complex cycle is in progress.
Support/Resistance:
1.0888 – 1.0871 – Very Strong Confluence Zone
1.0855 -Intraday Resistance
1.0828 – Intraday Support
1.0841 – WR3
1.0780 – 1.0817 – Strong Confluence Zone
1.0788 – Intraday Support
1.0783 – WR2
Trading recommendations:
Classical range breakout should be performed today:
– if Intraday Support at the level of 1.0828 is broken, then short positions should be opened with SL above the level of 1.0856 and TP at the level of 1.0788,
– if Intraday Resistance at the level of 1.0855 is broken, then long positions should be opened with SL below the level of 1.0828 and TP at the level of 1.0871 and 1.0888.
The material has been provided by InstaForex Company – www.instaforex.com
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