Technical analysis of USD/CAD for January 13, 2014
January 13, 2014 9:30 am
General overview for 1301/2014 08:20 CET
The last two zones indicated in the last week analysis both has been hit but they hasn’t provided the expected resistance and the price has broken through them to hit even higher degree confluence levels. It looks like the wave v black of wave 5 green has been finally finished hitting 61%Fibo Extension at the level of 1.0937. From this level we are trying to label the impulsive wave progression to the downside and that means no new high can be made to support this view. In case of any new high, current wave progression will be a small degree corrective sub-cycle wave four and the last wave to the upside should be only overthrow for the wave 5 green.
Support/Resistance:
1.0943 – Swing High
1.0914 – Intraday Resistance
1.0872 – Intraday Support
1.0840 -Weekly Pivot
1.828 – Previous wave 4 Level
Trading recommendations:
Any price below the level of 1.0914 should be sold with entry as close as possible to 1.0914, SL above the level of 1.0921 and TP at the level of 1.0872 and 1.0840.
The material has been provided by InstaForex Company – www.instaforex.com
General overview for 1301/2014 08:20 CET
The last two zones indicated in the last week analysis both has been hit but they hasn’t provided the expected resistance and the price has broken through them to hit even higher degree confluence levels. It looks like the wave v black of wave 5 green has been finally finished hitting 61%Fibo Extension at the level of 1.0937. From this level we are trying to label the impulsive wave progression to the downside and that means no new high can be made to support this view. In case of any new high, current wave progression will be a small degree corrective sub-cycle wave four and the last wave to the upside should be only overthrow for the wave 5 green.
Support/Resistance:
1.0943 – Swing High
1.0914 – Intraday Resistance
1.0872 – Intraday Support
1.0840 -Weekly Pivot
1.828 – Previous wave 4 Level
Trading recommendations:
Any price below the level of 1.0914 should be sold with entry as close as possible to 1.0914, SL above the level of 1.0921 and TP at the level of 1.0872 and 1.0840.
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