Technical analysis of USD/CAD for January 15, 2014
January 15, 2014 8:45 am
General overview for 15/01/2014 08:05 CET
The extension in wave 5 green is comming to an end and the bearish divergence on the AO oscilator must be taken into account finally.
The count has been changed slightly and I have put the top for wave iii at the previous top of the wave C blue. This means that there is a possibility of one more wave to the upside IF the level of 1.0979 is broken. To support this view the golden trend line must not be violated as well. In that case of upside breakout, the next target is 61%Fibo Extension at the level of 1.1062 that is in nice confluence with WR1 at the level of 1.1075.
Support/Resistance:
1.1.075 – WR1
1.1062 – 61%FE
1.0979 – 38%FE
1.0957 – Intraday Support
1.0840 – Weekly Pivot
Trading recommendations:
In anticipation of wave five to the upside, a Buy Stop order should be placed from the level of 1.0985 with SL below the level of 1.0956 and TP at the level of 1.1062.
The material has been provided by InstaForex Company – www.instaforex.com
General overview for 15/01/2014 08:05 CET
The extension in wave 5 green is comming to an end and the bearish divergence on the AO oscilator must be taken into account finally.
The count has been changed slightly and I have put the top for wave iii at the previous top of the wave C blue. This means that there is a possibility of one more wave to the upside IF the level of 1.0979 is broken. To support this view the golden trend line must not be violated as well. In that case of upside breakout, the next target is 61%Fibo Extension at the level of 1.1062 that is in nice confluence with WR1 at the level of 1.1075.
Support/Resistance:
1.1.075 – WR1
1.1062 – 61%FE
1.0979 – 38%FE
1.0957 – Intraday Support
1.0840 – Weekly Pivot
Trading recommendations:
In anticipation of wave five to the upside, a Buy Stop order should be placed from the level of 1.0985 with SL below the level of 1.0956 and TP at the level of 1.1062.
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