Technical analysis of USD/CAD for January 17, 2014
January 17, 2014 8:45 am
General overview for 17/01/2014 08:10 CET
There are two intraday counts possible here and the difference is in the top for the wave 2 red placement.
– SCENARIO 1 – MAIN COUNT – In this point of view the top for wave 2 red has not been etablished yet as the wave c purple to the upside is still in progress. The Key Area here for this count is the zone between the levels of 1.0979 – 1.0989 as a possible target for wave c purple. Any breakout higher invalidates this scenario.
– SCENARIO 2 – ALTERNATE COUNT – In this view wave a red is in fact a finished wave 2 red and the latest wave progression to the downside is the beginning for the wave 3 red. Any breakout above the intraday resistance level invalidates the count. Any breakout lower below intraday support at the level of 1.0903 is first weak confirmation that alternate count is in play.
Support/Resistance:
1.0979 – 1.0989 – Key Area
1.0956 – Intraday Resistance
1.0903 – Intraday Support
1.0840 – Weekly Pivot
Trading recommendations:
The level marked as the Key Area should be the entry zone for all short positions with SL above the level of 1.0990 and TP at the level of 1.0903 and 1.0840.
The material has been provided by InstaForex Company – www.instaforex.com
General overview for 17/01/2014 08:10 CET
There are two intraday counts possible here and the difference is in the top for the wave 2 red placement.
– SCENARIO 1 – MAIN COUNT – In this point of view the top for wave 2 red has not been etablished yet as the wave c purple to the upside is still in progress. The Key Area here for this count is the zone between the levels of 1.0979 – 1.0989 as a possible target for wave c purple. Any breakout higher invalidates this scenario.
– SCENARIO 2 – ALTERNATE COUNT – In this view wave a red is in fact a finished wave 2 red and the latest wave progression to the downside is the beginning for the wave 3 red. Any breakout above the intraday resistance level invalidates the count. Any breakout lower below intraday support at the level of 1.0903 is first weak confirmation that alternate count is in play.
Support/Resistance:
1.0979 – 1.0989 – Key Area
1.0956 – Intraday Resistance
1.0903 – Intraday Support
1.0840 – Weekly Pivot
Trading recommendations:
The level marked as the Key Area should be the entry zone for all short positions with SL above the level of 1.0990 and TP at the level of 1.0903 and 1.0840.
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