Technical analysis of USD/CAD for May 16, 2016
May 16, 2016 8:30 amVideo
Latest News
- Trading plan for GBP/USD on April 18. Simple tips for beginners April 18, 2024
- Trading plan for EUR/USD on April 18. Simple tips for beginners April 18, 2024
- The Fed and global instability: a double blow to American markets April 18, 2024
- Forecast for EUR/USD on April 18, 2024 April 18, 2024
- Forecast for GBP/USD on April 18, 2024 April 18, 2024
- Forecast for AUD/USD on April 18, 2024 April 18, 2024
- Outlook for GBP/USD on April 18. Pound was not impressed by the inflation data April 18, 2024
- Outlook for EUR/USD on April 18. Euro has fallen into a new flat April 18, 2024
- GBP/USD. Correction or trend reversal? April 18, 2024
- The FOMC will not lower rates in 2024 April 18, 2024
- Powell made a bold point, and Bailey did not report anything important April 18, 2024
- Will the euro take a risk? April 18, 2024
- Trading Signals for GOLD (XAU/USD) for April 17-19, 2024: sell below $2,400 (21 SMA – double top) April 17, 2024
- Technical Analysis – GBPCAD hits a wall but bulls not ready to give up April 17, 2024
- Trading Signals for Ethereum (ETH/USD) for April 17-19, 2024: sell below $3,125 (21 SMA – 2/8 Murray) April 17, 2024
- Analysis for the EUR/USD pair on April 17th. Jerome Powell didn’t help the dollar much April 17, 2024
- Analysis for GBP/USD pair on April 17th. British inflation overtakes American inflation April 17, 2024
- USD/JPY: Simple Trading tips for novice traders on April 17th (US session) April 17, 2024
- GBP/USD: Simple trading tips for novice traders on April 17th (US session) April 17, 2024
- EUR/USD: Simple trading tips for novice traders on April 17th (US session) April 17, 2024
General overview for 16/05/2016:
The pair is still trading inside the neutral zone, but the recent breakout above the descending golden trend line looks promising for bulls. Nevertheless, it is worth mentioning, that the current corrective structure might evolve into more complex pattern. The impulsive break out above the intraday resistance at the level of 1.3014 is needed to confirm the bulls strength.
Support/Resistance:
1.3160 – WR2
1.3065 – WR1
1.3014 – Intraday Resistance
1.2918 – Weekly Pivot
1.2881 – Intraday Support
1.2821 – WS1
1.2757 – Technical Support
Trading recommendations:
Day traders should consider to buy at the dips in this market with SL below the level of 1.2757 and TP open for now, because we expect an impulsive wave progression to the upside to continue in the near term.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: