Technical analysis of USD/CAD for November 14, 2014
November 14, 2014 10:10 am
General overview for 14/11/2014 10:10 CET
The corrective cycle in black wave ii has almost hit the least level of resistance and now it should turn down. Only a sustained breakout above the level of 1.1400 will be considered as bullish but there must be a continuation move to the upside that breaks out above the recent swing high and makes new highs. Otherwise, the breakout above the level of 1.1400 might be considered as a false breakout and price will turn down.
Support/Resistance:
1.1465 – Swing High
1.1426 – WR1
1.1400 – Intraday Resistance
1.1357 – Intraday Support
1.1343 – Weekly Pivot
1.1279 – Intraday Support
Trading recommendations:
Day traders should consider opening sell orders from the level of 1.1357 with SL above the level of 1.1401 and TP at the level of 1.1279.
The material has been provided by InstaForex Company – www.instaforex.com
General overview for 14/11/2014 10:10 CET
The corrective cycle in black wave ii has almost hit the least level of resistance and now it should turn down. Only a sustained breakout above the level of 1.1400 will be considered as bullish but there must be a continuation move to the upside that breaks out above the recent swing high and makes new highs. Otherwise, the breakout above the level of 1.1400 might be considered as a false breakout and price will turn down.
Support/Resistance:
1.1465 – Swing High
1.1426 – WR1
1.1400 – Intraday Resistance
1.1357 – Intraday Support
1.1343 – Weekly Pivot
1.1279 – Intraday Support
Trading recommendations:
Day traders should consider opening sell orders from the level of 1.1357 with SL above the level of 1.1401 and TP at the level of 1.1279.
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