General overview for 14/04/2014 08:30 CET
The corrective cycle is still in progress and it is developing in a shape of a triple ZigZag pattern. The market has hit the 61%Fibo at the level of 1.0988 and now it is in the critical level for impulsive wave labeling invalidation. Any breakout higher above the level of 1.1000 - 1.1010 will invalidate the impulsive green count and the area of supply at the level of 1.1066 - 1.1078 will be in view. On the other hand, any failure at the current level would result in a downtrend resumption and the first clue would be golden channel breakout to the downside.
Support/Resistance:
1.1066 - 1.106 - Supply Zone
1.1023 - 78%Fibo
1.1010 - 1.1000 - Invalidation Level
1.0991 - Intraday Resistance
1.0955 - Weekly Pivot
1.0952 - Intraday Support
1.0902 - WS1
Trading recommendations:
Sell limit orders should be opened from the level of 1.0988 with SL above the level of 1.1011 and TP at the level of 1.0857. Additional sell stop orders should be opened from the level of 1.0949 with SL above the level of 1.1011 and TP at the level of 1.0857.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Technical analysis of USD/CAD for April 14, 2014 . Thanks for your support on Technical analysis of USD/CAD for April 14, 2014
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