General overview for 17/04/2014 10:00 CET
The corrective count has been slightly changed as the price made one more swing to the upside after yesterday's news release. The top of the wave A green has been moved higher, just above the 78%Fibo at the level of 1.1023. Currently, the wave development suggests more downside progression in corrective wave B green (for more complex wave X black) or straight impulsive wave development to the downside (if the top for wave X black is in place as an alternate count). The key level for the count is the demand zone between the levels of 1.0937 - 1.0942. If this area is broken, then the red trendline will be tested. Break of this trendline is the final confirmation that's the top for wave X black is in place.
Support/Resistance:
1.1032 - Swing High
1.1020 - Intraday Resistance
1.0995 - Intraday Support
1.0955 - Weekly Pivot
1.0937 - 1.0942 - Demand Zone
Trading recommendations:
Sell orders should be opened from the current market levels with Sl above the level of 1.1033 and TP at the level of 1.0942.
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 17, 2014 . Thanks for your support on Technical analysis of USD/CAD for April 17, 2014
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