General overview for 22/04/2014 08:30 CET
The price is in intraday range zone that has been created between the levels of 1.1006 - 1.1030. The golden trendline is providing the dynamic support as well so the downside breakout below this line might be important for further price development. The other support is being provided by weekly pivot at the level of 1.1004 so any breakout lower from the range might result in testing the small demand zone at the level of 1.0940. On the other hand, any new high will invalidate the current count and the target for upside breakout would be at the level of 1.1066.
Support/Resistance:
1.1066 - WR1
1.1032 - Intraday Resistance
1.1006 - Intraday Support
1.1004 - Weekly Pivot
1.0975 - WS1
1.0940 - Demand Zone
1.0913 - WS2
Trading recommendations:
Daytraders should trade the range breakout with two scenarios possible:
- sell stop positions should be open from the level of 1.1000 with SL above the level of 1.1031 and TP at the level of 1.0940.
- buy stop positions should be opened from the level of 1.1034 with SL below the level of 1.1000 and TP at the level of 1.1063.
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on market trends you may visit via Technical analysis of USD/CAD for April 22, 2014 . Thanks for your support on Technical analysis of USD/CAD for April 22, 2014
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