General overview for 08/04/2014 09:10 CET
The grey rectangle area provided resistance so far and the price was rejected from the higher levels. The overall picture is still bearish, but it is lacking of a momentum to the downside as there is a bullish divergence building in this pair on AO oscillator. Please notice that this pair might have another test of a weekly pivot at the level of 1.0995, so the black trendline breakout is the first clue of a possible short-term upside rally.
Support/Resistance:
1.1035 - WR1
1.1011 - 1.1000 - Techncial Resistance
1.0956 - Intraday Support
1.0921 - WS1
Trading recommendations:
Please be aware of a possible short -term upside rally as the alternate count is still not ruled out.
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 8, 2014 . Thanks for your support on Technical analysis of USD/CAD for April 8, 2014
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