General overview for 01/05/2014 09:00 CET
The market is currently in a corrective cycle of wave 4 red. The possible shape for this cycle looks like a triangle for now and the according labeling has been provided on chart. The most important intraday resistance is at the level of 1.0982 and only a breakout higher this level would invalidate the triangle scenario. More downside is expected after the correction is finished.
Support/Resistance:
1.1031 - Weekly Pivot
1.1011 - WS1
1.0983 - Intraday Resistance
1.0979 - WS2
1.0954 - WS3
1.0949 - Intraday Support
1.0937 - 1.0941 - Demand Zone
Trading recommendations:
Short positions still should be opened from the current price levels with SL above the level of 1.0988 and TP at the level of 1.0900.
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 May 1, 2014 . Thanks for your support on Technical analysis of USD/CAD for May 1, 2014
No comments:
Post a Comment