General overview for 16/05/2014 08:30 CET
This could have been little changed and the difference is in wave (iii) green bottom placement that currently is at the level of 1.0814. That means the current wave development looks like a triangle wave (iv) green with the first two waves already presented. . There are waves c, d and e green missing here, so we can expect a ranging market between the levels of 1.0925 and 1.0835 until this corrective cycle is completed .
Support/Resistance:
1.0814 - Wave (iii) green low
1.0835 - Technical Support
1.0850 - Intraday Support
1.0886 - Intraday Resistance
1.0898 - Weekly Pivot
1.0925 - Top of the supply zone
Trading recommendations:
Daytraders should consider opening buy stop positions if the level of 1.0891 is clearly broken with SL below the level of 1.0850 and TP at the level of 1.0925. Please notice that trading inside of a possible triangle formation is full of false breakouts and whipsaws.
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 May 16, 2014 . Thanks for your support on Technical analysis of USD/CAD for May 16, 2014
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