Tuesday 20 May 2014

Technical analysis of USD/CAD for May 20, 2014 Trend News

General overview for 20/05/2014 08:00 CET


The current wave progression develops exactly the way I anticipated. After hitting the support zone yesterday, the market rebounded and now is going upwards to complete wave c green. The next level of interest for the bear side of the market is at the level of 1.0890 where the intraday resistance is.


1.0813 - Wave (iii) Green Low


1.0834 - Technical Support


1.0851 - Intraday Support


1.0874 - Weekly Pivot


1.0890 - Intraday Resistance


1.0897 - WR1


Trading recommendations:


Buy orders advised yesterday should be still in play as the target for this orders is at the level of 1.0890. Please notice that trading inside of a possible triangle formation is full of false breakouts and whipsaws.


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The material has been provided by InstaForex Company - www.instaforex.com



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