General overview for 05/05/2014 12:10 CET
The five wave impulsive decline has been completed and now this pair is in corrective cycle. More downside is being expected when price reaches the key target at the level of 1.1007 that is in a confluence with 61%Fibo level as well. Please notice that the correction might get more complex and time consuming.
Support/Resistance:
1.1052 - Swing High
1.1026 - WR1 | 78%Fibo |
1.1007 - Key Level |61%Fibo|
1.1000 - Intraday Resistance
1.0980 - Weekly Pivot
1.0952 - Intraday Support
1.0935 - 1.0942 - Demand Zone
1.0923 - WS1
Trading recommendations:
Sell stop levels should be open from the level of 1.1007 ONLY if the level of 1.0935 will not be broken first. SL for sell stop orders is above the level of 1.1055 and TP is below the level of 1.0923 with possible downside extension.
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 5, 2014 . Thanks for your support on Technical analysis of USD/CAD for May 5, 2014
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