General overview for 07/05/2014 09:20 CET
The demand zone marked as the grey rectangle has been broken and now it will act as a supply/resistance zone. The anticipated five wave impulsive wave progression is almost completed as the wave v black is needed. The first target for this wave is at the level of 1.0857, but downside extension is possible. Then the market should bounce and start an upward corrective cycle.
Support/Resistance:
1.0857 - Target for wave v
1.0873 - Intraday Support
1.0878 - WS2
1.0895 - Intraday Resistance
1.0932 - WS1
Trading recommendations:
All sell orders that has been advised to open from higher levels should be covered at the level of 1.0857. Corrective cycle is ahead.
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 7, 2014 . Thanks for your support on Technical analysis of USD/CAD for May 7, 2014
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