General overview for 08/05/2014 09:55 CET
The correction in wave iv is getting more complex as the triangle pattern develops. One more wave to the upside inside the triangle is expected and then final wave down should happen. The target levels are still the same: 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
1.0906 - Intraday Resistance
1.0932 - WS1
Trading recommendations:
All sell orders that had 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.com
For detail explanation and best discovery on market trends you may visit via Technical analysis of USD/CAD for May 8, 2014 . Thanks for your support on Technical analysis of USD/CAD for May 8, 2014
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