General overview for 09/07/2014 10:20 CET
The market is trading in a narrow range between the levels of 1.0617 - 1.0695. Due to the lack of any downside momentum, the simple correction might be getting more complex and time consuming. The possible shape of this complex cycle is a double three pattern. It means the market might stay in this range for some time and any breakout might be a false one. However, in a larger-term view the bias is still bearish.
Support/Resistance:
1.0766 - WR3
1.0750 - Technical Resistance
1.0731 - WR2
1.0690 - WR1
1.0660 - Intraday Support
1.0654 - Weekly Pivot
1.0614 - WS1
1.0578 - WS2
Trading recommendations:
Short positions opened yesterday should still be kept open and the SL and TP levels are the same. Please, adjust the TP orders, although in case the structure has changed into the complex one. Careful trading is advised.
Any other traders who does not feel comfortable about trading ranges should refrain from trading until the corrective cycle is completed.
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 July 9, 2014 . Thanks for your support on Technical analysis of USD/CAD for July 9, 2014
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