General overview for 16/07/2014 10:00 CET
The target level for this pair has not been hit yet. As long as the price is moving inside the golden channel and intraday support is not broken, there is still a possibility of higher prices with the target at the level of 1.0786. On the other hand, the clear bearish divergence on the momentum oscillator is indicating the possibility of a top in black wave 2. To confirm that, the market must breakout of the golden channel, violate the intraday support at the level of 1.0746 and get back to the weekly pivot level or lower.
Support/resistance:
1.0794 - 50% Fibo
1.0786 - WR1
1.0768 - intraday resistance
1.0746 - intraday support
1.0708 - weekly pivot
1.0695 - technical support
Trading recommendations:
Day traders might consider to open first aggressive sell orders from the current price levels with SL above the level of 1.0801 and TP at the level of 1.0708 with a possible downside extension. Please, notice there is still a possibility of the level of testing 50% Fibo before the downtrend resumes.
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 July 16, 2014 . Thanks for your support on Technical analysis of USD/CAD for July 16, 2014
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