General overview for 30/07/2014 07:30 CET
The target zone for black wave v that had been anticipated since the beginning of the week has finally been hit. However, the pattern of the move upwards is still not confirmed and both main and alternative scenarios are still valid as long as one of them gets invalidated by the market. The weekly resistance level number one at the level of 1.0868 seems to be a good technical level to complete the upward move and start a corrective cycle that will possibly test the intraday support at the level of 1.0821.
Support/Resistance:
1.0901 - WR2
1.0889 - 78% Fibo
1.0868 - WR1
1.0865 - Intraday Resistance
1.0833 - 61%Fibo
1.0821 - Intraday Support
1.0789 - Weekly Pivot
Trading recommendations:
Day traders with buy positions that are still open should consider to take the profits off the market if the target at the level of 1.0868 if hit and wait for the next impuslive setup to occur in the near future.
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 30, 2014 . Thanks for your support on Technical analysis of USD/CAD for July 30, 2014
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