General overview for 13/08/2014 16:00 CET
The corrective cycle in this irregular flat abc corrective cycle might be finished as the first target level has been hit and it is labeled as intraday support. To complete red wave 5 to the upside the market must break above the intraday resistance at the level of 1.0950 and head for a new high. Please, be aware that as long as the level of 1.0875 provides support, the outlook is still bullish.
Support/Resistance:
1.1011 - WR1
1.0957 - Weekly Pivot
1.0950 - Intraday Resistnace
1.0928 - WS1
1.0904 - Intraday Support
1.0875 - WS2 | Wave 4 Red Target Level |
Trading recommendations:
Long positions from yesterday were triggered and should be kept open: entry were from the level of 1.0904 or the level of 1.0875, with the SL below the level of 1.0849 and TP above the level of 1.1010.
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 August 13, 2014 . Thanks for your support on Technical analysis of USD/CAD for August 13, 2014
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