Technical analysis of USD/CAD for October 29, 2014 Market Analysis Review

General overview for 29/10/2014 16:50 CET

The count has been a little bit adjusted to fit the complex corrective cycle in still possible wave (2) purple. The wave c green of this correction looks completed and bullish divergence supports this view. The first confirmation of a bullish wave progression to the upside comes with the level of intraday resistance at the level of 1.1182 breakout and then a golden channel upside breakout as well. A failure there means the market is rather very likely to break below the black line and test the demand area between the levels of 1.1070 - 1.1080 again.

Support/Resistance:

1.1070 - 1.1080 - Demand Zone

1.1074 - WS3

1.1128 - WS2

1.1182 - Intraday Resistance

1.1185 - WS1

1.1240 - Weekly Pivot

Trading recommendations:

Traders should consider opening buy positions from the current market levels, with SL below the level of 1.1070 and TP above the level of 1.1182.

The material has been provided by InstaForex Company - www.instaforex.com



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