Technical analysis of USD/CAD for November 17, 2014 Market Analysis Review

General overview for 17/11/2014 07:10 CET:

The wave progression is developing as anticipated with a top for the black wave ii at the level of 1.1390. Please notice that to confirm the main count is the correct one, the alternative count is invalidated, the market must violate the level of 1.1220 and break lower. Currently, the price is moving inside the golden channel and any breakout to the downside is a further confirmation of the main count.

Support/Resistance:

1.1120 - Wave 4 Blue Low

1.1173 - WS2

1.1224 - WS1

1.1220 - Green Alternative Count Invalidation Line

1.1265 - Technical Support

1.1289 - Intraday Resistance

1.1311 - Weekly Pivot

Trading recommendations:

The sell orders advised to open last week should still be kept open with SL lowered to the level of 1.1311 and TP moved lower to the level of 1.1220 with a possible downside extension to the level of 1.1120 later in the week.

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



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