Technical analysis of USD/CAD for November 6, 2014 Market Analysis Review

General overview for 06/11/2014 12:30 CET:

The clear bearish divergence between the price and momentum oscillator is starting to get more influence on price behavior. The downward price development can not be ruled out yet and any violation of the level of 1.1338 invalidates current impulsive wave progression. In that case, the level of 1.1466 will be the top for wave (i) green and the corrective cycle might retrace even to the level of 1.1262 before the uptrend will eventually resume.

Support/Resistance:

1.1466 - Swing High

1.1462 - WR2

1.1380 - WR1

1.1368 - Intraday Support

1.1338 - Wave (ii) Green Bottom

Trading recommendations:

The advised TP level has been hit ( and broken) and now day traders and swing traders should wait for the corrective cycle to complete before opening buy positions again.

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



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