Technical analysis of USD/CAD for January 2, 2015 Market Analysis Review

General overview for 02/01/2015 11:15 CET

Intraday resistance at the level of 1.1649 has been violated and it looks like the bottom for wave Z brown of wave 4 purple has been established at the level of 1.1570. Currently, as anticipated, the market is trying to break out above the recent high to complete wave 5 purple of the overall impulsive structure. The first target is at the level of 1.1670 and the second target is at the level of 1.1712.

Support/Resistance:

1.1712 - WR2

1.1670 - WR1

1.1665 - Intraday Resistance

1.1623 - Weekly Pivot

1.1588 - Intraday Support

1.1581 - WS1

1.1570 - Technical Support

1.1535 - WS2

Trading recommendations:

Buy orders opened from the level of 1.1633 should be still kept open and the SL orders should be now moved higher to the level of 1.1642. The TP is still at the level of 1.1672 with a possible extension up to the level of 1.1733.

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



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