General overview for 16/01/2015 09:20 CET
The market keeps making a corrective structure, as it was anticipated yesterday, and the first possible pattern for the corrective structure in wave 4 green might be a triangle pattern. This idea has been drawn on hourly chart and only a strong, clear breakout below the level of 1.1802 might invalidate the pattern. That would mean the market is making a different corrective structure and it could get complex and time consuming. Nevertheless, the bias is still bullish as there are unfinished impulsive waves to the upside.
Support/Resistance:
1.1802 - Intraday Support
1.1829 - Weekly Pivot
1.1926 - WR1
1.1987 - WR2
1.2000 - Intraday Resistance
Trading Recommendations:
Daytraders and swingtraders should consider buying the dips in this market with SL below the level of 1.1802 and wait for the corrective cycle to complete.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of USD/CAD for January 16, 2015 . Thanks for your support.
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