Technical analysis of USD/CAD for April 9, 2015 Market Analysis Review

General overview for 09/04/2015 08:50 CET

The impulsive wave progression had been invalidated yesterday when wave 2 overlapped wave 1. This is the most important reason to change the overall count to the alternative one. In the current count, there is a possibility of a wave 4 green completions, but the wave development still indicates that a more complex and time-consuming corrective cycle might still be in progress. The key level to sustain the impulsive wave progression scenario is intraday support at the level of 1.2505 where bounce in wave -iv- blue is expected. A breakout above the zone located between the levels of 1.2632 - 1.2653 is likely to be the first confirmation of a possible impulsive wave 5 green to the upside

Support/Resistance:

1.2390 - Swing Low

1.2505 - Intraday Support

1.2632 - 1.2653 - Demand Breakthrough Zone

1.2699 - 78%Fibo

Trading recommendations:

Daytraders should consider opening buy positions from the level of 1.2505 with SL below the level of 1.2480 and TP at the level of 1.2632.

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



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