General Overview for 30/04/2014 16:50 CET
The trading range has been finally broken to the downside and first three impulsive waves have been completed. Currently, the market is in corrective cycle and there is one more wave to the downside missing to complete the progression. The key resistance is at the level of 1.0983 and this level provides a good opportunity to open a short trade.
Support/Resistance:
1.1031 - Weekly Pivot
1.1011 - WS1
1.0983 - Intraday Resistance
1.0979 - WS2
1.0954 - WS3
1.0949 - Intraday Support
1.0937 - 1.0941 - Demand Zone
Trading recommendations:
Short positions should be opened from the current price levels with SL above the level of 1.0988 and TP at the level of 1.0900.
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on market trends you may visit via Technical analysis of USD/CAD for April 30, 2014 . Thanks for your support on Technical analysis of USD/CAD for April 30, 2014
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