General overview for 02/05/2014 07:15 CET
The triangle idea has been invalidated and the market has made an irregular correction instead. So far the wave progression looks impulsive and it even might be the start of the fifth wave down, but to confirm this possibility, the market must break below the wave 3 red low. Otherwise, the market will stay in corrective wave 4 red range.
Support/Resistance:
1.0995 - Intraday Resistance
1.0980 - WS2
1.0954 - WS3
1.0952 - Intraday Support
1.0941 - Wave 3 Red Low
Trading recommendations:
As there is one more wave to the downside to be made, the short positions should be kept open. There is a possibility to add to the existing short positions if the level of 1.0940 is violated, with SL above the level of 1.0995 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 May 2, 2014 . Thanks for your support on Technical analysis of USD/CAD for May 2, 2014
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