InstaForex - Analytics

    InstaForex

    699.25 6.25/10
    61% of positive reviews
    Real

    Technical analysis of USD/CAD for March 16, 2015

    General overview for 16/03/2015 08:40 CET

    According to Elliott wave theory, it is still possible for this market to make a bounce from two support levels indicated on the hourly chart. If the bounce/reversal occurs above intraday support at the level of 1.2704, the correction will be an (a)(b)(c) running flat. If the bounce/reversal occurs above the level of 1.2595, the correction will be an (a)(b)(c) irregular flat. Please notice that this count is valid only in case the wave progression is a part of an impulsive wave (5) to the upside and lack of impulsive market behavior might be the first clue that wave 4 green of a higher degree is in progress. Nevertheless, any breakout above the level of 1.2821 is bullish.

    Support/Resistance:

    1.2917 - WR1

    1.2821 - Intraday Resistance

    1.2746 - Weekly Pivot

    1.2704 - Intraday Support

    1.2668 - WS1

    1.2596 - Technical Support

    Trading recommendations:

    Daytraders should consider opening buy orders if:

    - the level of 1.2821 is clearly violated with a minimum H1 close above this level. SL should be tight (10-20 pips), TP should be placed at the level of 1.2917.

    - the level of 1.2704 provided a clear bounce to the upside, SL should be tight (10-20 pips), TP should be placed at the level of 1.2917.

    - the level of 1.2596 provided a clear bounce to the upside, SL should be tight (10-20 pips), TP should be placed at the level of 1.2917.

    usdcad_h1.jpg

    Show full picture


    Sebastian Seliga neemt deel aan de "Analyst of the Year" onderscheiding georganiseerd door MT5.com portal. Als u zijn artikel goed vindt, stemt u dan op hem.

    Uitgevoerd door, Analytische expert
    InstaForex Group © 2007-2015

    To leave a comment you must or Join us


    By visiting our website and services, you agree to the conditions of use of cookies. Learn more
    I agree