07.05.201410:29 Forex Analysis & Reviews: Technical analysis of USD/CAD for May 7, 2014

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

General overview for 07/05/2014 09:20 CET

The demand zone marked as the grey rectangle has been broken and now it will act as a supply/resistance zone. The anticipated five wave impulsive wave progression is almost completed as the wave v black is needed. The first target for this wave is at the level of 1.0857, but downside extension is possible. Then the market should bounce and start an upward corrective cycle.

Support/Resistance:

1.0857 - Target for wave v

1.0873 - Intraday Support

1.0878 - WS2

1.0895 - Intraday Resistance

1.0932 - WS1

Trading recommendations:

All sell orders that has been advised to open from higher levels should be covered at the level of 1.0857. Corrective cycle is ahead.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.