24.11.201410:00 Forex Analysis & Reviews: Technical analysis of USD/CAD for November 24, 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 24/11/2014 08:35 CET

The impulsive wave development to the downside is accelerating as the wave -iii- blue has been completed. Currently, the internal corrective cycle in wave -iv- blue is needed to complete before another leg down will appear. The invalidation line for wave -iv- blue is at the level of 1.1260 and if it is violated, then it will be the first indication, that the whole structure inside the golden channel is really a complex corrective pattern full of zig-zags and not an impulsive wave progression. Moreover, the top for wave 5 blue at the level of 1.1465 might be just a temporary swing high before new highs are made.

Support/Resistance:

1.1148 - WS2

1.1190 - Intraday Support

1.1224 - WS1

1.1251 - Intraday Resistance

1.1258 - Weekly Pivot

1.1260 - Blue Impulsive Count Invalidation Line

1.1326 - WR1

Trading recommendations:

Day traders should consider opening buy orders only if the level of 1.1260 is violated. SL then should be placed below the swing low and TP level in longer term should aim for the level of 1.1370 and 1.1465.

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.