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10.12.201408:12 Forex Analysis & Reviews: Technical analysis of USD/CAD for December 10, 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 10/12/2014 06:50 CET

The black impulsive count has been invalidated due to wave one and wave four overlaps, but there is still a possibility of a leading diagonal in wave 1 black as long as the level of 1.1339 is not violated. The most important level for further impulsive wave progression is the intraday resistance at the level of 1.1460 and only a clear breakout higher above this level puts bulls back to control. Otherwise, the market might fall even deeper and the alternative count, labeled as alt: (a), (b) blue so far will be in play then.

Support/Resistance:

1.1579 - WR2

1.1519 - WR1

1.1500 - Intraday Resistance

1.1460 - Intraday Resistance|Key Level|

1.1416 - Weekly Pivot

1.1396 - Intraday Support

1.1357 - WS1

1.1339 - Leading Diagonal Invalidation Level

Trading recommendations:

The SL from yesterday's buy trades has been hit and currently there is no active open orders. Please remember that the uptrend is still intact and swing traders still should consider buying the dips as the market has to complete more waves to the upside. Only a sustained breakout below the level of 1.1189 invalidates the mid-term bullish outlook.

Exchange Rates 10.12.2014 analysis

Sebastian Seliga
Analytical expert of InstaForex
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