For Traders

Analytical Reviews

Wave analysis

04.06.201508:45 Forex Analysis & Reviews: Technical analysis of USD/CAD for June 4, 2015

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 04/06/2015 08:30 CET

After testing the internal golden trendline, the market returned back in the consolidation area to continue the corrective cycle. The wave (a) blue had been completed and now wave (b) blue is in progress with the projected target at the level of 1.2508. Please notice that there is still one more wave to the downside missing, wave (c) blue, to complete the corrective cycle. The first target for this wave is at the level of 1.2322. In the larger time frames, the bias is still bullish.

Support/Resistance:

1.2312 - WS1

1.2323 - Technical Support

1.2409 - Intraday Support

1.2422 - Weekly Pivot

1.2508 - Intraday Resistance

1.2561 - Swing High

1.2575 - WR1

Trading recommendations:

It is better to stay aside and wait for the corrective cycle to complete. Buying on dips during the corrective cycle is the way to trade on this market at the moment.

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.