For Traders

Analytical Reviews

Wave analysis

06.07.201513:04 Forex Analysis & Reviews: Technical analysis of USD/CAD for July 6, 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 06/07/2015 13:00 CET

An impulsive bullish count to the upside might be completed as all five waves are currently presented on the chart. On the other hand, as long as there is no new high above the intraday resistance at the level of 1.2631, the sideways structure might be considered a part of a corrective wave 4. Only a sustained breakout below the intraday support at the level of 1.2436 would invalidate the immediate bullish outlook and made the corrective cycle more complex and time-consuming.

Support/Resistance:

1.2631 - Intraday Resistance

1.2536 - Weekly Pivot

1.2440 - WS1

1.2422 - Technical Support

Trading recommendations:

Swingtraders should still keep their open buy orders with SL moved higher to the level of 1.2536. The bias is still bullish, however the corrective cycle can take place any time now.

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.