For Traders

Analytical Reviews

Wave analysis

15.07.201608:05 Forex Analysis & Reviews: Technical analysis of USD/CAD for July 15, 2016

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 15/07/2016:

The bottom for the wave iii or c has now been established, and further upward price action is anticipated now. Please notice that any breakout above the intraday resistance at the level of 1.2979 will invalidate the impulsive count and make the corrective cycle more complex and time-consuming. A breakout above the dashed blue trend line is needed to confirm the temporary reversal.

Support/Resistance:

1.3175 - WR1

1.3138 - Intraday Resistance

1.3118 - Wave (i) Top

1.3089 - Intraday Resistance

1.3002 - Weekly Pivot

1.2978 - Intraday Resistance

1.2918 - WS1

1.2875 - Technical Support

Trading recommendations:

All buy orders from last week should be closed with profit, and traders should consider opening sell orders with SL above the level of 1.3139.

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.