For Traders

Analytical Reviews

Wave analysis

03.08.201607:20 Forex Analysis & Reviews: Technical analysis of USD/CAD for August 3, 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 03/08/2016:

The three wave decline towards the level of 1.3000 had been labeled as wave a green, which means more sideways price action in wave b is being expected.Currently, the market tested the support at the level of 1.3000 and bounced up to the level of 1.3120 at the time of writing. No clear violation of any key level has been made yet and market is still trading sideways.

Support/Resistance:

1.3251 - Wave Y Top

1.3190 - Intraday Resistance

1.3160 - WR1

1.3141 - Intraday Resistance

1.3081 - Weekly Pivot

1.3075 - Intraday Support

1.3000 - Intraday Support

1.2910 - WS1

Trading recommendations:

All sell orders from last week had been closed with profit. Currently the traders should refrain from trading and wait for a better trading setup to occur shortly. Sideways market is being expected for some time.

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.