For Traders

Analytical Reviews

Wave analysis

29.09.201609:02 Forex Analysis & Reviews: Technical analysis of USD/CAD for September 29, 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 29/09/2016:

The golden trend line has been violated, and the market has dropped rapidly below the weekly pivot just as anticipated. From the Elliott Wave Principle point of view, the downside cycle hasn't been completed yet and more weakness in this market is expected. Currently, the market is developing intraday corrective sub-cycle and may break out lower any time soon.

Support/Resistance:

1.3145 - Weekly Pivot

1.3046 - Intraday Support

1.3041 - WS1

1.3000 - Technical Support

1.2901 - WS2

Trading recommendations:

Day traders should consider closing the sell orders from this week with a nice profit and wait for another trading setup to occur.

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.