31.10.201409:41 Forex Analysis & Reviews: Technical analysis of USD/CAD for October 31, 2014

General overview for 31/10/2014 08:30 CET

The market has broken above the golden trend line but it does not looks like an impulsive breakout yet. To confirm more upward wave progression, the bulls would have to move the price above the weekly pivot at the level of 1.1240 and then hit the intraday resistance at the level of 1.1295. Any breakout higher above this key level would be the strongest clue that the bullish trend is resuming. On the other hand, any breakout below the intraday support at the level of 1.1164 will put the demand zone to immediate test.

Support/Resistance:

1.1070 - 1.1080 - Demand Zone 

1.1074 - WS3 

1.1128 - WS2 

1.1164 - Intraday Support 

1.1185 - WS1 

1.1240 - Weekly Pivot 

1.1262 - Intraday Resistance 

1.1292 - Intraday Resistance|Key Level for Bears| 

1.1295 - WR1 

1.1351 - WR2 

1.1384 - Swing High

Trading recommendations:

The situation has not changed since yesterday much and the buy orders opened yesterday should be still kept open. SL for those orders should be now moved higher above the level of 1.1100. Any breakout above the level of 1.1220 provides further opportunity to add more buy orders with the same SL and TP levels as before