16.08.201612:52 Forex Analysis & Reviews: Technical analysis of USD/CAD for August 16, 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 16/08/2016:

The golden trend line has been violated and now the market is trading below the intraday resistance at the level of 1.2859 as wave iii is developing lower. Nevertheless, it looks like this might be a short-lived drop as the corrective wave iv is due later and the weekly pivot support at the level of 1.2822 might be a good target to terminate wave iii. A growing bullish divergence between the price and the momentum oscillator supports this view.

Support/Resistant:

1.2822 - WS1 and Intraday Support

1.2859 - Intraday Resistance

1.3006 - Weekly Pivot

1.3091 - WR1

Trading recommendations:

Day traders should consider opening buy orders from current price levels with SL below the level of 1.2800 and TP at the level of 1.2859.

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.