11.10.201611:35 Forex Analysis & Reviews: Technical analysis of USD/CAD for October 11, 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 11/10/2016:

As anticipated yesterday, the top for the wave X brown has been established at the level of 1.3312 and now the market is in decline. The first wave of this decline has been done with a low at the level of 1.3139 (now intraday support). Currently the price is testing the weekly pivot at the level of 1.3229 and it should be rejected. Please remember, that according to Elliott Wave Principle, this kind of corrective patterns might evolve into double and triple zig-zags before the overall correction is finally done. The most important level is the gray zone labeled as demand zone, as any break out below this zone would indicate the corrective cycle is now completed. Moreover, the growing bearish divergence supports the bearish outlook.

Support/Resistance:

1.3312 - Intraday Resistance

1.3281 - Previous High

1.3229 - Weekly Pivot

1.3139 - Intraday Support

1.3147 - WS1

Trading recommendations:

Day traders should consider opening sell orders from current market levels with tight SL and TP set at the level of 1.3186.

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.