25.11.201110:22 Forex Analysis & Reviews: GBP/JPY Elliott wave count and Fibonacci levels for November 25, 2011

Overview:

• The price of USD/CAD pair is continuing to show signs of strength following the break at 1.0910. The level of 1.0910 is representing a strong support this month. Therefore the USD/CAD pair resistance has broken and it was turned to support since three months (14th of January 2014). Moreover, the pair has already formed the strong support at the level of 1.0910. So, the market indicates a bullish opportunity at the level of 1.0910 with the target of 1.1068 and it should be noted that the ratio of 50% Fibonacci retracement levels is coinciding with the price of 1.1068.
• Another thought, if the trend breaks this level and closes below the key level (1.1020), then it will be a downside momentum rather convincing and the structure of the fall does not look corrective, for that the market will indicate a bearish opportunity at the price of 1.1000. Accordingly, it will be a good sign to sell at this level and it should be noticed that the support has already been placed at the 1.0910 level.