General overview for 03/06/2014 08:10 CET
The impulsive wave progression is developing as planned. There are three waves present on the chart and now the market is in a small corrective cycle wave iv and an upside breakout is expected to complete the impulsive wave progression. The min. target is the old high of the wave (a). . Please notice that a breakout below the intraday support at the level of 1.0888 will invalidate a possible triangle in wave iv.
Support/Resistance:
1.0941 – Wave (a) Top
1.0936 – WR3
1.0911 – WR2
1.0888 – Intraday Support
1.0874 – WR1
1.0846 – Weekly Pivot
Trading recommendations:
Daytraders might consider opening buy stop orders if the level of 1.0911 is broken, with SL below the level of 1.0888 and TP at the level of 1.0936.
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Performed by Sebastian Seliga, Analytical expert InstaForex Group © 2007-2014 |
Technical analysis of USD/CAD for June 3, 2014
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