General overview for 10/07/2014 09:30 CET
A very narrow trading range is currently present in this market. It looks like a more complex and time-consuming corrective cycle is currently unfolding. The golden trendline has provided support. Now, the market is trying to break above the intraday resistance level. The triangle pattern is still not confirmed. So, the market needs to make a clear breakout into or out of the bearish or bullish zones to confirm the direction.
Support/Resistance:
1.0766 – WR3
1.0750 – Technical Resistance
1.0731 – WR2
1.0690 – WR1
1.0660 – Intraday Resistance
1.0654 – Weekly Pivot
1.0640 – Intraday Support
1.0614 – WS1
1.0578 – WS2
Trading recommendations:
Short positions opened yesterday should still be kept open and the SL and TP levels are the same. Please, adjust the TP orders in case the structure has changed into the complex one. Careful trading is advised.
Any other traders who does not feel comfortable about trading in ranges should refrain from trading until the corrective cycle is completed.
Sebastian Seliga is taking part in the “Analyst of the Year” award organized by MT5.com portal. If you like his article, please vote for him.
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Performed by Sebastian Seliga, Analytical expert InstaForex Group © 2007-2014 |
Technical analysis of USD/CAD for July 10, 2014
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