General overview for 27/11/2014 09:40 CET
The wave progression is getting more and more consolidated as there is no new low made so far below the level of 1.1190. The price have been making recently a lot of a false breakouts to the upside. That is why my bias is still to the downside as long as the price is trading inside the corrective golden channel. Only a sustained breakout above the level of 1.1368 would change the outlook for more bullish one.
Support/Resistance:
1.1437 – WR2
1.1368 – Key Level
1.1326 – WR1
1.1269 – Intraday Resistance
1.1258 – Weekly Pivot
1.1227 – Intraday Support
1.1224 – WS1
Trading recommendations:
Yesterday’s classical breakout trade using sell stop order from the level of 1.1230 should be still kept open. SL above the level of 1.1276 and TP at the level of 1.1190.
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Performed by Sebastian Seliga, Analytical expert InstaForex Group © 2007-2014 |
Technical analysis of USD/CAD for November 27, 2014
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