General overview for 29/12/2014 10:00 CET
The trading range has got even more tighter as the market is still inside of the neutral range marked between the levels of 1.1558 – 1.1665. The wave progression has gotten very complex and the current labeling is a WXYXXZ brown double three corrective cycle wave 4 purple. Nevertheless, the current near-term and mid-term bias is still bullish as there are unfinished impulsive structures to the upside. Only a clear impulsive breakout below the level of 1.1500 would invalidate this scenario.
Support/Resistance:
1.1712 – WR2
1.1670 – WR1
1.1632 – Intraday Resistance
1.1623 – Weekly Pivot
1.1588 – Intraday Support
1.1581 – WS1
1.1558 – Technical Support
1.1535 – WS2
1.1500 – Invalidation Level
Trading recommendations:
From a trading point of view there is no real change in price behavior and traders should still consider opening only buy stop orders from the level of 1.1633 with SL below the level of 1.1588 and TP at the level of 1.1672 with a possible extension upside to the level of 1.1733.
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 December 29, 2014
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