General overview for 14/11/2016:
The last wave in the sequence is about to terminate and a correction to the downside is about to start. The current price action, supported by the Elliott wave count, shows that the market is in the last stages of the ending diagonal pattern in the green wave c of the blue wave c. Any break below the intraday support at the level of 1.3523 will confirm the top is in place and further selling in this market should follow.
Support/Resistance:
1.3663 – WR1
1.3523 – Intraday Support
1.3464 – Weekly Pivot
1.3378 – WS1
1.3290 – 13312 – Demand Zone
1.3265 – Wave (b) Low
Trading recommendations:
Bearing in mind the good risk/reward ratio supported by the current short-term Elliott wave count, day traders should consider opening sell orders with tight SL and TP open for now.
The material has been provided by InstaForex Company – www.instaforex.com
The post Technical analysis of USD/CAD for November 14, 2016 appeared first on forex-analytics.press.