General overview for 18/11/2016:
The top for the wave Z (brown) will get invalidated if the price violates the level of 1.3589. The dynamic rebound of the market from the level of 1.3398 might suggest wave b (green) is in progress (or it is done), but to confirm this scenario, the price must break out below the gray rectangle zone between the levels of 1.3496 – 1.3507. Otherwise, another leg upward is quite possible.
Support/Resistance:
1.3663 – WR1
1.3507 – Intraday Resistance
1.3464 – Weekly Pivot
1.3398 – Intraday Support
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 18, 2016 appeared first on forex-analytics.press.