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Thread: Technical analysis of USD/CAD By Instaforex

  1. #111
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    General overview
    The retracement in wave 2 black in shape of a double zig-zag formation is completed now and the crucial moment has come for this pair. The invalidation line at the level of 1.2411 is rather closed now. Please keep an eye on this level, because any break out lower is likely to invalidate the bullish impulsive wave progression labeled as wave 1 black and make another clue that the market is still inside of the bigger cycle wave 4 green corrective zone.

    Trading recommendations:
    Daytraders should consider opening buy orders from the current market levels with SL below the level of 1.2411 and TP at the level of 1.2555.
    Technical analysis of USD/CAD By Instaforex-1428308910_2015-04-06_usdcad-jpg

  2. #112
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    General overview
    The impulsive wave progression to the upside is developing rather slowly as the market made a false upside break out yesterday. The key thing to gain in this pair is a more bullish price actions above the golden trend line and the test of the level of 1.2556 from the downside. A lack of this kind wave development is likely to result in impulsive progression invalidation and more complex and time consuming corrective cycle.

    Trading recommendations:
    Daytraders should consider opening buy orders from the current market levels with SL below the level of 1.2411 and TP at the level of 1.2555.
    Technical analysis of USD/CAD By Instaforex-2015-04-07_usdcad-jpg

  3. #113
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    General overview
    The Elliott wave development on the H4 time frame indicates a completed (a)(b)(c) corrective structure in wave 4 green and a beginning of an impulsive progression to the upside. On lower time frames (like H1), the first impulsive wave might look completed and a corrective sub-cycle should start soon as the price would hit the 61% Fibonacci at the level of 1.2631. Please notice that the grey rectangle is bullish

    Trading recommendations:
    Buy orders advised over this week should still be kept open as the price is just under the key level. Any breakout higher might lead to the first TP level at 1.2782 and above.
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

  4. #114
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    General overview
    Downward wave progression in corrective wave (a) blue of wave 4 green had moved even little lower than anticipated. This is why the count changed. There is still a possibility of an upside rebound right to the level of 1.2384 and a bullish divergence seems to be supporting this scenario. Nevertheless, the market hasn't finished with the down side and wave (b) blue is completed, wave (c) blue is expected to move downwards after wave (b) blue is completed.

    Trading recommendations:
    Daytraders should consider opening buy orders from the current levels and set the SL below the level of 1.2141 and TP at the level of 1.2250.
    Technical analysis of USD/CAD By Instaforex-1429271349_usdcad_h1-jpg

  5. #115
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    General overview
    The wave b green might have been completed sooner than anticipated as the market is trying to break out above the intraday resistance at the level of 1.2273. In case of any successful breakout, the next target would be at the level of 1.2318 with a possible extension up to the level of 1.2387. At this point, the price might reverse as the wave (b) blue might develop another wave to the downside before the uptrend on higher time frames will be continued.

    Trading recommendations:
    Yesterday's TP for sell orders hasn't been hit but sell orders should be closed now because daytraders should consider opening buy orders from the current levels with SL below the level of 1.2245 and TP at the level of 1.2318.
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

  6. #116
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    General overview
    As anticipated yesterday the corrective cycle in wave c purple is in progress. As the market breaks all support levels and it is heading to test the swing low at the level of 1.2088. Please notice that the corrective cycle in wave 4 green is almost completed and the building bullish divergence on momentum oscillator supports this view. Nevertheless, some lower levels might be hit if the intraday support at the level of 1.2088 is violated. Next support is seen at the level of 1.20000.

    Trading recommendations:
    Sell stop orders from yesterday should be kept open as the market approaches TP at the level of 1.2088. SL level might be lowered just above the level of 1.2180 to lock some gains
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

  7. #117
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    General overview
    Despite the general bad news from the US, the US dollar has started to show some signs of a rebound that is possible in the near term. The first clue of a possible reversal coming is important support in form of Fibonacci cluster between the levels of 1.1986 (July 2014 low) and 1.2023 (July 2011 low). The second clue came from a clear and simple bullish divergence between the price and momentum oscillator. The third clue that supports the view of a possible reversal is a completed WXY corrective pattern in wave 4 green, which means there should be one more wave to the upside made to complete the higher degree structures. The first hurdle to overcome is the golden trend line dynamic resistance and the technical resistance at the level of 1.2087, so any break out above this zone will be considered bullish.

    Trading recommendations:
    Daytraders and swingtraders should consider to open buy orders from current price levels or wait for a break out above the level of 1.2086 as a confirmation of a valid buy setup. Rather tight SL should be used here (20-30 pips) and TP is open for now.
    Technical analysis of USD/CAD By Instaforex-usdcad_h4-jpg

  8. #118
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    General overview
    Despite the fact that market is still trading inside the bearish zone, there are first clues that the mid-term bottom might be in place. After making five waves to the upside, the price had tested the golden trend line and now it is bouncing from it. Any breakout above the intraday resistance at the level of 1.2132 will be considered bullish and higher levels are expected later today

    Trading recommendations:
    The bias is still bullish. Buy orders opened last week should be still kept open as the market is approaching the key resistance at the level of 1.2325. A higher breakout means another buy orders should be opened with SL below the swing low at the level of 1.1943.
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

  9. #119
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    General overview
    The corrective cycle to the downside looks like a typical zig-zag pattern that completed the downside move at the level of 78% Fibo and now might be ready to reverse higher. The intraday support at the level of 1.2003 should provide enough strength for a bounce, but the real hurdle is at the intraday resistance at the level of 1.2086. Only a sustained, impulsive breakout above this level will be considered as the beginning of a new impulsive wave to the upside.

    Trading recommendations:
    Daytraders should consider opening buy orders from the current market levels with SL below the level of 1.1999 and TP at the level of 1.2086 with a possible extension higher to the level of 1.2130.
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

  10. #120
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    General overview
    As mentioned yesterday, the golden trend-line resistance was the target level for wave (b) blue. After hitting it, the market got back to the weekly pivot at the level of 1.2115. Currently, the key level to the upside is a small supply zone between the levels of 1.2190 - 1.2202, because a break out higher is needed to invalidate the three-wave progression in wave (b) blue. On the other hand, the invalidation level for the alternative count is at the level of 1.2054. In that case, the downside target would be below the recent swing low at the level of 1.1938

    Trading recommendations:
    The buy orders from yesterday should be closed now and traders should keep eye on the level of 1.2162 for another buy entry
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

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