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Thread: Technical analysis of USD/CAD By Instaforex

  1. #121
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    Aug 2014
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    Overview:
    Since our last analysis, gold has been trading downwards. The price tested the level of $1,178.67 in a high volume. According to the daily time frame, we can observe supply in a volume below average. The short-term trend is neutral. According to the H4 time frame, we can observe supply in a high volume. Our Fibonacci retracement 61.8% at the level of $1,181.00 was held successful. I am still expecting bullish movement, so my advice is to focus on buying positions. The first resistance level is around $1,200.00. According to the 30-minute time frame, there is still a valid inverted head and shoulders formation (bullish). I found corrective downward channel according to 30min timeframe, and the price broke and re-tested that channel, which is sign for potential bullish movement.

    Trading recommendations:
    Be careful when selling gold at this stage and watch for potential buying opportunities (buy on dips).
    Technical analysis of USD/CAD By Instaforex-goldm3008-png

  2. #122
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    General overview
    The market is still trading below the golden trend-line resistance and the trading range is getting narrower. So, the breakout is due soon. The main count still shows a potential for one more wave to the downside to be made ( wave (c) blue), but the alternative count indicates the opposite if the market breaks the supply zone between the levels of 1.2186 and 1.2203.

    Trading recommendations:
    As long as the market is below the golden trend-line resistance, the daytraders should consider opening sell orders with SL above the level of 1.2162 and TP at the level of 1.2043 with a possible extension downward. However, any breakout above the golden trend line will produce an opportunity to open a buy trade with tight SL and TP at the level of 1.2203.
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

  3. #123
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    General overview
    as anticipated yesterday, the main count indicating an incomplete wave (c) blue to the downside is still a valid one and another leg down had been made in overall corrective wave progression to the downside. Nevertheless, as long as the level of 1.1937 is not violated, there is a chance that alternate wave ii black is completed in nice, three sub-wave correction and only a breakout below the level of 1.1937 would invalidate this count. The most important resistance is the golden trend-line one as the market had been respecting this line many times. The true bullish trend resumption in larger time frame is possible only if this trend line gets broken in an impulsive way.

    Trading recommendations:
    Daytraders should consider opening sell orders from the current market levels with SL above the level of 1.2045 and TP at the level of 1.1977 with a possible downward extension to the level of 1.1937.
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

  4. #124
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    May 2015
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  5. #125
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    Aug 2014
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    General overview
    As anticipated yesterday, the market has broken through the level of 1.1978 that was intraday support and the key level for bulls. To continue with the impulsive wave progression, the price should bounce from the support level and head higher to the next resistance at the level of 1.2027. Please notice that higher time frames are indicating a possible wave 4 red bottom, but the confirmation will come with the golden trend-line breakout in an impulsive way.

    Trading recommendations:
    The buy orders should be still kept open and the SL should be moved higher to the level of 1.1977.
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

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