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Thread: Technical analysis of USD/CAD By Instaforex

  1. #11
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    Default Technical analysis of USD/CAD for September 4, 2014 By Instaforex

    General overview for 04/09/2014 09:50 CET
    Lower time frames wave development shows that a sooner than expected blue wave -iii- is possible and the count does not breach any Elliott wave rules. This is why the current chart is very bullish but the higher time frames charts that I had been posting (h4 time frame) are still valid as well. The next market move might be very important and will give traders further clues where it might go. The main intraday support is at the level of 1.0869 and it is a key level for bulls, because any breakout lower would mean that the golden channel is broken. The price is below the weekly pivot and the market is possibly going to test the demand zone between the levels of 1.0809 - 1.0839. However, if the price will stay in the channel and will try to break the intraday resistance at the level of 1.0945, then the present h1 labeling is the most appropriate I can do.

    Trading recommendations:
    Sell orders advised yesterday should still be in play with SL at the level of 1.0940 and TP at the level of 1.0745. However, please notice that the lower time frames are not supporting the current wave progression and any breakout above 1.0940 is bullish and buy orders should be opened instead.
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

  2. #12
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    Default Technical analysis of USD/CAD for September 11, 2014 By Instaforex

    General overview for 11/09/2014 :15:30 CET
    The current Elliott wave count has been little modified as the top for wave -iii- blue has been moved higher to emphasis the corrective cycle in wave 0iv-, which is more complex than wave -ii- blue. Currently, the upward wave progression is not completed and one more wave to the upside is needed to finish red wave 3. After that completion, the corrective cycle in red wave 4 red will begin.

    Trading recommendations:
    Buying the dips in this pair is the way to trade the whole week and today is no different. TP is at the level of 1.1060.
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

  3. #13
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    Default Technical analysis of USD/CAD for September 12, 2014

    General overview for 12/09/2104 15:00 CET
    The target level anticipated in yesterday's analysis has been hit but the impulsive wave progression doesn't look like it is going to stop here as there is still one more wave to the upside missing, so the further gains on this pair are still possible. The projected target level in that case would be at the level of 1.1100 as the next round number level but any breakout below the key level might limit the weekly gains on this pair as the weekly range is currently done.

    Trading recommendations:
    Day traders should move the SL just slightly below the level of 1.1027 on all their buy orders that are still open or use the trailing stop loss in order to protect the gains. Further upside movement is still possible, but any breakout below the mentioned level will decrease such a possibility this week. No reason to open short positions yet though. Be patient.
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

  4. #14
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    Default Technical analysis of USD/CAD for September 15, 2014 By Instaforex

    General overview for 15/09/2014 09:40 CET
    The wave development is behaving as anticipated with all target levels from last week hit already. The momentum indicator is showing a clear bearish divergence forming/ So, it is another clue that supports the view, that the top for red wave 5 is near or it is in place already. Currently, the market might be in two possible stages: either the top for wave red 5 is in place (main count), or the corrective cycle in red wave 4 is getting a little more complex in price and time (alternative count). The key level here is the lower boundary of the golden trend channel at the level of 1.0978, because any breakout lower is in favor of a main count.

    Trading recommendations:
    All swing traders that are still keeping buy orders from last week should get ready to close the positions and wait for a further wave progression as the trend looks mature and reversal/correction is possible.
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

  5. #15
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    Default Technical analysis of USD/CAD for September 16, 2014 By Instaforex

    USD/CAD

    General overview for 16/09/2014 11:30 CET
    Not much has been changed since yesterday on this pair although it is slowly moving in the anticipated downward direction. Both of the important support levels has not been violated and now it looks like the price has tested the weekly pivot and might be going back up. This first scenario is valid as long as the intraday support at the level of 1.1027 is not broken. In case of violation, the next support is at the level of 1.0978 (lower golden channel boundary and weekly pivot support).


    Trading recommendations:
    All swing traders that are still keeping buy orders from last week: breakout below the level of 1.1027 means it is time� to close the positions and wait for a further wave progression as the trend looks mature and reversal/correction is possible.
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

  6. #16
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    Default Technical analysis of USD/CAD for September 17, 2014

    General overview for 17/09/2014 11:20 CET
    The alternative count has been invalidated due to wave 1 and wave 4 red overlaps and now the main count is in play. The pair has fallen out of the golden channel and now the main important question is whether the current wave progression is still a part of an impulsive wave 3 green to the upside (main count) or if the current wave progression is a part of a more complex and time-consuming corrective cycle in green wave 2 labeled as an alternative count. It seems there are two key levels on the chart, that might help to give more clues for a further wave development. To follow the main count, the market must now develop an impulsive five wave rally to the upside, that will clearly break the key level at the technical resistance at the level of 1.1027. However, if the level of 1.0931 is broken first, the chances are high, that market is following the alternative count of an unfinished irregular flat correction, labeled as alt:A and alt.B green.

    Trading recommendations:
    As long as the demand zone is not broken, the mid-term bias is still bullish so buying the dips in this pair is advised. For day traders the SL level would be below the level of 1.0930 and TP level is currently open.
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

  7. #17
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    Default Technical analysis of USD/CAD for September 19, 2014 By Instaforex

    General overview for 19/09/2014 10:00 CET
    As anticipated yesterday only a valid breakout below the intraday support at the level of 1.0925 would invalidate the current count, but the market bounced right back up to the intraday resistance at the level of 1.0963. The bullish count is still intact and traders need to wait for the market to breakout of the current trading range to confirm one of the counts.

    Trading recommendations:
    As long as the demand zone is not broken, the mid-term bias is still bullish so buying the dips in this pair is advised. Day traders should consider opening the sell stop order from the level of 1.0922 with SL above the level of 1.0963 and TP at the level of 1.0838.
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

  8. #18
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    Default Technical analysis of USD/CAD for September 22, 2014 By Instaforex

    General overview for 22/09/2014 09:20 CET
    There are two Elliott Wave counts, main and alternative, presented here on two charts with different time frames. The first one is the main count on the hourly chart, it indicates a bullish wave progression to the upside after successful completion of a double zigzag pattern in green wave (ii). The first clue that would support this point of view is present when the golden trend line is broken, a weekly pivot at the level of 1.0971 is broken as well and the price is moving in impulsive fashion. The key level here has been labeled as demand breakthrough zone and it is between the levels of 1.1028 - 1.1038. The alternative count has been presented in the H4 chart, where traders can see two possible forms of a corrective cycle: running and irregular flat. It looks like the running flat might be completed already. Now, the market is expected to make impulsive five-wave progression. Otherwise this corrective cycle might fail and become more complex and time-consuming.

    Trading recommendations:
    Day traders and swing traders should consider opening buy positions here with SL below the level of 1.0884 and TP at the level of 1.1028. However, breakout above 1.1038 allows to add to the long position.
    Technical analysis of USD/CAD By Instaforex-usdcad_h4-jpg

  9. #19
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    Default Technical analysis of USD/CAD for September 23, 2014 By Instaforex

    General overview for 23/09/2014
    After breaking the golden trendline the market is following the anticipated main wave progression where first three waves has been done already and now internal corrective cycle is due. When the correction is completed (triangle pattern is very possible), then new high above the level of 1.1097 should be done. Only a valid breakout below the weekly pivot at the level of 1.0979 would invalidate the view.

    Trading recommendations:
    Last� wave to the downside has been made, so, day traders should consider opening buy orders from the current price levels with SL below the level of 139.16 and TP above the level of 140.26.
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

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    Default Technical analysis of USD/CAD for September 24, 2014 By Instaforex

    General overview for 24/09/2014
    The anticipated yesterday triangle pattern in wave -iv- hasn't been made, but the general scheme of the corrective cycle has been met and price has made yet another high. The whole five wave structure has been labeled as red wave 1. So, now the market should develop a corrective red wave 2. The first level of support for this cycle is at the level of 1.1048 and it is expected from the market to rebound from this level and made another high

    Trading recommendations:
    The buy positions from Monday should still be kept open, with SL moved to the level of 1.1048 and TP still at the level of 1.1097.
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

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