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Thread: Technical analysis of USD/CAD By Instaforex

  1. #61
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    Default Technical analysis of USD/CAD for December 11, 2014 By Instaforex

    General overview for 11/12/2014
    The yesterday's key level has been violated and the market has made another higher high at the level of 1.1501. This level might be considered as the wave v black top, but it does not mean the price will not go any higher than this level. In the matter of fact, only a small corrective cycle is expected now, and further upward wave progression should unfold soon. This view is valid as long as the level of intraday support at 1.1396 is not broken. First targets for the upside are at the levels of 1.1519 and 1.1579.

    Trading recommendations:
    Daytraders: yesterday's buy stop entry from the level of 1.1460 should be still kept open, and SL might now be moved to the break even level. First TP is at the level of 1.1519, second TP is at the level of 1.1579. Swingtraders: please remember that the uptrend is still intact, and swing traders still should consider buying the dips as the market has to complete more waves to the upside. Only a sustained breakout below the level of 1.1189 invalidates the mid-term bullish outlook.
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

  2. #62
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    Default Technical analysis of USD/CAD for December 12, 2014 By Instaforex

    Trading recommendations:
    Day traders: buy stop entry from Wednesday from the level of 1.1460 has hit the first target at the level of 1.1519 and it might be still kept open as the TP is at the level of 1.1579. SL at break even.

    Swing traders:please remember that the uptrend is still intact, and swing traders still should consider buying the dips as the market has to complete more waves to the upside. Only a sustained breakout below the level of 1.1189 invalidates the mid-term bullish outlook.
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

  3. #63
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    Default Technical analysis of USD/CAD for December 16, 2014 By Instaforex

    General overview for 16/12/2014
    As anticipated yesterday, the market is making another higher high and the bullish impulsive wave progression continues to advance higher. The level of 1.1666 has been just hit. So, currently it looks like the price will make some sub-corrective cycle in purple wave 4. When the correction is done, it will move even higher. A projected target for this wave is at the level of 1.1727. Please notice that the key level for the bullish bias is the intraday support at the level of 1.1590.

    Trading recommendations:
    The bias is still bullish as the larger time frame trends are still bullish. So is a near and mid-term outlook for this pair. Thus, buying the dips is the way to trade this pair. SL for swing traders should be placed below the level of 1.1590, TP should be placed at the level of 1.1727.
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

  4. #64
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    Default Technical analysis of USD/CAD for December 17, 2014

    General overview for 17/12/2014
    The corrective cycle is still in progress and first three waves look to be completed. Nevertheless, please notice, that this might be only the beginning of a larger correction in wave 4 purple, because this simple three waves down might be just a green wave of some other corrective structure. To confirm the corrective cycle is completed, the market must break above the intraday resistance at the level of 1.1672. Moreover, please notice the alternative count that still indicates a more impulsive wave progression to the upside that is valid as long as the level of 1.1590 is not violated.

    Trading recommendations:
    Not much has changed since yesterday as the market has made a very limited move: the bias is still bullish as the larger time frame trends are still bullish. So is a near and mid-term outlook for this pair. Thus, buying the dips is the way to trade this pair. SL for swing traders should be placed below the level of 1.1590, TP should be placed at the level of 1.1727.
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

  5. #65
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    Default Technical analysis of USD/CAD for December 18, 2014 By Instaforex

    General overview for 18/12/2014
    The level of 1.1670 acts as a strong intraday resistance level and despite the fact it was tested three times, the market still can not break through it. From the Elliott Wave point of view at least two scenarios can be placed at this period of time, both suggesting the corrective wave progression to the downside, but now the crucial question is the degree cycle of the correction. Nevertheless, the most important support is the intraday support at the level of 1.1559 and the dynamic support provided by the golden trend line. In case of any lower breakout, the weekly pivot point at the level of 1.1533 should provide a strong level to bounce from.

    Trading recommendations:
    Swingtraders should have now closed the buy positions as yesterday's spike down has hit the SL order at the level of 1.1590. Daytraders might consider to open buy stop orders from the level of 1.1672 with tight SL (15-20 pips) and TP at the level of 1.1727.
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

  6. #66
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    Default Technical analysis of USD/CAD for December 22, 2014 By Instaforex

    General overview for 22/12/2014
    As anticipated last time, the corrective cycle is getting more complex and time-consuming. Current wave progression indicates a possible triangle formation in wave Y brown and an upside breakout above the level of 1.1672 to complete wave 5 purple. The first target projection for this wave is at the level of 1.1733. Only a breakout below the level of 1.1500 would invalidate this scenario.

    Trading recommendations:
    The impulsive wave progression has not been completed yet and traders should consider opening only buy orders from current price levels. SL orders should be placed below the level of 1.1558 and TP at the level of 1.1672 with a possible extension upside to the level of 1.1733.
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

  7. #67
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    Default Technical analysis of USD/CAD for December 26, 2014 By Instaforex

    General overview 26/12/2014
    The market moves are currently very limited as the last wave down in complex corrective cycle is in progression. The preferred count favors one more wave to the downside to complete the triangle pattern and then an impulsive rally to the upside, targeting the levels 1.1672 and then 1.1733. Only a breakout below the level of 1.1500 would invalidate this scenario. Please notice that the mid- and longer-term bias are bullish, and new highs are expected

    Trading recommendations:
    The corrective cycle in wave Y brown has not been completed yet as there is one more wave missing to the downside. The Traders should consider opening only buy stop orders from the level of 1.1631 with SL below the level of 1.1558 and TP at the level of 1.1672 with a possible extension upside to the level of 1.1733.
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

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    Default Technical analysis of USD/CAD for December 30, 2014 By Instaforex

    General overview for 30/12/2014
    Despite making new local high yesterday, the market still stays inside the intraday trading range between the levels of 1.1558 - 1.1665. Nevertheless, the last wave to the downside is still being expected here to complete the overall complex and time consuming corrective cycle in wave 4 purple. The projected target is at the level of 1.1558. Please notice that any breakout above the level of 1.1665 is bullish and further high prices should be expected

    Trading recommendations:
    Yesterday's buy stop orders from the level of 1.1633 should be still kept open. The SL orders should be placed below the level of 1.1588 and TP at the level of 1.1672 with a possible extension upside to the level of 1.1733.
    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

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    Default Technical analysis of USD/CAD for December 31, 2014 By Instaforex

    General overview for 31/12/2014
    As anticipated yesterday, the last wave to the downside is still being expected here to complete the overall complex and time consuming corrective cycle in wave 4 purple. The projected target is at the level of 1.1558, but the price has bounced from the intraday support at the level of 1.1588, and now the corrective structure might be completed. Confirmation of this scenario comes with the breakout of the intraday resistance at the level of 1.1649, otherwise, the market will keep trading inside the neutral range zone. Please notice that any breakout above the level of 1.1665 is bullish and further high prices should be expected.

    Trading recommendations:
    Buy orders opened from the level of 1.1633 should be still kept open. The SL orders should be placed below the level of 1.1588 and TP at the level of 1.1672 with a possible extension upside to the level of 1.1733

    Technical analysis of USD/CAD By Instaforex-usdcad_h1-jpg

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    Default Technical analysis of USD/CAD for January 5, 2015 By Instaforex

    General overview for 05/01/2015
    Just as anticipated during the whole last week, the price has moved impulsively higher, making another swing high at the level of 1.1842 and hitting the projected target levels. Currently there are two possible counts to consider. The first one indicates the possible top in this market as the green five wave impulsive structure has been completed. The alternate one (tracked on H1 chart) indicates more bullish wave progression until the level of 1.1935 min. will be hit. This alternate scenario is very bullish and might suggest that the targets over the level of 1.2000 might be hit with ease. Nevertheless, on an intraday time frame the most important level is the intraday support at the level of 1.1761 and only a breakout below this level would push the price lower to enter the range zone and test the technical support at the level 1.1671. Otherwise, the bias is still bullish.

    Trading recommendations:
    Daytraders should consider to open buy orders from current market levels with SL below the level of 1.1761 and TP at the level of 1.1842
    Technical analysis of USD/CAD By Instaforex-usdcad_h4-jpg

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