Technical Analysis of USD/CAD for March 14, 2016
General overview for 14/03/2016:
A building bullish divergence between the price and the momentum oscillator indicates the rebound in price action in order to complete the wave (b) blue. The projected target for wave (b) is seen at the level of 1.3383 and it must end below the level of 1.3446. When the corrective cycle in wave (b) blue is completed, a trend should continue lower towards the level of 1.3106.
Support/Resistance:
1.3106 - WS1
1.3163 - Intraday Support
1.3275 - Weekly Pivot
1.3383 - WR1
1.3446 - Intraday Resistance
1.3554 - WR2
1.3662 - WR3
Trading recommendations:
Day traders should sell into the strength of the wave (b) blue with SL above the level of 1.3446 and TP at the level of 1.3106.
The material has been provided by InstaForex Company - www.instaforex.com
