Technical Analysis of USD/CAD for April 11, 2016
General overview for 11/04/2016:
The alternative count has been invalidated due to wave one and wave two overlaps. This means the main count is still the correct one and it indicated another possible downward wave progression towards the level of 1.2856. Nevertheless, this progression is currently developing in the yellow neutral zone and only a clear breakout below the level of 1.2856 will be considered bearish.
1.2856 - WS1
1.2951 - Intraday Support
1.3018 - Intraday Resistance
1.3036 - Weekly Pivot
1.3126 - WR1
1.3218 - Local High
1.3295 - Swing High
1.3303 - WR2
Day traders should buy the dips from the current market levels with SL below the level of 1.2850 and TP open for now. Please notice the trading inside of the wave (b) might get choppy and full of fake breakouts.
The material has been provided by InstaForex Company - www.instaforex.com