Technical Analysis of USD/CAD for April 29, 2016

Technical Analysis of USD/CAD for April 29, 2016

29 April 2016, 11:28
Roberto Jacobs
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Technical Analysis of USD/CAD for April 29, 2016

General overview for 29/04/2016:

Not much has been changed in this market as it is still trying to complete the triple zig-zag pattern in the big wave Z brown. Currently, there is one more wave to the downside missing to complete this scenario as the wave (b) blue looks completed ( a little early). The projected target for wave (c) is at the level of 1.2452 and this might be the termination of the whole corrective structure in the big wave 4 pink, unless it will evolve into a big triangle pattern or any other complex corrective structure.

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Support/Resistance:

1.3246 - WR3

1.3218 - Swing High

1.3118 - WR2

1.2989 - Technical Resistance

1.2852 - WR1

1.2721 - Weekly Pivot

1.2696 - Intraday Resistance

1.2526 - Intraday Support

1.2454 - WS1

Trading recommendations:

Currently, traders should stay aside and wait for another setup to occur shortly.


The material has been provided by InstaForex Company - www.instaforex.com

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