Tuesday, November 29, 2016

Technical analysis of USD/CAD for November 29, 2016

FXPro247 8:15:00 PM Forecast, Forex Analysis

General overview for 29/11/2016:

Another corrective wave has been made (labeled as a (green)) as the market keeps trading horizontally between the intraday support at the level of 1.3378 and intraday resistance at the level of 1.3566. The first three waves of this wave progression have been completed and now it looks like the tow for the wave x (green) is in place as well. That would mean the market should move lower, towards the intraday support, after the weekly pivot at the level of 1.3482 is tested and wave b (green) is made as well.

Support/Resistance:

1.3588 - Local High

1.3583 - WR1

1.3566 - Intraday Resistance

1.3482 - Weekly Pivot

1.3429 - WS1

1.3378 - Intraday Support

1.3323 - WS2

Trading recommendations:

As the corrective cycle is still unfolding, daytraders should open only sell orders around the level of 1.3482 as there is incomplete wave progression to the downside.