FX.co ★ Technical analysis of USD/CAD for October 30 2014

General overview for 30/10/2014 07:50 CET

The low anticipated yesterday for purple wave (2) looks to be in place now. The market move is just below the golden trendline and it is waiting for a breakout. The key level for the market is the level of 1.1292 and any breakout above the level is bullish with a high possibility of new highs to be made. Moreover, any failure at that level means that the corrective cycle will be more complex and time-consuming.

Support/Resistance:

1.1070 - 1.1080 - Demand Zone

1.1074 - WS3

1.1128 - WS2

1.1182 - Intraday Support

1.1185 - WS1

1.1240 - Weekly Pivot

1.1262 - Intraday Resistance

1.1292 - Intraday Resistance|Key Level for Bears|

1.1295 - WR1

1.1351 - WR2

1.1384 - Swing High

Trading recommendations:

The buy orders opened yesterday should be still kept open and SL for those orders should be now moved higher above the level of 1.1100. Any breakout above the level of 1.1220 provides further opportunity to add more buy orders with the same SL and TP levels as before.