Technical analysis of USD/CAD for June 23, 2014 Trend News

General overview for 23/06/2014 10:45 CET

The anticipated breakout finally materialized and the top for wave 2 green correction is in place at the level of 1.09596. According to this chart there are two possible counts, the main and the alternate, that fit to the current situation. The main count indicates that the downward wave progression is in the shape of a WXYXXZ triple three that should complete very soon and a rebound to the upside should happen. On the other hand, the alternate count indicates impulsive wave progression labeled in red on H4 chart. This count suggests the first wave to the downside has been completed and a corrective cycle is needed soon. Any breakout above the intraday resistance at the level of 1.0752 is bullish and weekly pivot might be tested soon.

Support/Resistance:

1.0687 - WS1

1.0716 - Intraday Support

1.0726 - Technical Support

1.0752 - Intraday Resistance

1.0790 - Weekly Pivot

1.0804 - Technical Resistance

Trading recommendations:

Daytraders should open buy stop positions if the level of intraday resistance is broken with SL below the level of 1.0716 and TP at the level of 1.0790. Otherwise any new low will support the bearish scenario.

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



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