Technical analysis of USD/CAD for November 12, 2014 Market Analysis Review

General overview for 12/11/2014 10:30 CET

The red trend line downside test has failed and the price has been rejected from the level of 1.1400. Currently there are two intraday count possible: alternative count indicated more upside in order to complete the last leg to the upside and the invalidation of this count is at the level of 1.1298. On the other hand, the main count suggests more downside extension in impulsive fashion if the level of 1.1298 is broken. Moreover, the next important near-term invalidation line is at the level of 1.1220. Breakout lower or violation of the levels is the first clue that the immediate-term top is in place at the level of 1.1464.

Support/Resistance:

1.1464 - Swing Top

1.1446 - Technical Resistance

1.4000 - Intraday Resistance

1.1344 - Weekly Pivot

1.1298 - Intraday Support|Blue Intraday Count Invalidation Line|

1.1266 - Technical Support

1.1220 - Green Alternate Count Invalidation Line

Trading recommendations:

Day traders should consider to open buy orders only in the level of 1.4000 is broken and sell orders only if the level of 1.1298 is violated. Otherwise, please refrain from trading until the market decides which way it wants to move.

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



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