Technical analysis of USD/CAD for November 21, 2014 Market Analysis Review

General overview for 21/11/2014 07:30 CET

The corrective cycle looks like it has been completed and if the count is correct the market should be ready to continue to the downside. Currently, the market consolidates around the weekly pivot at the level of 1.1313. If the intraday resistance at the level of 1.1367 is not violated, the odds favor the downside here. If the intraday support at the level of 1.1259 will not hold, then the next support comes at the level of 1.1224, so quite close to the anticipated technical support level and invalidation line at the level of 1.1220.

Support/Resistance:

1.1120 - Wave 4 Blue Low

1.1173 - WS2

1.1224 - WS1

1.1265 - Technical Support

1.1291 - Intraday Support

1.1311 - Weekly Pivot

1.1369 - Intraday Resistance

1.1394 - Blue Impulsive Count Invalidation Line

Trading recommendations:

Day traders should still keep the running sell orders with SL just above the level of 1.1394 and TP at the level of 1.1220. If you want to lock some partial profits, then please move the SL just above the level of 1.1315.

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



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