Technical analysis of USD/CAD for April 22, 2015 Market Analysis Review

General overview for 22/04/2015 08:50 CET

Although the top for the corrective wave (b) blue might have been made after the market had made an ending diagonal triangle formation, the confirmation will come with the support levels breakout to the downside. The intraday support is found at the levels of 1.2214 and 1.2180. On the other hand, the upward move is possible only after an impulsive breakout above the level of 1.2318, otherwise the price will keep trading inside the trading range between 1.2180 and 1.2318.

Support/Resistance:

1.2318 - Intraday Resistance

1.2297 - Weekly Pivot

1.2214 - Intraday Support

1.2180 - Intraday Support

1.2088 - Swing Low

Trading recommendations:

Daytraders should consider opening sell orders only if the level of 1.2280 is clearly violated, with SL above the level of 1.2214 and TP at the level of 1.2088.

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

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