Technical analysis of USD/CAD fo May 11, 2015 Market Analysis Review

General outlook for 11/05/2015 09:50 CET

There is still a missing wave (c) blue in the current wave development, but the alternate count is showing a possibility of sooner termination of the overall corrective structure and a potential bullish structure in progress. To follow this scenario, the market must break out above the key zone between the levels of 1.2189 - 1.2203 in an impulsive fashion. Otherwise, the corrective structure will be still uncompleted and more downside progression could develop soon.

Support/Resistance:

1.1938 - Swing Low

1.1964 - WS1

1.2043 - Intraday Support

1.2073 - Weekly Pivot

1.2161 - Intraday Resistance

1.2189 - 1.2203 - Supply Zone

1.2206 - WR1

Trading recommendations:

As long as the market is below the golden trend-line resistance, the daytraders should consider opening sell orders with SL above the level of 1.2162 and TP at the level of 1.2043 with a possible extension downward. However, any breakout above the golden trend line will produce an opportunity to open a buy trade with tight SL and TP at the level of 1.2203.

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