Technical analysis of USD/CAD for June 24, 2015 Market Analysis Review

General overview for 24/06/2015 12:10 CET

After reaching yesterday's target at 1.2382, the market sharply declined and is not trying to bounce from 61%Fibo level of the previous wave up (wave i? black). The current labeling indicates an impulsive wave progression to the upside and as long as the level of 1.2216 ( wave -ii-? black low) is not violated, the impulsive count is valid. In any case, the next possible scenario indicates a more complex and time-consuming corrective cycle in big wave B blue. Nevertheless, the bias is still bullish as long as the level of 1.2216 is not violated.

Support/Resistance:

1.2384 - WR1

1.2319 - Intraday Resistance

1.2275 - Intraday Support

1.2258 - Weekly Pivot

1.2216 - Invalidation Level

Trading recommendations:

Daytraders should consider opening buy orders from current price levels with SL below the level of 1.2216 and TP at the level of 1.2382 with possible upward extension.

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

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