General overview for 14/12/2015 08:30 CET
An ending diagonal idea has been invalidated as there is no wave one and wave four overlap. The whole wave 5 looks more like a typical impulsive wave. Please notice the bearish divergence supports the view that the top for the wave B purple is in place, and to confirm the top the market must break below the technical support level of 1.3621.
Support/Resistance:
1.3756 - Intraday Resistance
1.3679 - Intraday Support
1.3646 - Weekly Pivot
1.3621 - Technical Support
Trading recommendations:
Swing traders should consider closing long-term buy orders as the cycles in the higher time frames suggests possible completion of the five wave impulsive development and an imminent corrective cycle ahead.
For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of USD/CAD for December 14, 2015 . Thanks for your support.
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