FX.co ★ Technical analysis of USD/CAD for June 19, 2014

General overview for 19/06/2014 08:20 CET

The alternate green count has been invalidated as wave (ii) green went into the area of wave (i). This means the high at the level of 1.0960 might be wave 2 green high and now the market is in an impulsive decline labeled as the alternate red count. If it is so, then the price is now in last stages of wave five (alt:5 red) and some corrective upward cycle might be expected but for this scenario to happen, the intraday resistance at the level of 1.0835 must be broken. Otherwise lower levels will be seen in this pair.

Support/Resistance:

1.0805 - WS1

1.0812 - Intraday Support

1.0821 - Technical Support

1.0835 - Intraday Resistance

1.0872 - Weekly Pivot

Trading recommendations:

Daytraders should consider to open the buy positions only if the level of 1.0835 is broken and H1 candle has closed above it. SL for that trade would be below the level of 1.0805 and TP at the level of 1.0872.