FX.co ★ Technical analysis of USD/CAD for May 27, 2015

General overview for 27/05/2015 09:15 CET

The count has been slightly adjusted to incorporate an extended wave 5 blue to the upside that contributes to the overall impulsive wave progression and might end at the level of 1.2447. Currently, the market is likely to be ready to make some minor internal corrective cycle labeled on the chart as wave 2 blue. But this cycle might get complex. Grey area is the possible reversal zone for the wave a purple as a part of the corrective cycle. The projected target for the whole corrective structure is at the level of 1.2321.

Support/Resistance:

1.2458 - WR1

1.2447 - Swing High

1.2375 - Intraday Support

1.2356 - Intraday Support

1.2321 - Intraday Support

Trading recommendations:

Daytraders should consider opening buy orders if the price gets to the grey rectangle zone with SL just below the grey rectangle. Please notice that trading inside of a corrective cycle might get choppy and full of fake breakouts. So, we advise to wait for the corrective cycle to complete and then open buy orders.