20.05.201409:06 Forex Analysis & Reviews: Technical analysis of USD/CAD for May 20, 2014

Long-term review

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General overview for 20/05/2014 08:00 CET

The current wave progression develops exactly the way I anticipated. After hitting the support zone yesterday, the market rebounded and now is going upwards to complete wave c green. The next level of interest for the bear side of the market is at the level of 1.0890 where the intraday resistance is.

1.0813 - Wave (iii) Green Low

1.0834 - Technical Support

1.0851 - Intraday Support

1.0874 - Weekly Pivot

1.0890 - Intraday Resistance

1.0897 - WR1

Trading recommendations:

Buy orders advised yesterday should be still in play as the target for this orders is at the level of 1.0890. Please notice that trading inside of a possible triangle formation is full of false breakouts and whipsaws.

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