10.06.201410:18 Forex Analysis & Reviews: Technical analysis of USD/CAD for June 10, 2014

Long-term review

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General overview for 10/06/2014 09:10 CET

The corrective cycle in wave (ii) green should be completed now and more upside is to be seen in this pair if the golden trendline is broken. Moreover, any violation of the level of 1.0947 is bullish and traders should keep an eye on last swing high as this level will be broken as well. On the larger time frames there is bigger unfinished corrective cycle in wave 2 black and the current wave progression to the upside is the last part of this cycle.

Support/Resistance:

1.0888 - Intraday Support

1.0903 - Intraday Resistance

1.0914 - Weekly Pivot

1.0947 - Technical Resistance

1.0958 - Swing High

Trading recommendations:

Daytraders should consider opening buy orders from current price levels with SL below the level of 1.0887 and TP at the level of 1.0947 (min), if the golden trendline is broken).

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