16.06.201410:29 Forex Analysis & Reviews: Technical analysis of USD/CAD for June 16, 2014

Long-term review

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General overview for 16/06/2014 09:10 CET

One more possibility has been analyzed on higher time frames that was not showed on previous charts. The corrective cycle could be completed at the level of 1.0960, just where 61%Fibo level is. In this case the possible upside rally in last wave C green is no longer valid and all the downside price action is the beginning of the impulsive movement. On the other hand, the alternate count that I'm following on hourly chart, shows a possibility of more developed correction to the upside as long as the level of 1.0812 holds (old wave B low). To confirm this scenario, the price must break out of the golden corrective channel and the first confirmation comes with weekly pivot breakout at the level of 1.0872 and secondary confirmation comes with the level of 1.08846 breakout. Any new low below the level of 1.0812 invalidates the irregular flat bullish progression scenario.

Support/Resistance:

1.0805 - WS1

1.0812 - Wave B Low

1.0821 - Technical Support

1.0841 - Intraday Support

1.0870 - Intraday Resistance

1.0872 - Weekly Pivot

1.0884 - First Confirmation Level

1.0904 - WR1

Trading recommendations:

Daytraders should consider to open buy orders from current levels with SL below the level of 1.0840 and TP at the level of 1.0870 and then wait what the market will do next.

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