13.11.201407:33 Forex Analysis & Reviews: Technical analysis of USD/CAD for November 13, 2014

Long-term review

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General overview for 13/11/2014 06:25 CET

The alternative blue impulsive count has been invalidated due to wave -i- and wave -ii- blue overlaps. Currently, the main count is the best fit so far and this count indicates that the corrective cycle within the wave ii black continues to develop its last wave to the upside. There are three possible levels of termination and at this point it is too early to predict where exactly will the last leg up be finished. Only a new high above the level of 1.1465 would invalidate this view and put the alternative green scenario in play.

Support/Resistance:

1.1464 - Swing High

1.1426 - WR1

1.1400 - Intraday Resistance

1.1358 - Intraday Resistance

1.1344 - Weekly Pivot

1.1323 - Intraday Resistance

1.1279 - Intraday Support

1.1266 - Technical Support

Trading recommendations:

Day traders should consider opening sell orders from the indicated levels with minimal SL in case the levels will be violated. However, the ultimate SL should be placed just above the level of 1.1401.

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