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Wave analysis

27.11.201410:46 Forex Analysis & Reviews: Technical analysis of USD/CAD for November 27, 2014

Long-term review

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General overview for 27/11/2014 09:40 CET

The wave progression is getting more and more consolidated as there is no new low made so far below the level of 1.1190. The price have been making recently a lot of a false breakouts to the upside. That is why my bias is still to the downside as long as the price is trading inside the corrective golden channel. Only a sustained breakout above the level of 1.1368 would change the outlook for more bullish one.

Support/Resistance:

1.1437 - WR2

1.1368 - Key Level

1.1326 - WR1

1.1269 - Intraday Resistance

1.1258 - Weekly Pivot

1.1227 - Intraday Support

1.1224 - WS1

Trading recommendations:

Yesterday's classical breakout trade using sell stop order from the level of 1.1230 should be still kept open. SL above the level of 1.1276 and TP at the level of 1.1190.

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