23.04.201508:02 Forex Analysis & Reviews: Technical analysis of USD/CAD for April 23, 2015

General overview for 23/04/2015 07:50 CET

The very limited market moves in the recent days are still in favor of the more complex and time consuming wave (b) blue as the market is still trading inside the trading range between the levels of 1.2212 - 1.2318. However, the lower levels might be tested soon as the market broken below the golden trend line and now it does not have strength to get back above it. It might means, that after the level of 1.2180 gets violated, the price might fall lower to the swing a low at the level of 1.2088.On the other hand, only a sustained break out above the level of 1.2318 might be regarded as bullish with targets at the upper levels.

Support/Resistance:

1.2318 - Intraday Resistance

1.2297 - Weekly Pivot

1.2214 - Intraday Support

1.2180 - Intraday Support

1.2088 - Swing Low

Trading recommendations:

Due to the limited market moves, the recommendations stays the same: daytraders should consider opening sell orders only if the level of 1.2180 is clearly violated, with SL above the level of 1.2214 and TP at the level of 1.2088.