09.06.201514:37 Forex Analysis & Reviews: Technical analysis of USD/CAD for June 9, 2015

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

General overview for 09/06/2015 14:25 CET

As anticipated, after breaking yesterday's support at the level of 1.2432, the market went down to the level of 1.2323, almost where the technical support is. Currently, the pair is trading in a very interesting zone, just above the important technical support at 1.2321. There is a high probability of a bounce and reversal in this zone, as wave (c) blue looks completed and the building bullish divergence on momentum oscillator supports this view.

Support/Resistance:

1.2256 - WS2

1.2321 - Technical Support|Intraday Support|

1.2342 - WS1

1.2451 - Weekly Pivot

Trading recommendations:

As we have been repeating all the week so far, it is better to stay aside and wait for the corrective cycle to complete. Now the cycle might look finished and buying on dips is the way to trade on this market at the moment. Please use a tight SL (20-30 pips) and wait for a daily candle close: any level above 1.2321 would be a good indication of possible reversal coming soon.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.