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19.06.201508:33 Forex Analysis & Reviews: Technical analysis of USD/CAD for June 19, 2015

Long-term review

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General overview for 19/06/2015 08:30 CET

The wave (v) green to the downside looks completed. The whole corrective structure labeled as the wave 2 blue might be finished in this case. To confirm this scenario, the market must break out above the intraday resistance at the level of 1.2268 and head for a weekly pivot again. Any failure at the resistance level would mean that lows of the wave (c) blue might be tested again.

Support/Resistance:

1.2128 - Intraday Support

1.2183 - WS1

1.2264 - Intraday Resistance

1.2326 - Weekly Pivot

Trading recommendations:

All sell orders should be closed with profit now and traders should wait for the market reaction at the level of 1.2268. Any breakout higher is the first bullish clue. So, only buy orders should be opened with SL below the level of 1.2200.

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