24.06.201512:21 Forex Analysis & Reviews: Technical analysis of USD/CAD for June 24, 2015

Long-term review

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General overview for 24/06/2015 12:10 CET

After reaching yesterday's target at 1.2382, the market sharply declined and is not trying to bounce from 61%Fibo level of the previous wave up (wave i? black). The current labeling indicates an impulsive wave progression to the upside and as long as the level of 1.2216 ( wave -ii-? black low) is not violated, the impulsive count is valid. In any case, the next possible scenario indicates a more complex and time-consuming corrective cycle in big wave B blue. Nevertheless, the bias is still bullish as long as the level of 1.2216 is not violated.

Support/Resistance:

1.2384 - WR1

1.2319 - Intraday Resistance

1.2275 - Intraday Support

1.2258 - Weekly Pivot

1.2216 - Invalidation Level

Trading recommendations:

Daytraders should consider opening buy orders from current price levels with SL below the level of 1.2216 and TP at the level of 1.2382 with possible upward extension.

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