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    Technical analysis of USD/CAD for May 6, 2015

    General overview for 06/05/2015 11:50 CET

    The corrective cycle to the downside looks like a typical zig-zag pattern that completed the downside move at the level of 78% Fibo and now might be ready to reverse higher. The intraday support at the level of 1.2003 should provide enough strength for a bounce, but the real hurdle is at the intraday resistance at the level of 1.2086. Only a sustained, impulsive breakout above this level will be considered as the beginning of a new impulsive wave to the upside.

    Support/Resistance:

    1.1943 - Swing Low

    1.9999 - 78%Fibo

    1.2003 - Intraday Support

    1.2086 - Intraday Resistance

    1.2115 - Weekly Pivot

    Trading recommendations:

    Daytraders should consider opening buy orders from the current market levels with SL below the level of 1.1999 and TP at the level of 1.2086 with a possible extension higher to the level of 1.2130.

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    Sebastian Seliga neemt deel aan de "Analyst of the Year" onderscheiding georganiseerd door MT5.com portal. Als u zijn artikel goed vindt, stemt u dan op hem.

    Uitgevoerd door, Analytische expert
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