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    Technical analysis of USD/CAD for May 12, 2015

    General overview for 12/05/2015 07:50 CET

    The market is still trading below the golden trend-line resistance and the trading range is getting narrower. So, the breakout is due soon. The main count still shows a potential for one more wave to the downside to be made ( wave (c) blue), but the alternative count indicates the opposite if the market breaks the supply zone between the levels of 1.2186 and 1.2203.


    1.1938 - Swing Low

    1.1964 - WS1

    1.2043 - Intraday Support

    1.2073 - Weekly Pivot

    1.2161 - Intraday Resistance

    1.2189 - 1.2203 - Supply Zone

    1.2206 - WR1

    Trading recommendations:

    As long as the market is below the golden trend-line resistance, the daytraders should consider opening sell orders with SL above the level of 1.2162 and TP at the level of 1.2043 with a possible extension downward. However, any breakout above the golden trend line will produce an opportunity to open a buy trade with tight SL and TP at the level of 1.2203.


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

    Uitgevoerd door, Analytische expert
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