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Technical analysis of USD/CAD for May 13, 2015

General overview for 13/05/2015 09:20 CET

As anticipated yesterday, the main count indicating an incomplete wave (c) blue to the downside is still a valid one and another leg down had been made in overall corrective wave progression to the downside. Nevertheless, as long as the level of 1.1937 is not violated, there is a chance that alternate wave ii black is completed in nice, three sub-wave correction and only a breakout below the level of 1.1937 would invalidate this count. The most important resistance is the golden trend-line one as the market had been respecting this line many times. The true bullish trend resumption in larger time frame is possible only if this trend line gets broken in an impulsive way.

Support/Resistance:

1.1937 - Swing Low|Key Level|

1.1966 - WS1

1.1977 - Intraday Support

1.2044 - Intraday Resistance

1.2073 - Weekly Pivot

Trading recommendations:

Daytraders should consider opening sell orders from the current market levels with SL above the level of 1.2045 and TP at the level of 1.1977 with a possible downward extension to the level of 1.1937.

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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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