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Technical analysis of USD/CAD for May 20, 2015

General overview for 20/05/2015 09:10 CET

Three waves of the impulsive wave progression to the upside have been completed and now the market is in the corrective cycle wave 4 blue that might get complex and time-consuming. The first support for the price is the old supply zone of 1.2190 - 1.2204 that will act as a support zone now. Any breakout lower will lead to an immediate test of the level of 1.2127. Please note that the bearish divergence is building between the price and the momentum oscillator which is a typical confirmation of a topping pattern.

Support/Resistance:

1.2256 - Intraday Resistance

1.2204 - Intraday Support

1.2124 - WR1

Trading recommendations:

All buy orders from the beginning of the week should be closed now as the market approaches the important levels and entering the corrective cycle. Nevertheless, buying on the dips from the level of 1.2190 1.2204 is still advised as there is uncompleted upward impulsive structure.

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Uitgevoerd door, Analytische expert
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