InstaForex - Analytics

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    Technical analysis of USD/CAD for June 14, 2016

    General overview for 14/06/2016:

    The market is trying to fight its way up as the bottom for wave X looks to be in place at the level of 1.2654. The first real obstacle is technical resistance at the level of 1.2909, so the price must impulsively break out above this level in order to change the ongoing downtrend. Currently, the market is trading around the weekly pivot at the level of 1.2800, just in the middle of the neutral zone. As long as the golden trenbd line is not violated, the chances for another leg up are still high.

    Support/Resistance:

    1.2614 - WS1

    1.2654 - Wave X Low

    1.2750 - Intraday Support

    1.2800 - Weekly Pivot

    1.2911 - Technical Resistance

    1.2940 - WR1

    1.3122 - WR2

    Trading recommendations:

    All swing traders should get ready to close their long-term sell orders as the market is approaching a possible reversal zone.

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