InstaForex - Analytics

    InstaForex

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    Techncial analysis of USD/CAD for June 17, 2016

    General overview for 17/06/2016:

    The five-wave impulsive structure has been completed and now the market is in corrective cycle. The current internal wave progression indicates a three-wave down zig-zag structure to develop shortly. The projected target for wave c of this correction is at the level of 1.2800. When the corrective structure is completed, then the uptrend should resume.

    Support/Resistance:

    1.2614 - WS1

    1.2654 - Wave X Low

    1.2800 - Weekly Pivot

    1.2876 - Intraday Support

    1.2940 - WR1

    1.2982 - Intraday Resistance

    1.3083 - Intraday Resistance

    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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