InstaForex - Analytics

    InstaForex

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    Technical analysis of USD/CAD for June 21, 2016

    General overview for 21/06/2016:

    The zig-zag corrective structure had broken below the 61%Fibo at the level of 1.2818 and currently trades just above the intraday support at the level of 1.2769. A growing bullish divergence between the price and momentum oscillator is indicating a possible sharp move upward, which supports the view about the upward trend renewal. Only a clear violation of the level of 1.2653 would invalidate the bullish view.

    Support/Resistance:

    1.2654 - Wave X Bottom

    1.2678 - WS1

    1.2769 - Intraday Support

    1.2818 - 61%Fibo

    1.2860 - Intraday Resistance

    1.2881 - Weekly Pivot

    1.3015 - WR1

    1.3080 - Wave 1 Top

    Trading recommendations:

    The first impulsive wave has been made after a long-term corrective cycle had bottomed, so the bias is to the upside. Buying the dips in this market with SL below the level of 1.2654 is the way to trade it now.

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