Technical analysis of USD/CAD for June 30, 2014

General overview for 30/06/2014 11:50 CET

As indicated last Friday the target zone at the level of 1.0661 has been hit and the impulsive wave progression in wave 3 red looks to be completed. Currently the market is in a corrective cycle wave 4 red and when this cycle is completed, one more push to the downside is expected to complete the progression. The golden trendline is providing a dynamic resistance for the price and any breakout higher should be considered as bullish. Moreover, any breakout above the intraday resistance at the level of 1.0696 asn entering the bullish zone, should provide to the further upward movement up to the 1.0750 level. On the other hand, any failure at this levels is bearish and might result in bearish zone penetration.

Support/Resistance:

1.0614 – WS1

1.0658 – Intraday Support

1.0685 – Weekly Pivot

1.0692 – Intraday Resistance

1.0711 – WR1

1.0750 – Previous wave (iv) Zone

1.0782 – WR2

1.0809 – WR3

Trading recommendations:

As the impulsive wave progression in red count has not been finished yet, the swing traders should still keep the open sell positions running and the good level to add to the existing positions is the area between the levels of 1.0716 – 1.0751, with SL above the level of 1.0813 and TP below the level of 1.0644.

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Sebastian Seliga is taking part in the “Analyst of the Year” award organized by MT5.com portal. If you like his article, please vote for him.

Performed by Sebastian Seliga, Analytical expert InstaForex Group © 2007-2014

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Technical analysis of USD/CAD for June 30, 2014