22.06.201506:21 Forex Analysis & Reviews: Technical analysis of USD/CAD for June 22, 2015

Long-term review

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General overview for 22/06/2015 6:10 CET

The golden trendline is acting as a dynamic resistance now and any breakout higher above the intraday resistance at the level of 1.2295 is the first sign of a bullish trend continuation to the upside. On the other hand, please notice that any violation of the intraday support at the level of 1.2248 might lead even to the recent local swing low test at the level of 1.2128. Nevertheless, the bias is still bullish as there is unfinished impulsive wave progression to the upside.

Support/Resistance:

1.2128 - Swing Low

1.2150 - WS1

1.2248 - Intraday Support

1.2253 - Weekly Pivot

1.2295 - Intraday Resistance

1.2382 - WR1

Trading recommendations:

Daytraders should consider opening buy orders from current price levels with SL below the level of 1.2248 and TP at the level of 1.2253 with a possible extension upwards to the level of 1.2382 later in the day.

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