Technical analysis of USD/CAD for June 30, 2015

General overview for 30/06/2015 07:15 CET

The newest labeling had been slightly changed to incorporate the main impulsive count as s series of 1-2, (i)-(ii) wave progression and the alternative labeling of wave B blue: a double zig-zag pattern labeled as WXY brown. The current range is labeled as a part of a corrective cycle in wave ii blue or a part of wave XX. That would mean there is still a possibility for a double zig-zag to evolve into a triple zig-zag pattern as long as the level of 1.2215 is not violated. Please notice the near-term and longer-term outlook is still bullish.

Support/Resistance:

1.2128 – WS2

1.2245 – WS1

1.2275 – Intraday Support

1.2332 – Weekly Pivot

1.2420 – Intraday Resistance

1.2447 – WR1

1.2537 – WR2

Trading recommendations:

Daytraders should still refrain from trading and wait for the important levels to be tested first: the intraday resistance is seen at the level of 1.2420 and intraday support is expected at the level of 1.2275.

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The material has been provided by InstaForex Company – www.instaforex.com

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