NZD/JPY falling inside minor impulse wave C Next sell target - 76…
USD/CAD broke support level 1.2420
- USD/CAD broke support level 1.2420
- Next sell target - 1.2100
USD/CAD continues to fall after the earlier breakout of the support level 1.2420 (which stopped the pervious minor correction 4 in October as can be seen from the daily USD/CAD chart below). The breakout of the support level 1.2420 follows the earlier breakout of the 50% Fibonacci correction level of the pervious long-term ABC correction from September. USD/CAD is expected to fall to the next sell target at the next support level 1.2100 (monthly low from September.).
We've got a bearish "High Wave", which has strong confirmation. In this case, the price is likely going to decline.
Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…
The 144 Moving Average has acted as support, but there's a bearish "Engulfing' at the local high.