InstaForex - Analytics


719.00 6.50/10
61% of positive reviews

Technical analysis of USD/CAD for August 20, 2015

General overview for 20/08/2015 09:30 CET

As indicated yesterday, the wave c purple was terminated just at the golden trend line support. Another wave up, labeled as wave c green, is currently in progress. This corrective cycle is getting more and more complex and time-consuming. So it is very possible that market is trying to complete a big triangle pattern which is very typical for wave four.


1.3015 - Intraday Support

1.3070 - Weekly Pivot

1.3175 - Intraday Resistance

1.3206 - WR1

1.3211 - Swing High

Trading recommendations:

Currently, daytraders should wait for a better opportunity to occur after corrective sub-cycle is completed. Trading inside of the potential triangle structure is tricky and full of whipsaws and fake breakouts.


Show full picture

To leave a comment you must be or register

By visiting our website and services, you agree to the conditions of use of cookies. Learn more I agree