InstaForex - Analytics


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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.


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