General overview for 02/07/2015 05:00 CET
The current count has been slightly changed as the previous alternative count had been invalidated due to longer-than-expected upward move in wave Z brown. Upgraded count is still bullish and its labeling includes two possible wave counts. Both counts are impulsive in fashion. Nevertheless, the current cycle looks like a beginning of a corrective cycle in wave 4 black and the suggested shape of this corrective cycle is a triangle. Please notice the black impulsive count invalidation line is at the level of 1.2421. S,o as long as this level is not violated, the bias remains bullish.
Support/Resistance:
1.2615 - WR3
1.2595 - Intraday Resistance
1.2537 - WR2
1.2498 - Intraday Support
1.2447 - WR1
Trading recommendations:
Daytraders should exit their long positions and consider refraining from trading until the corrective cycle is finished.
For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of USD/CAD for July 2, 2015 . Thanks for your support.
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