Technical analysis of USD/CAD for August 25, 2015 Market Analysis Review

General overview for 25/08/2015 10:20 CET

Due to the fact that the current wave count might be divided to at least main and alternative scenarios, the correct one-sided labeling is very hard to make right now. The market seems like topping around the current price levels, but the decline has not been started yet. The main count indicates a possible top for the wave iii blue and a corrective structure in the wave iv blue (so far labeled as wave W and X brown) and the alternative count suggest a possible impulsive progression to the upside to complete the five wave structure ( alternative waves 3 and 4 purple). We need to wait and see which one of these scenarios will turn out to be correct.

Support/Resistance:

1.3314 - WR2

1.3264 - WR1

1.3296 - Intraday Resistance

1.3140 - Intraday Support

1.3144 - Weekly Pivot

Trading recommendations:

Swingtraders should consider closing long-term BUY orders or move the trailing stop loss orders up to the level of 1.3211.

All TPs from yesterday have been hit and for today the daytraders should refrain from trading due to a lack of a clear trading pattern.

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

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