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.
Support/Resistance:
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.
For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of USD/CAD for August 20, 2015 . Thanks for your support.
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