Technical analysis of USD/CAD for October 15, 2015 Market Analysis Review

General overview for 15/10/2015 10:50 CET

The green impulsive count has been changed a little as there is still one last chance for the bullish impulsive reversal to the upside. The market is currently in the potential reversal zone, just above the golden trend-line support around the level of 1.2850. Any breakout below the golden trend line will likely result in a further price decline towards the level of 1.2550. On the other hand, any impulsive rebound will likely mean the termination of the wave (v) green of wave (c) blue. Higher prices should be seen soon.

Support/Resistnace:

1.2858 - Technical Support

1.2900 - Intraday Resistnace

1.2956 - Intraday Resistnace

1.2996 - Weekly Pivot

Trading recommendations:

Daytraders should consider opening buy orders at current market levels with tight SL (20-30 pips) and open TP for now.

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

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