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21.09.201509:59 Forex Analysis & Reviews: Technical analysis of USD/CAD for September 21, 2015

Long-term review

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General overview for 21/09/2015 09:40 CET

There are two possible counts on near-term charts: main and alternative. The main count is a bearish impulsive count that indicates a possible top at the level of 1.3355 and the invalidation line for this count is seen at the level of 1.3309. This would meant, that any breakout higher will possibly reach another higher high in the last wave alt.5 purple. Nevertheless, there is no immediate confirmation yet and we must wait for the market to show us direction by either violating the level of 1.3309 or reachinga new local low.

Support/Resistance:

1.3356 - WR1|Swing High|

1.3309 - Green Impulsive Count Invalidation Level

1.3230 - Intraday Resistnace

1.3184 - Weekly Pivot

1.3089 - WS1

1.3011 - Technical Support

Trading recommendations:

Daytraders and swingtraders should consider opening sell orders with SL above the level of 1.3309 and open TP for now. In case of violation taking place at the level 1.3309, no sell orders should be opened as market might be heading towards a new high above the level of 1.3355.

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