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01.10.201510:30 Forex Analysis & Reviews: Technical analysis of USD/CAD for October 1, 2015

Long-term review

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General overview for 01/10/2015 10:00 CET

Yesterday's attempt to label the current wave progression as impulsive has been invalidated due to wave i and wave ii overlaps. Currently, the count has been updated and now two scenarios are possible. Main scenario indicates a developing ending diagonal pattern in big wave 5 purple. An alternative scenario indicates an uncompleted wave 4 purple that is developing into more complex and time consuming corrective structure.

Support/Resistnace:

1.3455- Swing High

1.3451- WR1

1.3370 - Intraday Resistnace

1.3312 - Weekly Pivot

1.3270 - Intraday Support

1.3232 - Intraday Support

1.3208 - WS1

Trading recommendations:

Day traders should consider opening sell orders from the level of 1.3312 with SL above the level of 1.3317 and TP at the level of 1.3270.

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