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Wave analysis

23.09.201610:54 Forex Analysis & Reviews: Technical analysis of USD/CAD for September 23, 2016

Long-term review

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General overview for 23/09/2016:

The market has completed the wave iii of the overall impulsive structure and now the counter-trend corrective move in wave iv is in progress. Nevertheless, it does not look like the downward wave progression is now completed as there are still sub-waves missing. The intraday bias is still to the downside.

Support/Resistance:

1.3252 - Intraday Resistance

1.3178 - Weekly Pivot

1.3124 - Intraday Support

1.3106 - WS1

1.3000 - Technical Support

1.2962 - WS2

Trading recommendations:

Day traders should close the sell orders with profit at the level of 1.3030. Currently, day traders should refrain from trading and wait for another trading setup to occur shortly.

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