07.08.201508:40 Forex Analysis & Reviews: Technical analysis of USD/CAD for August 7, 2015

General overview for 07/08/2015 08:30 CET

The impulsive blue count looks invalidated due to wave i blue and wave iv blue overlaps. This would mean an alternative count is in play now. The first confirmation that the wave B blue top is at the level of 1.3213 comes with a breakout of the intraday support at the level of 1.3097. Any new high above the level of 1.3213 invalidates this view.

Support/Resistance:

1.3213 - Swing High|Intraday Resistance|

1.3204 - WR1

1.3097 - Intraday Support|Blue Impulsive Count Invalidation Level|

1.3011 - Weekly Pivot

1.2968 - WS1

Trading recommendations:

Daytraders should consider that the level of 1.3097 can be violated with tight SL (15-20 pips) and TP at the level of 1.3031.

Swingtraders should consider closing all mid-term and long-term buy orders as the upward cycle might be concluded soon. Please wait for another buy opportunity to come when the downward corrective cycle is completed.