Technical analysis of USD/CAD for July 30, 2015

General overview for 30/07/2015 08:40 CET

The corrective cycle in wave 2 black might have been completed and yesterday’s FOMC decision to keep the rates on hold might cause another impulsive wave progression to the upside. There is the first confirmation that the market can start another wave upwards, because the golden trendline had been violated. The next resistance is seen at the level of 1.3026 (weekly pivot) or 1.3045 (intraday resistance). Please notice that only a new high above the level of 1.3101 would confirm that the bottom in the wave 2 black is in place.

Support/Resistance:

1.3135 – WR1

1.3101 – Swing High

1.3045 – Intraday Resistance

1.3026 – Weekly Pivot

1.2965 – Intraday Support

1.2952 – WS1

Trading recommendation

Daytraders should consider opening buy orders from current market levels with SL below the level of 1.2964 and TP at the level of 1.3026.

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

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