Technical analysis for USD-CAD for January 13, 2015
General Scenario for 13/01/2015 09:15 CET
The estimated target for wave 5 purple has been beat, but the market is continuing to move higher highs as the impulsive formation seems incomplete yet. This is why the overall settings have been a little changed and the top for wave (iii) black has been made at the stage of 1.1867 now.
Please notice the momentum oscillator is starting to depart from price and bearish divergence is building now. The present scenario expects an internal corrective sub-cycle in wave (iv) blue and then a further high will be made.
1.1987 – WR2
1.1977 – Intraday Resistance
1.1926 – WR1
1.1895 – 1.1912 – Target Zone
1.1887 – Intraday Support
1.1829 – Weekly Pivot
The target zone for wave 5 purple has been hit and now the corrective decline might happen very soon. One more wave to the upside is being projected before any meaningful corrective cycle will start.