USD/CAD
The pair has been trading in a down trend from 1.1053 levels. It has support at 1.0814 (recent low). The "buying the dip" strategy is prefered on a positional basis for the next couple of days. On the down side, if the pair breaks the inital small support at 1.0850, it will fall to the previous low made on May 08 at 1.0814 levels. In case of a break below this, it will drift up to 1.0770 and 1.0652 levels. The RSI in the daily chart favors buying side.
The shorter-term trend reversal will take place only above 1.1053. The pair is unable to cross the descending trading pattern. On the down side, the gates are open for 1.0671, this view is valid until the pair trades below the 1.1053 levels. The RSI in the weekly chart favors selling the rise.
Intraday-
The pair is facing strong resistance zone between 1.0880 (50-hour SMA) at 1.0890 levels. If the pair is able to cross these resistance levels, then it can fly up to 1.0926 and 1.0952 levels. On the down side, it has support at 1.0870, 1.0859 and 1.0850 levels.
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on market trends you may visit via Technical analysis of USD/CAD for May 20, 2014 . Thanks for your support on Technical analysis of USD/CAD for May 20, 2014
No comments:
Post a Comment