After the USD/CAD pair broke below 0.9845 the market went to the downside. It reached the price level of 0.9635 testing the lower limit of the depicted bearish long-term channel which expressed a considerable bullish strength.
The USD/CAD bullish movement managed to break above the upper limit of the depicted long-term channel (0.9725) which was considered to be a bullish signal in the long term with a possible bullish 123 reversal pattern appearing on the DAILY chart targeting 0.9980.
Intraday Price Action towards 0.9730 (61.8% Fibonacci) should be watched for a valid Intraday BUY entry.
Price zone 0.9820 - 0.9850 is an intraday resistance zone. In order to resume the targets for the bullish patterns targeting around 0.9980 there should be a break above the intraday resistance zone.
Fixation below price level of 0.9650 breaking the established bottom around 0.9740 invalidates the bullish scenario for the current situation.
The material has been provided by Instaforex Company - instaforex.com
For detail explanation and best discovery on market trends you may visit via USD/CAD Intraday Technical Analysis and Trading Recommendations for October 18, 2012 . Thanks for your support on USD/CAD Intraday Technical Analysis and Trading Recommendations for October 18, 2012
No comments:
Post a Comment