Forex4you - Analytics

    Forex4you

    547.00 7.00/10
    60% of positive reviews
    Real

    USD/CAD: 1.30 hit – clearance required for confirmation of extension higher

     
    The pair is in an established up-trend but it has reached formidable resistance at the 1.30 psychological level, where it has formed a temporary top today. There is a possibility it could stall, rotate and even perhaps reverse lower from this major level.

    The move up from the May lows has formed an a-b-c measured move, which is now looking complete, with leg C longer than A, but there are no bearish signs yet from price to indicate it has finished, as the exchange rate keeps making new highs.

    The up-trend will probably just carry on higher, but first ideally I would want to see a clearance of the 1.30 bar, by a 20 point margin, so with a move above 1.3020. This would then probably be expected to reach the next potential resistance level at 1.3100.
    USDCAD17

       
    The pair is in an established up-trend but it has reached formidable resistance at the 1.30 psychological level, where it has formed a temporary top today. There is a possibility it could stall, rotate and even perhaps reverse lower from this major level.

    The move up from the May lows has formed an a-b-c measured move, which is now looking complete, with leg C longer than A, but there are no bearish signs yet from price to indicate it has finished, as the exchange rate keeps making new highs.

    The up-trend will probably just carry on higher, but first ideally I would want to see a clearance of the 1.30 bar, by a 20 point margin, so with a move above 1.3020. This would then probably be expected to reach the next potential resistance level at 1.3100.
    USDCAD17


    To leave a comment you must or Join us


    By visiting our website and services, you agree to the conditions of use of cookies. Learn more
    I agree