USD/CAD intraday technical analysis and trading recommendations for April 10, 2013
April 10, 2013 1:30 pm
Lack of the bullish steam seemed to exist during the last few weeks and the pair seems to be under negative pressure which was manifested on March 26 in the massive bearish daily candlestick. Bearish rejection around 1.0300 was followed by multiple days of indecision within the same consolidation range 1.0225-1.0330 until the pair gave obvious daily closure below 1.0220 which opened the way towards the projection target at 1.0110. Price zone 1.0200-1.0230 corresponds to a downtrend line it is depicted on the 4H chart that is why a short-term SELL entry was suggested within previous articles during this week. First target level for this SELL entry located at 1.0140 was hit yesterday. However, it is important to note that the pair expressed quite significant bullish hammer daily candlestick. That is why, we need to see obvious 4H closure below 50% Fibonacci (1.0130) in order to maintain bearish trend. Price level 1.0090 (61.8% Fibonacci Level) stands as a solid intraday support to be watched today to determine the ongoing bias of the USD/CAD pair.
The material has been provided by InstaForex Company – www.instaforex.com
Lack of the bullish steam seemed to exist during the last few weeks and the pair seems to be under negative pressure which was manifested on March 26 in the massive bearish daily candlestick.
Bearish rejection around 1.0300 was followed by multiple days of indecision within the same consolidation range 1.0225-1.0330 until the pair gave obvious daily closure below 1.0220 which opened the way towards the projection target at 1.0110.
Price zone 1.0200-1.0230 corresponds to a downtrend line it is depicted on the 4H chart that is why a short-term SELL entry was suggested within previous articles during this week.
First target level for this SELL entry located at 1.0140 was hit yesterday. However, it is important to note that the pair expressed quite significant bullish hammer daily candlestick. That is why, we need to see obvious 4H closure below 50% Fibonacci (1.0130) in order to maintain bearish trend.
Price level 1.0090 (61.8% Fibonacci Level) stands as a solid intraday support to be watched today to determine the ongoing bias of the USD/CAD pair.
The material has been provided by InstaForex Company – www.instaforex.com
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