USD/CAD intraday technical analysis and trading recommendations for April 24, 2013
April 24, 2013 12:15 pm
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 level 1.0085 stood as a solid intraday support which provided a good BUY entry which is running in considerable profit now. Price zone 1.0200 – 1.0235 which corresponded to a downtrend line has been broken through obviously last week, there is a continuation flag pattern confirmed with daily closure above 1.0210 to have final target at 1.0400. However, it is important to note that signs of lack of bullish steam seem to exist this week as depicted on the daily chart. Retesting of the backside of 61.8% Fibonacci Level around 1.0235 provided a valid BUY entry on Friday with tight SL below 1.0200, TP levels should be located at 1.0250, 1.0280, and 1.0330. 4H closure below 1.0250 gives an early indication of a possible short-term bearish retracement targeting 1.0200 initially.
The material has been provided by InstaForex Company – www.instaforex.com
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 level 1.0085 stood as a solid intraday support which provided a good BUY entry which is running in considerable profit now.
Price zone 1.0200 – 1.0235 which corresponded to a downtrend line has been broken through obviously last week, there is a continuation flag pattern confirmed with daily closure above 1.0210 to have final target at 1.0400. However, it is important to note that signs of lack of bullish steam seem to exist this week as depicted on the daily chart.
Retesting of the backside of 61.8% Fibonacci Level around 1.0235 provided a valid BUY entry on Friday with tight SL below 1.0200, TP levels should be located at 1.0250, 1.0280, and 1.0330.
4H closure below 1.0250 gives an early indication of a possible short-term bearish retracement targeting 1.0200 initially.
The material has been provided by InstaForex Company – www.instaforex.com
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