USD/CAD intraday technical levels and trading recommendations for January 9, 2014
January 9, 2014 2:15 pm
The USD/CAD pair has been strongly bullish since September 16. The current Bullish momentum startedВ when obvious bullish rejection was expressed on testing of 1.0250 (shown on the depicted chart).
Daily fixation above 1.0575 enabled the pair to reach 1.0660 then 1.0700. A consolidation zone was established between 1.0575-1.0700 (the upper limit of which applied successive bearish rejections).
This thing rendered the intraday view negative until the bulls managed to breach 1.0660 then 1.0700 on Tuesday with a daily closure at 1.0765.
Moreover, consolidation above 1.0700 gathered strong bullish momentum towards 1.0825-1.0850 ( confluence of resistance corresponding to the upper limit of both depicted bullish channels).
Price Zone of 1.0825-1.0850 being tested today, will probably be a valid SELL entry for a corrective movement to target 1.0700 then 1.0660.В
Note that, DAILY closure above 1.0850 invalidates this bearish scenario for the short-term.
The material has been provided by InstaForex Company – www.instaforex.com
The USD/CAD pair has been strongly bullish since September 16. The current Bullish momentum startedВ when obvious bullish rejection was expressed on testing of 1.0250 (shown on the depicted chart).
Daily fixation above 1.0575 enabled the pair to reach 1.0660 then 1.0700. A consolidation zone was established between 1.0575-1.0700 (the upper limit of which applied successive bearish rejections).
This thing rendered the intraday view negative until the bulls managed to breach 1.0660 then 1.0700 on Tuesday with a daily closure at 1.0765.
Moreover, consolidation above 1.0700 gathered strong bullish momentum towards 1.0825-1.0850 ( confluence of resistance corresponding to the upper limit of both depicted bullish channels).
Price Zone of 1.0825-1.0850 being tested today, will probably be a valid SELL entry for a corrective movement to target 1.0700 then 1.0660.В
Note that, DAILY closure above 1.0850 invalidates this bearish scenario for the short-term.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: