USD/CAD intraday technical levels and trading recommendations for March 18, 2014
March 18, 2014 3:20 pm
Previous congestion zone between 1.0850 and 1.0960 provided a considerable support at retesting on February 19. This led again towards 1.1190 where the USD/CAD pair topped on February 21 establishing a double-top reversal pattern.
Price levels of 1.0950 and 1.0850 correspond not only to a previous congestion zone but also come to meet the uptrend line that was initiated in September 2013, thus the market may offer a good BUY opportunity around 1.0900 with stop loss as daily closure below 1.0850.
Currently, the pair is roughly trapped within a new congestion zone located between 1.0960 and 1.1190.
As expected, bearish correction took place today towards 1.1000. Any bearish corrective movement should be contained above 1.1000. Otherwise, the current bullish structure will be threatened opening the way directly towards 1.0950.
Yesterday, the bears managed to close below support level located at 1.1060. This opened the way towards 1.1000 which got visited today.
A symmetrical triangle is being expressed on the 4H chart. Lower highs and higher lows are being established. This indicates indecision of the market. However, it’s obvious that bearish pressure is being applied on the lower limit at 1.1000.
Breakdown of 1.1000 will allow a quick movement to take place towards 1.0950 then 1.0900 which correspond to previous bottoms established on March 6 and February 19 respectively.
On the other hand, any bullish trials should fixate above 1.1060 initially to collect enough momentum to push higher.
The material has been provided by InstaForex Company – www.instaforex.com
Previous congestion zone between 1.0850 and 1.0960 provided a considerable support at retesting on February 19. This led again towards 1.1190 where the USD/CAD pair topped on February 21 establishing a double-top reversal pattern.
Price levels of 1.0950 and 1.0850 correspond not only to a previous congestion zone but also come to meet the uptrend line that was initiated in September 2013, thus the market may offer a good BUY opportunity around 1.0900 with stop loss as daily closure below 1.0850.
Currently, the pair is roughly trapped within a new congestion zone located between 1.0960 and 1.1190.
As expected, bearish correction took place today towards 1.1000. Any bearish corrective movement should be contained above 1.1000. Otherwise, the current bullish structure will be threatened opening the way directly towards 1.0950.
Yesterday, the bears managed to close below support level located at 1.1060. This opened the way towards 1.1000 which got visited today.
A symmetrical triangle is being expressed on the 4H chart. Lower highs and higher lows are being established. This indicates indecision of the market. However, it’s obvious that bearish pressure is being applied on the lower limit at 1.1000.
Breakdown of 1.1000 will allow a quick movement to take place towards 1.0950 then 1.0900 which correspond to previous bottoms established on March 6 and February 19 respectively.
On the other hand, any bullish trials should fixate above 1.1060 initially to collect enough momentum to push higher.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: