USD/CAD intraday technical levels and trading recommendations for September 30, 2013
September 30, 2013 4:30 pm
Three months ago, a prominent bottom was established around 1.0260. This happened after the pair broke down a consolidation range between 1.0450-1.0560, which was followed by intensive bearish pressure that led to 1.0254.
Important key level was located around 1.0505. This was the key level for last week’s movement as re-closure below it enabled the pair to breakdown 1.0455 as well, where the lower limit of the depicted consolidation range was located.
The nearest support zone is located around 1.0250. On September 19, the pair expressed a false breakdown reaching 1.0180 where obvious bullish rejection was expressed to get the pair back above 1.0250 again on Thursday resulting in a bullish hammer Weekly candlestick.
The current levels will probably push the pair again towards 1.0450. As long as the price zone 1.0265-1.0250 remains defended by the bulls. This is enhanced by the inside weekly bar expressed last week as long as its low at 1.0270 remains solid as a weekly low.
The price level around 1.0465 remains the nearest considerable resistance for the pair, a valid SELL entry is recommended at retesting with SL located above 1.0500.
The material has been provided by InstaForex Company – www.instaforex.com
Three months ago, a prominent bottom was established around 1.0260. This happened after the pair broke down a consolidation range between 1.0450-1.0560, which was followed by intensive bearish pressure that led to 1.0254.
Important key level was located around 1.0505. This was the key level for last week’s movement as re-closure below it enabled the pair to breakdown 1.0455 as well, where the lower limit of the depicted consolidation range was located.
The nearest support zone is located around 1.0250. On September 19, the pair expressed a false breakdown reaching 1.0180 where obvious bullish rejection was expressed to get the pair back above 1.0250 again on Thursday resulting in a bullish hammer Weekly candlestick.
The current levels will probably push the pair again towards 1.0450. As long as the price zone 1.0265-1.0250 remains defended by the bulls. This is enhanced by the inside weekly bar expressed last week as long as its low at 1.0270 remains solid as a weekly low.
The price level around 1.0465 remains the nearest considerable resistance for the pair, a valid SELL entry is recommended at retesting with SL located above 1.0500.
The material has been provided by InstaForex Company – www.instaforex.com
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