Monday, October 12, 2015
Double bottom on the USD/CAD?
The
US Dollar versus the Canadian Dollar reached a low on Friday on the 1.2900
level. During today´s session the price reached again that 1.2900 level to
bounce to the upside to the 1.3000 level. It is possible for the 1.3000 level
to act as a resistance, but it could also be the confirmation line of a double
bottom formation. Since the price has been falling for the past few weeks, as
we can see on the daily chart, if the price breaks above the 1.3000 level, it
could signal a possible change in direction or a correction. Above the 1.3000
level its next resistance could be the 1.3200. Below the 1.2900 level, its next
support could be the 1.2800 level.
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The confimation fo the double bottom will be if today closes above 1.30.
ReplyDeleteThe pair's support level around 1.2900.
ReplyDeleteGreat analysis, thank you.
ReplyDeleteGreat assessment! Thanks for sharing!
ReplyDeleteGreat analysis!
ReplyDeleteI agree with your assessment, thank you
ReplyDelete