The USD/CAD
has found a good resistance on the 1.2900 level and on the daily chart we can
see that the pair has already touched three times the same level. A breakout of
the 1.2900 level could cause the price to accelerate towards the 1.2800 level,
due to the fact that the bearish energy is accumulating on that zone. To the
upside, the 21 day exponential moving average may continue acting as resistance,
but a breakout of that moving average could cause the price to go and visit the
200 day EMA, around the 1.3350 level, blue line.
Well spotted! I'll keep it in mind.
ReplyDeleteIt broke below the support and continued falling.
ReplyDeleteVery helpful post.
ReplyDeleteAfter this sharp drop lets see if this relevant support is able to reverse the price.
ReplyDeleteExcellent analysis.
ReplyDeleteGood analysis.
ReplyDeleteUseful post.
ReplyDeleteVery interesting! Thanks!
ReplyDelete