Monday, August 6, 2018
Possible bearish continuation on the USD/CAD
After
a consolidation, the price of an instrument has a higher probability of
continuing in the direction of the main trend. That is why, after the
consolidation that we are seeing on the daily chart of the USD/CAD, the price
may try to continue lower, due to the fact that the trend coming into the
consolidation is bearish. Usually, during consolidations like this, the price
may form a triangle, flag or pennant, which may all act as reversal or
continuation patterns. If the price of the USD/CAD continues falling, then the
200 day EMA at the 1.2923 level may act as support. Below the 200 day EMA, the
price may have the road clear all the way down to the 1.2739 level. On the
other hand, if the USD/CAD tries to correct to the upside, then the 55 day EMA
may act as resistance along with the 1.3100 level. Above the 1.3100 level, its
next resistance could be the 1.3200 or the peaks at the 1.3387 level.
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ReplyDeleteGood point, I agree with the analysis.
ReplyDeleteIt rebounded from 1.2965.
ReplyDeleteThe move to the downside is likely over for now.
ReplyDeleteEnjoyed the article, thank you.
ReplyDeleteGreat article as always.
ReplyDeleteInteresting analysis.
ReplyDeleteA small gap up.
ReplyDelete