fxpulsation
Posts : 8759
Join date : 2012-01-25
 |  Subject: USD/CAD Daily Outlook  Tue Jan 21, 2014 1:33 pm | |
|  USD/CAD Daily Outlook Daily Pivots: (S1) 1.0926; (P) 1.0948; (R1) 1.0968; More... USD/CAD continues to lose upside momentum with 4 hours MACD trending down. While another rise cannot be ruled out, we'd continue to be cautious on reversal near term the long term falling trend line (now at around 1.1). Break of 1.0842 support will indicate short term topping and turn bias to the downside for 1.0736 support. However, sustained break of the trend line resistance will have larger bullish implications. In the bigger picture, price actions from 0.9406 are viewed as a consolidation pattern with rise from 0.9633 as the third leg, no change in this view yet. Reversal from the current level will likely complete the whole consolidation pattern and turn outlook bearish for at least a test on 0.9406/9633 support zone. However, it should be noted that sustained break of the long term falling trend line will argue that rise form 0.9406 is part of the pattern from 0.9056 low. And in that case, stronger rise wold be seen to 61.8% retracement of 1.3063 to 0.9406 at 1.1666 in medium term. | |
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