USDCAD Intra-Day Technical Analysis - bullish breakout

USDCAD Intra-Day Technical Analysis - bullish breakout

26 May 2015, 15:34
Sergey Golubev
2
681

H4 price is located on primary bullish market condition for trying to break resistance level for the bullish to be continuing.

  • Chinkou Span line of Ichimoku indicator is estimating the breakout to be going on right now
  • The price is located above Ichimoku cloud/kumo which is indicating the primary bullish market condition
  • Tenkan-sen line of Ichimoku indicator is above Kijun-sen for primary bullish to be continuing
  • The nearest support level for H4 price is 1.2412
Resistance
Support
1.24121.2304
N/A1.2274



If H4 price will break 1.2412 resistance level on close H4 bar so the primary bullish will be continuing (good for trend-following trading systems).
If H4 price will break 1.2274 support level on close H4 bar so the secondary correction within the primary bullish will be started (good for counter-trend trading systems).
If not so we may see the ranging between 1.2412 resistance and 1.2274 support levels.

  • Recommendation for short: watch H4 price to break 1.2274 support for possible sell trade
  • Recommendation to go long: watch H4 price to break 1.2412 resistance for possible buy trade
  • Trading Summary: bullish breakout

SUMMARY : bullish

TREND : breakout