USDCAD Technical Analysis 2016, 02.10 - 09.10: ascending triangle for the bullish trend to be resumed
Daily price is located above Ichimoku cloud in the bullish area of the chart: the price is on ranging within the following support/resistance levels:
- 1.3253 resistance level located in the bullish area of the chart, and
- 1.2999 support level located in the beginning of the bearish trend to be started.
Absolute
Strength indicator is estimating the ranging condition to be
continuing, and Trend Strength indicator are evaluating the trend as the
primary bullish in the future. Ascending triangle pattern was forme by the price to be crossed to above for the bullish trend to be resumed
If D1 price breaks 1.2999
support level on close bar so the reversal of the price movement from
the ranging bullish to the primary bearish market condition will be
started.
If D1 price breaks 1.3253
resistance level on close bar from below to above so the bullish trend will be resumed with 1.3280 bullish target to re-enter.
If not so the price will be on bullish ranging within the levels.
- Recommendation for long: watch close D1 price to break 1.3253 for possible buy trade
- Recommendation
to go short: watch D1 price to break 1.2999 support level for possible sell trade
- Trading Summary: ranging
| Resistance | Support |
|---|---|
| 1.3253 | 1.2999 |
| 1.3280 | 1.2822 |
SUMMARY : ranging
