USDCAD Technical Analysis 2016, 02.10 - 09.10: ascending triangle for the bullish trend to be resumed

USDCAD Technical Analysis 2016, 02.10 - 09.10: ascending triangle for the bullish trend to be resumed

2 October 2016, 10:11
Sergey Golubev
7
100

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
1.32531.2999
1.32801.2822

SUMMARY : ranging

TREND : bullish

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