USDCAD Technical Analysis 2016, 09.10 - 30.10: weekly breakout with the bullish reversal

USDCAD Technical Analysis 2016, 09.10 - 30.10: weekly breakout with the bullish reversal

9 October 2016, 15:11
Sergey Golubev
24
232

Weekly price is breaking 1.3280 resistance level to above for the reversal of the price movement from the bearish to the ranging bullish market condition to be located inside Ichimoku cloud. Ascending triangle pattern was formed by the price to be crossed to above, Absolute Strength indicator and Trend Strength indicator are estimating the bullish condition in the near future, and Chinkou Span line of Ichimoku is indicating the good breakout of the price movement with the possible bullish reversal.

If W1 price breaks 1.2763 support level on close bar so the primary bearish trend will be resumed.
If W1 price breaks 1.3280 resistance level on close bar from below to above so the reversal of the price movement to the primary bullish market condition will be started.
If not so the price will be on ranging within the levels.

Resistance
Support
1.32801.2763
N/A1.2460

SUMMARY : rally

TREND : bullish reversal

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