USDCAD Technical Analysis 2016, 30.10 - 06.11: daily bullish trend following situation for the week
Daily price is on located above Ichimoku cloud in the bullish area of the chart. The price is testing 1.3406 resistance level to above for the bullish trend to be continuing.
Ascending triangle pattern was formed by the price to be crossed to above for the bullish trend to be continuing, Trend Strength indicator is estimating the trend as a primary bullish in the future, and Absolute Strength indicator together with Chinkou Span line of Ichimoku are evaluating the future trend as ranging bullish.
If D1 price breaks 1.3229 support level on close bar so the local downtrend as the secondary correction within the primary bullish trend will be started.
If D1 price breaks 1.2999 support level on close bar so we may see the reversal of the price movement from the ranging bullish to the primary bearish market condition.
If D1 price breaks 1.3406 resistance level on close bar from below to above so the primary bullish trend will be continuing.
If not so the price will be on bullish ranging within the levels.
- Recommendation for long: watch close D1 price to break 1.3406 for close bar for possible buy trade
- Recommendation to go short: watch D1 price to break 1.3229 support level on close daily bar for possible sell trade
- Trading Summary: ranging rally
| Resistance | Support |
|---|---|
| 1.3406 | 1.3229 |
| N/A | 1.2999 |
SUMMARY: bullish
TREND: daily bullish trend
