USDCAD Technical Analysis 2016, 06.11 - 13.11: daily bullish with 1.3433 key resistance level

USDCAD Technical Analysis 2016, 06.11 - 13.11: daily bullish with 1.3433 key resistance level

5 November 2016, 18:19
Sergey Golubev
4
92

Daily price is located above Ichimoku cloud in the bullish area of the chart: price is on testing 1.3433 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 continuation, Trend Strength indicator is estimating the trend as a primary bullish, and Absolute Strength indicator together with Chinkou Span line of Ichimoku are evaluating the trend as ranging bullish.

Anyway, Tenkan Sen line (moving average of the highest high and lowest low over the last 9 trading days. (Highest high + Lowest low) / 2 over the last 9 trading days) is already crossed with Kijun Sen line (moving average of the highest high and lowest low over the last 26 trading days. (Highest high + Lowest low) / 2 over the last 26 trading days) for the bullish trend to be continuing in the future.

If D1 price breaks 1.3277 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 1.3005 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 1.3433 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 1.3433 for close bar for possible buy trade
  • Recommendation to go short: watch D1 price to break 1.3277 support level on close daily bar for possible sell trade
  • Trading Summary: bullish
Resistance
Support
1.34331.3277
N/A1.3005

SUMMARY: primary bullish market condition

TREND: bullish



Share it with friends: