USDCAD Technical Analysis 2016, 13.11 - 20.11: bullish breakout to be continuing with 1.3551 resistance

USDCAD Technical Analysis 2016, 13.11 - 20.11: bullish breakout to be continuing with 1.3551 resistance

13 November 2016, 12:03
Sergey Golubev
9
129

Daily price is above Ichimoku cloud in the bullish area of the chart. The price is on bullish breakout which was started in the beginning of the last week with 1.3524 resistance level to be tested above for 1.3551 bullish target to re-enter for the bullish breakout to be continuing. Chinkou Span line of Ichimoku indicator is located above the price indicating the future trend as the bullish, Absolute Strength indicator is evaluating the future trend as the bullish breakout, and Trend Strength indicatorn is estimating the ranging condition to be started in the future.

By the way, 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) was 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) two weeks ago for the bullish trend to be continuing with good breakout possibility for the week.

If D1 price breaks 1.3263 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 1.3551 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 1.3551 for close bar for possible buy trade
  • Recommendation to go short: watch D1 price to break 1.2999 support level on close daily bar for possible sell trade
  • Trading Summary: bullish
Resistance
Support
1.35241.3263
1.35511.2999

SUMMARY: bullish

TREND: breakout



Share it with friends: