USDCAD Technical Analysis 2016, 20.11 - 27.11: ranging bullish with 1.3551 resistance for 1.3588 re-enter target

USDCAD Technical Analysis 2016, 20.11 - 27.11: ranging bullish with 1.3551 resistance for 1.3588 re-enter target

20 November 2016, 20:45
Sergey Golubev
9
95

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:

  • 1.3551 resistance level located far above Ichimoku cloud in the border of the bullish trend to be resumed, and
  • 1.3399 support level located in the beginning of the secondary correction to be started.

Trend Strength indicator is evaluating the trend as a bullish, and Absolute Strength indicator is estimating the future trend as the ranging bullish.

If D1 price breaks 1.3399 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 resumed with 1.3588 nearest daily 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 1.3551 for close bar for possible buy trade
  • Recommendation to go short: watch D1 price to break 1.3399 support level on close daily bar for possible sell trade
  • Trading Summary: bullish
Resistance
Support
1.35511.3399
1.35881.2999

SUMMARY: bullish

TREND: ranging



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