Updated Intraday technical analysis for major currencies - page 12
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The USD/CAD pair has been strongly bullish Since September 16. The current Bullish momentum started when obvious bullish rejection was expressed on testing of 1.0250 (shown on the depicted chart).
Daily fixation above 1.0575 enabled the pair to reach 1.0660 then 1.0700, which prevented further bullish advancement recording a temporary high at 1.0735 when bearish engulfing daily candlesticks were expressed.
The intraday view remained negative until the USD/CAD pair breached 1.0660 then 1.0700 Yesterday with a daily closure at 1.0765.
The Triple-Top bearish pattern formed at 1.0700 was invalidated failing to reach level of 1.0470 as a projection target as well as a prominent support level.
On the other hand, as mentioned Yesterday, consolidation above 1.0700 gathered strong bullish momentum towards 1.0825 (upper limit of the depicted bullish channel)
Price Zone of 1.0825-1.0850 will probably be a valid entry for a corrective movement to target 1.0700 then 1.0660. Otherwise, consolidation above it will probably invalidate this bearish scenario.
The prominent consolidation range between 1.5920-1.6200 (established last month) was broken through due to lack of bearish momentum enhanced by the weakness of U.S.D. which allowed the bulls to step above 1.6200 on November 27.
By the end of 2013, the bulls managed to record a new high for the year at 1.6576 stabilization of 1.6250 as a support level.
The GBP/USD pair managed to bypass resistance zone 1.6460-1.6520 for few days until bearish momentum was expressed to get the pair back again below it.
The market expressed bearish engulfing daily candlestick off 1.6590 during the first few days of 2014. This initiated a corrective bearish movement probably targeting at 1.6250.
The bears managed to establish a temporary low at 1.6336. Hence, price level of 1.6470 remains the nearest resistance level which seems to be targeted by the current bullish movement.
The mid-term view remains bearish towards 1.6260-1.6230 as long as the bulls are failing to push above 1.6460-1.6500.
By the end of 2013, the bulls managed to record a new high for the year at 1.6576. This was achieved after stabilization of 1.6250 as a support level.
Bearish pressure was applied at price level of 1.6590 to get the pair back again below 1.6460-1.6500 after management of the bulls to breakthrough this zone for a few days.
Few days later, the bears managed to establish a temporary low at 1.6336. Hence, price level of 1.6470 remained the nearest resistance level. The bulls has been pushing towards it since January 6.
The mid-term view remains bearish towards 1.6260-1.6230 as long as the bulls are failing to breakthrough above 1.6460-1.6500 being tested at the current time.
A bullish breakout above 1.6500 will probably allow for another bullish impulse towards 1.6600. That's why, Sellers should be watching for today's daily closure.
The USD/CAD pair has been strongly bullish since September 16. The current Bullish momentum started when obvious bullish rejection was expressed on testing of 1.0250 (shown on the depicted chart).
Daily fixation above 1.0575 enabled the pair to reach 1.0660 then 1.0700. A consolidation zone was established between 1.0575-1.0700 (the upper limit of which applied successive bearish rejections).
This thing rendered the intraday view negative until the bulls managed to breach 1.0660 then 1.0700 on Tuesday with a daily closure at 1.0765.
Moreover, consolidation above 1.0700 gathered strong bullish momentum towards 1.0825-1.0850 ( confluence of resistance corresponding to the upper limit of both depicted bullish channels).
Price Zone of 1.0825-1.0850 being tested today, will probably be a valid SELL entry for a corrective movement to target 1.0700 then 1.0660.В
Note that, DAILY closure above 1.0850 invalidates this bearish scenario for the short-term.