Simple Moving Average(SMA) 50-period (red), 200-period (bold, gray)
RSI-14 with Simple Moving Average 5-period of RSI attached.
Elliott Wave Principles
Market and Price Action (patterns, candlesticks)
Intraday pivots and Intermediate-term support and resistance
- USD/CAD declined as expected, and strengthens the outlook towards 0.9750.
- We are not even seeing oversold levels in 1H or 4H chart, but that is most likely going to happen. The market looks to accelerate here after being choppy for most of 2010.
- Also, the break below triangle has a pattern breakout projection near 0.9750 as well.
- The broken support near 0.9890-0.9900 is now resistance.
- Gold looks to be holding below 1385 (although it did crack this level. The 1H chart shows a bearish divergence and a decline materializing.
- The RSI is also breaking below 40 hinting the end of the bullish momentum we had since Jan. 7.
- A decline below 1372, the nearest support pivot, might see the market drop to 1365 area. A break below that then targets 1352. We can consider the lower targets near 1329.50 and 1315 if the market does accelerate to break below 1352.
- Will gold get to 1315? We would love to hear what you think.
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Fan Yang CMT
Chief Technical Strategist
Information and opinions contained in this report are for educational purposes only and do not constitute an investment advice. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness. FXTimes will not accept liability for any loss of profit or damage which may arise directly, indirectly or consequently from use of or reliance on the trading set-ups or any accompanying chart analysis.