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
Multiple Time-frame Analysis
- The USD/CAD indeed broke below a descending triangle with support at 0.9820, and psychological support at 0.98.
- Our first target was 0.9710. The market did indeed get to this level, and rebounded.
- The pullback has been weak, unable to even test 0.98 before a strong bearish candle suggests a bearish continuation.
- If the current swing materializes to be equality of the most recent, we are looking at 0.9670 as the near-term target.
- We see that cracking below the 0.97 level could open up further bearish targets.
- The 0.93560 level is the low according to weekly close for 2007. This is also between 161.8% and 150% extension (extended retracement of the rally in May).
- The low for 2007 was 0.90570.
Will the cable march on to 1.70? We would love to hear what you think.
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