5.09.2012 USDCAD prepares for minor correction

•   
• Блог им. mizerinvest  

USDCAD


The USDCAD has been trading in a somewhat tight range. It has rallied from its lows and the bulls ran straight into multiple resistance levels just shy of the 0.9900 mark where the declining 200 DMA awaits them as well as resistance from the rectangular pattern it has formed which is visible on this H1 chart. Furthermore, the latest candlestick formation shows an inverted hammer at resistance which is another extremely bearish sign.

MACD has showed strength which may indicate a longer bullish trend as it crossed over into bullish territory. RSI did move into overbought territory and will not be able to sustain that move without a correction. This trade comes down to another bread-and-butter trade. Price action ran into resistance, RSI is overbought and bearish pressures are far greater at this point than bullish momentum.

I recommend taking a short position around the 0.9910 level.
Look for a potential addition to your shorts around 0.9950.
I would place my take profit level below 0.9840.

• usd-cad

• 0
• Просмотров: 2651
• 5 сентября 2012, 18:33
• guest103