Technical analysis of USD/CAD for April 11, 2014 | STOCKTRKR …

Technical analysis of USD/CAD for April 11, 2014 | STOCKTRKR …

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Published On Fri, 11 Apr 2014 17:05:01

On March 12, the bulls failed to establish an ascending top. Instead, a Double Top reversal pattern was established at 1.5500. The neckline was located at 1.5170-1.5200 also corresponding to the lower limit of the depicted channel.

By breakdown of 1.51750, the Double Top pattern could not only achieve its projection target at 1.4820-1.4800, but also confirmed a bigger Head and Shoulders pattern as well.

The bears managed to break down 1.4950 corresponding to 50% Fibonacci level last week (the nearest Support level). This exposed the price level of 1.4750 ( 61.8% Fibonacci ).

Trading above 1.4740 on a daily basis will probably hinder further bearish progression giving some time for sideway consolidation at least for retesting of 1.4945 (50% Fibonacci) which is a prominent resistance now.

On the other hand, daily closure below 1.4740 (yesterday’s daily low) and a slide below 1.4675 will open the way towards 1.4350 as a projection target for the long-term bearish pattern.

Until now, the bulls are offering support around 1.4700-1.4725 where two successive bullish daily candlestick were expressed this week.

This may enhance the bullish pull-back towards 1.4945 as an initial target.

On the long-term prospective, projection targets of the H&S reversal pattern are projected towards 1.4350 roughly.

The material has been provided by InstaForex Company –


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Technical analysis of USD/CAD for April 11, 2014 | STOCKTRKR …

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