Thursday May 14, 2009 - 16:25:38 GMT
FX Solutions - www.fxsol.com
Share This Story:
|
|
Email
Chart of the Day - 5/14/2009 – USD/CAD
(Chart courtesy of FX Solutions' FX AccuCharts. Price on 1st pane, Slow Stochastics on 2nd pane; horizontal support/resistance levels in yellow; uptrend lines in green; downtrend lines in red; 50-period simple moving average in light blue.)
5/14/2009 – USD/CAD – Price action on USD/CAD, a daily chart of which is shown, has made a minor bullish correction within the context of a steep overall downtrend channel. This correction follows weeks of steeply bearish price action. As of Thursday (5/14/2009) morning, the pair has ascended to approach strong resistance at the key 1.1800 level before retreating. There is still potentially more room to the upside for the current correction. A breakout above 1.1800 would be a significant event that should target further resistance in the important 1.2000 price region. Downside support continues to reside in the 1.1450 price region, which represents the lowest low within the current downtrend channel.
James Chen, CMT
Chief Technical Strategist
FX Solutions
IMPORTANT NOTICE: These comments are for information purposes only. The information contained on this document does not constitute a solicitation to buy or sell by FX Solutions, LLC., and/or its affiliates, and is not to be available to individuals in a jurisdiction where such availability would be contrary to local regulation or law. Opinions, market data, and recommendations are subject to change at any time. Forex trading involves substantial risk of loss and is not suitable for all investors.
Daily Forex Market News
Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
here.
Forex News
Real-time forex market news reports and features providing
other currency trading information can be accessed by clicking on any of the
headlines below. At the top of the forex blog page you will find the latest
forex trading information. Scroll down the page if you are looking for less
recent currency trading information. Scroll to the bottom of fx blog headlines
and click on the link for past reports on forex. Currency world news reports
from previous years can be found on the left sidebar under "FX Archives."
Forex Forum RSS Feed
RSS News Feed