Thursday May 13, 2010 - 21:16:15 GMT
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Fxtimes: Daily Technical Update USD/CAD Stalking 2nd Swing
Daily Technical Update
May 13, 2010
USD/CAD Stalking 2nd Rally Swing
- 1H: This morningâ€™s update on this pair was titled: USD/CAD eyes 1.0060. 2 hours after the post, the market rallied instead. Here, despite the heavy bearish candlestick that gave us the bearish signal, I noted that the market needed a â€śbreak below 1.0140â€ł.
- It should be clear that when I said break, I meant close, but I will be more clear in the future. In anycase, here, the market attempted to close below, but failed to, the 61.8% retracement area. Remember, if your signal is a close of something, make sure to wait until the candle closes.
- So a rally followed, and if it is an AB=CD kind of retracement developing, we may see resistance coming up very soon, near 1.0210. If a decline indeed materializes after this correction pattern, the projection is no longer to 1.0060, but 1.0080.
Commodity Trading Advisor
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 analyses.
All screenshots are made from VT Trader 2.0 and are of actual market data at the time of the screenshot.
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