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USD/CAD: Technical Analysis for August 23, 2012

2012-08-23 16:07:26 (читать в оригинале)

 

Overview:

The market will continue showing bearish strength by moving to the level of 1.0033 (50% of Fibonacci retracement levels -- Daily chart). Therefore, USD/CAD support was broken and turned into resistance a week ago (on the 3rd of August, 2012); the pair has already formed a strong resistance at the level of 1.0033. So the market indicates a bearish opportunity at the level of 1.0033 with 0.9903 seen as first objective and continues its movement towards 0.9850 and further to 0.9810. However, if the trend does not manage to break through and close below the level 0.9745, then an upside momentum will start which is rather convincing. The upraise structure seems to be non-corrective, for that the market will indicate a bullish opportunity at 0.9745, hence it will be a good sign to buy at this level in order to continue the upward movement towards 0.9935.

Trading Recommendations:

According to the previous events, the price remains between 0.9975 and 0.9800.

• Consider the downside movement below 0.9960 with target seen at the level of 0.9903  then 0.9850 / 0.9810.

Observation (s):

Please check out the market volatility before investing, as the sight price may have already been reached and scenarios invalidated.

Key level at 0.9960.

The pair will probably experience the same at this level.

 

If you have any questions or requests, please feel free to contact me: mourad.elkeddani@analytics.instaforex.com.

The material has been provided by Instaforex Company - instaforex.com