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Price & Time: USD/CAD Cracks Key Pivot

Price & Time: USD/CAD Cracks Key Pivot

2015-03-09 13:00:00
Kristian Kerr, Sr. Currency Strategist
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Talking Points

  • EUR/USD stalls at Fibonacci support
  • GBP/USD rebounds from key turn window
  • USD/CAD trying to finally breakout?

Get real time volume on your charts for free. Click HERE

Foreign Exchange Price & Time at a Glance:

Price & Time Analysis: EUR/USD

Price & Time: USD/CAD Cracks Key Pivot

Charts Created using Marketscope – Prepared by Kristian Kerr

  • EUR/USD fell to a new 11-year low this morning before finding support at the 161.8% extension of the January to February advance in in the 1.0830 area
  • Our near-term trend bias is negative while below 1.1030
  • A move under 1.0830 is now needed to singal that a new extension lower is underway
  • A very minor turn window is eyed here
  • A close above 1.1030 would turn us positive on the euro

EUR/USD Strategy: Like the short side while below 1.1030

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

EUR/USD

1.0750

*1.0830

1.0885

1.0925

*1.1030

Price & Time Analysis: GBP/USD

Price & Time: USD/CAD Cracks Key Pivot

Charts Created using Marketscope – Prepared by Kristian Kerr

  • GBP/USD fell to its lowest level in over a month on Friday
  • Our near-term trend bias is lower while below 1.5170
  • A move under 1.5000 is needed to set off the next leg lower in the pound
  • An important turn window is seen here
  • A close above 1.5170 would turn us positive on Cable

GBP/USD Strategy: Square

Instrument

Support 2

Support 1

Spot

Resistance 1

Resistance 2

GBP/USD

*1.5000

1.5070

1.5100

1.5130

*1.5170

Focus Chart of the Day: USD/CAD

Price & Time: USD/CAD Cracks Key Pivot

USD/CAD finally looks to be regaining some upside traction after meandering over the past month. The break on Friday on above average volume though the trendline connecting the January & mid-February highs is potentially important in a classic technical sense as it triggers a fairly clear bullish consolidation pattern on the daily chart which should open a path back towards the January highs. Immediate resistance is seen around 1.2660 with a push through there needed to maintain the positive tone. Continue to watch volume as turnover should pick up if this breakout is the real deal. Unexpected weakness below 1.2500 would be concerning, but only a move under 1.2405 would trigger a negative false pattern breakdown scenario.

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--- Written by Kristian Kerr, Senior Currency Strategist for DailyFX.com

This publication attempts to further explore the concept that mass movements of human psychology, as represented by the financial markets, are subject to the mathematical laws of nature and through the use of various geometric, arithmetic, statistical and cyclical techniques a better understanding of markets and their corresponding movements can be achieved.

To contact Kristian, e-mail instructor@dailyfx.com. Follow me on Twitter @KKerrFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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