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USD/CAD Outside Day Reversal at Important Support

USD/CAD Outside Day Reversal at Important Support

2013-02-07 00:01:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily Bars

eliottWaves_usd-cad_body_usdcad.png, USD/CAD Outside Day Reversal at Important Support

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

FOREXAnalysis: “The 5 wave rally from 9632 does suggest that the trend is higher from that point. The goal now is to identify the secondary low (wave 2 or B).” This rally is probably a 3rd or C wave. Levels of interest are 10223 (where the rally from 9633 would consist of 2 equal legs) and 10266 (61.8% of decline from 10657). Trend and channel lines intersect in mid-February near these levels, which are also defined by pivot highs from July. The 20 day average and 50% retracement of the rally from 9815 have held as support. The 61.8% comes in as potential support at 9923.

FOREXTrading Strategy: Long against 9902.

LEVELS: 9836 9903 9946 10004 10061 10099

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

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