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  • ...but before you write off H&S patterns because more have fallen apart rather than catalyzed lately, consider the monthly chart of $AUDUSD as well. That 0.8000-0.7925 zone is no joke as its historical midpoint, trendine and other technical points confluence https://t.co/dB6edmmA1d
  • While there are other Dollar pairs getting more attention lately, I think $AUDUSD deserve a spot in the rotation. It's currently working out whether it is going to abide 2021's range as a consolidation reversal risk (H&S pattern)... https://t.co/M7dG0a8Isw
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USDCAD Classic Technical Report 10.17.2012

USDCAD Classic Technical Report 10.17.2012

Ilya Spivak, Head Strategist, APAC

Prices broke resistance at a falling trend line set from the June 4 high to expose the would-be neckline of an inverse Head and Shoulders bottom, now at 0.9862. Confirmation on a daily close above this boundary implies a measured upside target at 1.0145. Trend line resistance-turned-support is now at 0.9818, with a break below that aiming to challenge the 23.6% Fibonacci expansion at 0.9743.

USDCAD_Classic_Technical_Report_10.17.2012_body_Picture_5.png, USDCAD Classic Technical Report 10.17.2012

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

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