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USD/CAD - Resistance Reached |
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Technical Archives |
Written by FX Solutions |
Aug 31 10 20:17 GMT
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USD/CAD - Resistance Reached
Price action on USD/CAD (a 4-hour chart of which is shown) as of Tuesday (8/31/2010) has hit a key resistance level in the 1.0670 price region, a level that has been reached and respected several times in the recent past. This occurs after price made a pronounced bullish bounce up off 1.0470 region support on Monday. Currently, price is within the confines of a short-term parallel uptrend channel extending from the early August 1.0100 area low. In the event of a strong breakout above the noted 1.0670 resistance, price could begin targeting key upside resistance in the 1.0850 price region, which represents the area of the last major high reached in late May.
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(Chart courtesy of FX Solutions' FX AccuCharts. Price on 1st pane, Slow Stochastics on 2nd pane; uptrend lines in green; downtrend lines in red; horizontal support/resistance lines in yellow; 200-period simple moving average in light blue.) |
