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Daily Forex Technicals |
Written by FX Solutions |
Jul 31 10 07:01 GMT
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USD/CAD Potential Triangle Break
Price action on USD/CAD (a daily chart of which is shown) as of Friday (7/30/2010) has once again hit the bottom of a large triangle consolidation pattern after having traded just below key 1.0400 resistance for the entire week. This large triangle occurs within the context of a prolonged sideways trading range consolidation that has been in place since late 2009. In the event of a break to the downside below this triangle, price should meet immediate downside support in the 1.0200 price region, followed by further downside support in the 1.0100 price region on further bearish momentum off a potential triangle breakdown.
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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.)
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