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Forex Analysis: 4 Apr 2012, 08:05 UTC+00

USD/CAD Intraday Technical Analysis and Trading Recommendations for April 4, 2012


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The 4H Linear Regression Channel Chart for USD/CAD illustrates the following:
This week the USD/CAD has successfully broken the lower limit of both Violet and Blue channels with a long bearish 4H candlestick.
This bearish breakout came after successful reversal pattern which is "Head & Shoulders" with its neckline at 0.9950.
This renders price levels 0.9950-0.9970 (which correspond to the lower limit of the broken channels and the neckline for the reversal pattern) a valid SELL entry.
The expected bearish movement will probably target at 0.9903 then 0.9850. However, trading above 1.0000 invalidates the current bearish scenario.

 


mohamedsamy
mohamedsamy
Performed by
analytical expert: Mohamed Samy
InstaForex Group © 2007-2017
 Published: 4 Apr 2012, 08:05 UTC+00

 
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