Has pulled back quite sharply over the past several days with the market breaking to fresh multi-day lows below 1.1980 to just shy of the 200-Day SMA by 1.1850 thus far. While the current pullback changes the picture somewhat, the broader structure still remains constructive with the market locked in a longer-term bullish consolidation dating back to October of 2008.
LOOKING TO BUY TEST OF 200-DAY SMA
Techs – Usd/Cad: Has pulled back quite sharply over the past several days with the market breaking to fresh multi-day lows below 1.1980 to just shy of the 200-Day SMA thus far. While the current pullback changes the picture somewhat, the broader structure still remains constructive with the market locked in a longer-term bullish consolidation dating back to October of 2008. As such, any dips towards the bottom of the range should be used as opportunities to establish long positions in anticipation of a move back into the mid-range at a minimum. Strategy: BUY @1.1855 FOR A 1.2270 OBJECTIVE, STOP @1.1680.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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“Tech Talk” – A Daily Video Highlighting Technical Developments in the Overnight Session of Trade.
Monday-Friday (between 5:30am-6:30am EST)
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“Indicator of the Day” – A Feature Report that Highlights our Most Significant Technical Indicator of the Day.
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“Cross Country” – A Midday Fundamental Update, along with Technical Analysis of Selected Cross Rates.
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“Daily Classical” – A Daily Technical Overview of the Major Currencies.
Monday-Friday (published between 2:00pm-3:00pm EST)