“INDICATOR OF THE DAY” - 10/50-DAY SMAs
We will be keeping a close watch on the 10 and 50-Day SMAs in Usd/Cadtoday with both moving averages coming in by 1.1510 and 1.1475 respectively. The 10-Day SMA has propped setbacks for much of the rally over the past several days, while the 50-Day has recently been broken to the upside for the first time since March. Additionally, the 10-Day has recently crossed back above the 50-Day, which is viewed as a bullish signal. The last time these moving averages crossed with one another was back in late March when the market was trading above 1.2300. The negative cross in March offered itself as an early warning sign for material setbacks to fresh 2009 lows by 1.0785. Perhaps the latest positive cross will also yield a similar result to the upside. However, a close below the 10 and 50-Day SMAs would delay the bullish structure.
Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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