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Fundamental Analysis
Daily Forex market overviews by MasterForex
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[QUOTE="MasterForex Broker, post: 29385, member: 16067"] [b]Trend analysis USDCAD 14.06.12[/b] USDCAD On the 4-hour chart: [img]http://admin.masterforex.org/useruploads/images/14.06_t_ucad4.gif[/img] The pair has been declining along the resistance line 1 of the descending channel until it reached the support area 1.0268/49. The first testing failed, but the pair continued the decline after a short growth. It makes sense to draw a new resistance line 2, which has a gentler slope than the line 1. On the 1-hour chart: [img]http://admin.masterforex.org/useruploads/images/14.06_t_ucad1.gif[/img] The pair pierced the top border of the triangle, but showed no significant activity as predicted. After the rebound from the resistance line 1, the price fell to a level 1.0268 and changed the dynamics to flat, which is clamped by the level 1.0278 from the top. On the 15-minute chart: [img]http://admin.masterforex.org/useruploads/images/14.06_t_ucad15.gif[/img] The lines 1 and 2 formed the descending channel during the Asian session. However, it was pierced after the rebound from the level 1.0268. After the second rebound from that level, the growing pair started the testing of the resistance area 1.0278/84. Recommendation: take a profit after reaching the key resistance 1.0291. [/QUOTE]
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