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Technical Analysis
USDCAD Short Term & Long term View 13/12/2017
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[QUOTE="rjfxpips, post: 140434, member: 51834"] Daily price still within a consolidation range of around 250pips. [CENTER][ATTACH=full]12159[/ATTACH] [/CENTER] The weekly chart below shows how the overall bias is bearish with price reversing at monthly and weekly key levels as well as a reversal at the weekly fibb zone followed by bearish momentum. After a few weeks of failing to break above monthly resistance 1.2800, last week broke above it with a bullish MA wick rejection as well as an MA crossover, this means there is a high probability of price rallying up to the weekly resistance 1.3100, before continuing its bearish momentum. [CENTER][ATTACH=full]12161[/ATTACH] [/CENTER] Drawing a fibb using the most recent weekly Lower high and Lower low, shows this to be a potential long term move. [CENTER][ATTACH=full]12164[/ATTACH] [/CENTER] [IMG]http://blob:https://www.earnforex.com/cdf498da-74ca-4299-af61-c84859b0f7f8[/IMG] Overall short term bias is bullish, Long term bearish!! Happy Trading [/QUOTE]
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