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#1 ⇑ Haut ⇑ 21-01-2013 09:52:28
- Bruno
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USD/CAD : Triple bottom pattern ?
At the end of last week, the USD/CAD pair rebounded once again at the approach of 0.9831. This is the third time that this level provides a rebound, suggesting a triple bottom pattern. The neck line of the pattern at 0.9849 (its breakout will validate the pattern) was tested last Friday but this level has led to a downward correction on the support 0.9914, which is currently being tested.
We recommend to trade only long positions as far as 0.9880 is support. The break of this line will give a new buy signal and should then allow a pursuit of the movement towards the major resistance at 1.0.
In case of return below 0.9880, we will be neutral between this level and 0.9847. This will invalidate the triple bottom pattern.
USD/CAD 1h chart
We recommend to trade only long positions as far as 0.9880 is support. The break of this line will give a new buy signal and should then allow a pursuit of the movement towards the major resistance at 1.0.
In case of return below 0.9880, we will be neutral between this level and 0.9847. This will invalidate the triple bottom pattern.
USD/CAD 1h chart
USD/CAD 4h chart
#2 ⇑ Haut ⇑ 24-01-2013 09:12:44
- Bruno
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Re: USD/CAD : Triple bottom pattern ?
The triple bottom pattern was confirmed by the break of the neckline at 0.9550, a level representing a strong zone of resistance (new buy signal). This has led to an acceleration of the upward movement of the price which is currently testing the psychological threshold of 1.0. We can expect further upward movement in the coming days even if a correction is likely to happen before the crossing of 1.0. Indeed, the objective of the pattern is set at 1.0050.
We continue to advise long positions as far as 0.9950 is support. The break of 1.0 will give a new buy signal and should allow the price to reach the resistance at 1.0040 and the objective of the pattern at 1.0050.
In case of return below 0.9950, we will be neutral between this level and 0.9914.
USD/CAD 1h chart
We continue to advise long positions as far as 0.9950 is support. The break of 1.0 will give a new buy signal and should allow the price to reach the resistance at 1.0040 and the objective of the pattern at 1.0050.
In case of return below 0.9950, we will be neutral between this level and 0.9914.
USD/CAD 1h chart
USD/CAD 4h chart
#3 ⇑ Haut ⇑ 25-01-2013 09:45:41
- Bruno
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Re: USD/CAD : Triple bottom pattern ?
The pair USD/CAD has almost reached the objective of our triple bottom pattern at 1.0050. The price is currently testing the resistance level at 1.0040, corresponding to the level of November which led to a downward movement.
We continue to advise long positions as far as 0.9971 (last high in 2012) is support. The upward break of 1040 will give a new buy signal and open the way to the resistance at 1.01.
In case of return below 0.9971, we will be neutral between this level and 0.9914. This level corresponds to a short term bullish slant (purple lines).
USD/CAD 1h chart
We continue to advise long positions as far as 0.9971 (last high in 2012) is support. The upward break of 1040 will give a new buy signal and open the way to the resistance at 1.01.
In case of return below 0.9971, we will be neutral between this level and 0.9914. This level corresponds to a short term bullish slant (purple lines).
USD/CAD 1h chart
USD/CAD 4h chart
#4 ⇑ Haut ⇑ 28-01-2013 09:45:16
- Bruno
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- Registered: 07-12-2008
- Posts: 20715
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Re: USD/CAD : Triple bottom pattern ?
The pair USD/CAD has continued its bullish rally in recent days. A new upward momentum came at the break of the resistance at 1.0040. The price has reached the ultimate objective of our triple bottom pattern at 1.0050 and is currently testing the resistance at 1.01.
We continue to advise long positions as far as 1.0040 is support. A pullback could occur on this level before a pursuit of the upward trend. Indeed, since 0.99, the pair scored no correction. The break of 1.01 will give a new buy signal and open the way to 1.0150. The next resistance is at 1.0223.
In case of return below 1.0040, we will be neutral between this level and the psychological level at 1.0.
USD/CAD 1h chart
We continue to advise long positions as far as 1.0040 is support. A pullback could occur on this level before a pursuit of the upward trend. Indeed, since 0.99, the pair scored no correction. The break of 1.01 will give a new buy signal and open the way to 1.0150. The next resistance is at 1.0223.
In case of return below 1.0040, we will be neutral between this level and the psychological level at 1.0.
USD/CAD 1h chart
USD/CAD 4h chart
