The cross EURCAD rejected at a parallel resistance last week, while remains above 20MA. In Asia this morning the cross traded 0.20% lower at 1.5086 as of 2.00pm (AEST).
Here’s a quick look at the three-day technical landscape:
The supports are at 1.5040 it’s 20MA and 1.5000. Selling pressure remains in place at a parallel level 1.5187, while the daily RSI and oscillator are indicating a mixed signal. Under these, a recovery back above 1.5190 seems difficult. Watch out instead a new pullback to wave “B” 1.5040 and 1.5000 its weekly pivotal. A move below here could slide extend the wave “B” to 1.4920-1.4880 zone.
Flip side, the erosion of the 1.5190 thresholds is highly encouraging the bulls to rally up to 1.5250/1.5280. A break of this would be needed to initiate a profound rally to 1.5350 and 1.5440.
http://www.keytomarkets.com/blog/blog/ktm-fx-weekly-eurcad-strategy/
Here’s a quick look at the three-day technical landscape:
The supports are at 1.5040 it’s 20MA and 1.5000. Selling pressure remains in place at a parallel level 1.5187, while the daily RSI and oscillator are indicating a mixed signal. Under these, a recovery back above 1.5190 seems difficult. Watch out instead a new pullback to wave “B” 1.5040 and 1.5000 its weekly pivotal. A move below here could slide extend the wave “B” to 1.4920-1.4880 zone.
Flip side, the erosion of the 1.5190 thresholds is highly encouraging the bulls to rally up to 1.5250/1.5280. A break of this would be needed to initiate a profound rally to 1.5350 and 1.5440.
http://www.keytomarkets.com/blog/blog/ktm-fx-weekly-eurcad-strategy/
Trade closed manually:
Take profit action required. Will the dip