Trend Line Analysis : 13/08/2015

Introduction to Trend Line Analysis
Welcome to our newest feature; Trend Line Analysis. Our professional market technician showcases intraday / swing trade setups on a broad spectrum of FX currency pairs. The most effective way to use the setup are:
▪ If indicated price zone holds; consider partial profit taking between 20-40 pips before aiming for the maximum listed target.
▪ If the price zone fails to hold; we likely to see price moving against us. Fail means; the candle closing higher or lower to indicated price zone.

 

USDCAD

The pair traded heavily on Wednesday with a 200+ pips range dragging lower and we believe there is more to be seen on the lower side. We  prefer to see  USDCAD testing around 291X zone and like to initiate buys off there for it seems like a decent zone to end the correction.

Rising oil price  along with the surge in Gold and falling US Dollar contributed to the heavy tone the pair took  in early Asia which continued throughout the day.  With a daily close under 1.3000 physiological level; expectations are, it can reach and test our intended zone to try longs.

With nothing much on news for today for the CAD; 3025-30 is resistance and if aggressive can short from there with main target to 291X zone. Alternatively this later level comes in as a decent spot which can signal an end to the correction and march back higher.

Hence; we like to try longs if price gets a test to 2905-10 for a possible move back to T1 with potential run higher for newer yearly highs.

USDCAD 4 hrs - T2 comes in as a decent zone to try longs for a T1 test
USDCAD 4 hrs – T2 comes in as a decent zone to try longs for a T1 test

Got any questions about our Trend Line Analysis? Contact us editor@littlefishfx.com

Disclaimer:
All comments, charts and analysis on this website are purely provided to demonstrate our own personal thoughts and views of the market and should in no way be treated as recommendations or advice. Please do not trade based solely on any information provided within this site, always do your own analysis. For more information please see our full disclaimer in the footer below.

Posted in Forex Analysis, tagged with on