USDCAD Impulse Move| Clear Range| Structural Resistance Evening traders
Today’s technical analysis - USDCAD - rebounding at a technical level after and impulse move down, price is likely to test structural resistance
Points to consider,
- relief rally after impulse sell off
- 200 MA current resistance
- Local support retest (higher low)
- RSI above 50 not oversold
- Stochastics projected up
- Increasing volume (impulse likely)
USDCAD’s rally is in context with its recent sell off into structural support, a key technical level triggering buy pressure pushing price up.
The next resistance line is the 200 MA, price is likely to respect this level. A retest of local support is probable as this will establish a relative higher low.
The RSI is above 50 but not officially oversold, indicating that the move up may not be over. Stochastics on the other hand is in the upper regions where it can stay trading, momentum is up until a sell cross comes to fruition.
Volume impulses are evident however no significant volume climax nodes, this can be an indication that the temporary top is not in yet.
Overall, I’m my opinion, USDCAD is likely to respect the 200MA, putting in a higher low at local support before another impulse into structural resistance.
What are your thoughts?
Please leave a like and comment,
And remember,
“Genuine acceptance that there will be losses on your way to market success will greatly decrease the hurt when they eventually come.” ― yvan Byeajee
