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Chart of the Day
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Chart of the Day − USD/CAD
Tue, Aug 19 2008, 15:52 GMT
by James Chen
(Chart courtesy of FX Solutions' FX AccuCharts. Price on 1st pane, Slow Stochastics on 2nd pane; uptrend line in green; chart pattern in yellow; 200-period simple moving average in light blue.)
8/19/2008 – USD/CAD – As shown on the accompanying USD/CAD 4-Hour chart, price action on this pair has formed both a steep uptrend support line (represented in green) and a flag pattern (represented in yellow) since the forceful bullish run in the dollar began several weeks ago. The combination of these two factors hints at a possible impending continuation of the uptrend. The uptrend line is acting as dynamic support, while the flag is indicating a potential continuation of the up-move after breakout. In the event of a strong breakout of the flag, major resistance to the upside resides around the 1.0865 region. Immediate support to the downside, on the other hand, resides around the green uptrend line.
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Published on Tue, Aug 19 2008, 15:53 GMT
Archive
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