Sunday, February 21, 2010

USD/CAD trend channels and Consolidation formation

USD/CAD trend channels on Daily chart:

which one is correct?

my take is with the Marubozu last Friday and close at the low under 1.04 1.0250 opens as first target and my take is we are trading into the Faster trend channel..

Here is an interesting formation - if it closed below 1.0380 right away it goes fast down to 1.0330 before a bounce - otherwise we have to overcome 1.0452 which is a central balance point inside the triangle pattern unfolding.

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