Forex Trading Technical Analysis (2010/08/05) USD/CAD Breaks Down Further Off Triangle
(Please click on the forex chart thumbnail to enlarge)
8/05/2010 Forex Trading Technical Analysis (FXpath.com) – USD/CAD (a daily chart of which is shown) as of Thursday (8/05/2010) morning, after having broken down below the large triangle early in the week, has followed through on its bearish momentum below key 1.0200 support and down to approach further support in the 1.0100 price region, establishing a new 3-month low in the process. This bearishness has been relatively consistent since bouncing down off the top of the triangle in late July. Currently just above the noted 1.0100 support, a breakdown below this support region could potentially target parity once again at 1.0000, with the long-term low just slightly below, around 0.9928, serving as a further support target to the downside.
(Price on 1st pane, Slow Stochastics on 2nd pane; horizontal support/resistance levels in yellow; uptrend lines in green; downtrend lines in red; chart patterns in white; 50-period simple moving average in light blue.)
James Chen, CTA, CMT (bio)
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yes nice pattern. i want to learn about forex trading.