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Wednesday, 17 August 2016

USDCAD Technical Analysis: 17 August 2016, Wednesday, 11.19am Singapore Time

USDCAD Technical Analysis: 
17 August 2016, Wednesday, 11.19am Singapore Time

Attached above is the daily chart of USDCAD. 
Re-distribution process as illustrated on chart. 
Fake break-ups in July and resisted in early August. Break-down yesterday 16 August 2016.
Artillery-shelling price action as illustrated. 
Overall price structure: bearish.
Short.


5 comments:

  1. Hi Don
    Are you still Long for NZDCAD?
    If you Long NZDCAD and Short USDCAD, meaning NZDUSD would be a better trade?
    NZD........
    .....CAD.....
    ..........USD

    ReplyDelete
  2. Hi Don
    Are you still Long on USDSGD and Short on USDCAD?
    Both Weekly chart seems to have many similarities, both prices at support regions so why is your projection Break Support for USDCAD yet Bounce Support on USDSGD?
    https://www.mql5.com/en/charts/5745761/usdsgd-w1-trading-point-of
    Thanks.

    ReplyDelete
    Replies
    1. I had a look at both ur USDSGD and USDCAD charts. Great charts!
      Yes both these 2 charts look very bearish to me. Once the deepest support line of the yellow band breaks, it is the big action moment. Some people will fire initial torpedo but initial torpedoes are with loose stops; then when the breakdown comes to prove they are right, they adjust the stop of the initial torpedoes to tighter stop and add more positions to the right judgement.

      Delete
    2. I am getting bearish on USDSGD... while maintaining my outlook that USDCAD is even more bearish.

      Delete