loonie maintained the bearish direction yesterday breaking below the multi week range bound, now price has gone extremely oversold as seen on momentum indciators, thus we may see an upside pullback before resuming the intraday downside direction today. 0.9900 should remain intact for the bearish bias to remain more likely.
The trading range for today is expected among the key support at 0.9750 and resistance at 1.9900.
The short term trend is to the upside targeting 1.0650 with steady weekly closing above 0.9900.
|Recommendation||Based on the charts and explanations above, our opinion is selling the pair around 0.9860 targeting 0.9800 and 0.9750. Stop loss above 0.9900.|
Technical analysis for precious metals with major support and resistance levels and recommendations for 18-08-2009