Loonie rallied and currently heading towards 0.9900 area, however, the overall bearish bias is still intact as we are heading to retest the breached ascending support of the bearish pattern shown on image, therefore we anticipate another downside attempt from the area below the 50-days SMA.
The trading range for this day is expected among the key support at 0.9750 and resistance at 1.0050.
The short term trend is to the downside targeting 0.9400 with steady daily closing below 1.0070.
|Recommendation||Based on the charts and explanations above, we recommend selling the pair below 0.9910 targeting 0.9800 and 0.9750. Stop loss above 0.9980|
Technical analysis for precious metals with major support and resistance levels and recommendations for 18-08-2009