Home USD/CAD Technical Analysis: dollar’s correction, bulls look to trend line resistance breakout towards 109.80
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USD/CAD Technical Analysis: dollar’s correction, bulls look to trend line resistance breakout towards 109.80

  • H&S signal lost steam in initial test to the downside low at 108.34.
  • Dollar’s correction:  Bulls are targetting a break of the 21&200-4hr SMA having crossed over the deceneidng trend line resistance.  
  • 109.80 recovery target in vicinity of the 100-D SMA.

USD/JPY intraday 240min (4hr) chart.

Spot rate:                 109.04
Relative change:     +0.25%      
High:                          109.09
Low:                           108.34

Trend:                        Bullish short term correction and targets breakout of trend line resistance.  Bears still in play  below 109.72/80 20-D SMA/100 4hr SMA

Support 1:                108.09  S1-1D
Support 3:                107.41  S2-1D
Support 4:                106.71  S3-1D

Resistance 1:          109.10 21-4hr SMA/trend line resistance
Resistance 2:          109.46  R1-1D
Resistance 3:          109.80  20-D SMA/100 4hr SMA

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