Trend is up on the USD/CAD pair
Forexmentor.com Forex Trading Price Action
I hate to keep harping on the Canadian dollar, but harp away I will. That’s one of the advantages of doing the AM Review. I get to pick the currency pair I work with. I specialize in the loonie, and have done so for the past ten years. So, I know its rhythms and personality. It’s a lot like reading sheet music, not that I was any good at learning how to play the piano. What new can I say that I haven’t already said? Lots. For starters, price is above the 200 EMA on the daily chart. That’s bullish. Secondly, there doesn’t appear to be much the Bank of Canada can do to influence the direction of the Canadian dollar, as they are pretty much at the mercy of whatever happens south of the border. After all, Canada is the tail on the dog – not to offend diehard Canadian enthusiasts. The trend on the 4 and 1 hour charts, coming into today’s session, was up – as reflected by the attitude of the 200 EMA. Price swooned to pivot point M2 at the London open, where it immediately reversed in the form of a hammer – in a buy area (that area below the central pivot point). Subsequently, we had a trendline (a.k.a. distribution, resistance or supply) break, which was confirmed by MACD punching up through its trigger line. Another thing to be observed is the fact that price had exceeded its lower Bollinger band. In such cases, pricewill then pull back within the bands, and head north, in this case, to the other band (upper in this instance). It should be further noted that, when price swooned, it was headed for M2, the expected low for the day – given the relationship of the close at midnight to the open 24 hours earlier. I could go on, and on, and on. But, why not just do yourself a favor, and check out all the goodies in the members’ area at www.forexmentor.com. See you there, and at the bank.
See latest sample AM Review at: http://www.forexmentor.com/sampler/
I hate to keep harping on the Canadian dollar, but harp away I will. That’s one of the advantages of doing the AM Review. I get to pick the currency pair I work with. I specialize in the loonie, and have done so for the past ten years. So, I know its rhythms and personality. It’s a lot like reading sheet music, not that I was any good at learning how to play the piano. What new can I say that I haven’t already said? Lots. For starters, price is above the 200 EMA on the daily chart. That’s bullish. Secondly, there doesn’t appear to be much the Bank of Canada can do to influence the direction of the Canadian dollar, as they are pretty much at the mercy of whatever happens south of the border. After all, Canada is the tail on the dog – not to offend diehard Canadian enthusiasts. The trend on the 4 and 1 hour charts, coming into today’s session, was up – as reflected by the attitude of the 200 EMA. Price swooned to pivot point M2 at the London open, where it immediately reversed in the form of a hammer – in a buy area (that area below the central pivot point). Subsequently, we had a trendline (a.k.a. distribution, resistance or supply) break, which was confirmed by MACD punching up through its trigger line. Another thing to be observed is the fact that price had exceeded its lower Bollinger band. In such cases, pricewill then pull back within the bands, and head north, in this case, to the other band (upper in this instance). It should be further noted that, when price swooned, it was headed for M2, the expected low for the day – given the relationship of the close at midnight to the open 24 hours earlier. I could go on, and on, and on. But, why not just do yourself a favor, and check out all the goodies in the members’ area at www.forexmentor.com. See you there, and at the bank.
See latest sample AM Review at: http://www.forexmentor.com/sampler/
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