Free Trial

TECHS: Rally Challenging 76.4% Fibo...>

DOLLAR-CANADA
DOLLAR-CANADA: TECHS: Rally Challenging 76.4% Fibo Retrace Level
*RES 4: $1.3125 Mar 19 high
*RES 3: $1.3093 1% volatility band
*RES 2: $1.3064/67 2 1/2 year falling res line, Jun 5 high
*RES 1: $1.3018/26 76.4% of $1.3067-$1.2858, intraday high
*PRICE: $1.3016 @1000GMT
*SUP 1: $1.2985 Hourly support
*SUP 2: $1.2963 Jun 6 high, now support
*SUP 3: $1.2936 Jun 7 low
*SUP 4: $1.2858/61 Jun 6 low, 38.2% Fibo of $1.2528-$1.3067
*COMMENTARY* Reached $1.3067 on Tuesday, basically a test to the 2 1/2 year
resistance line. Subsequently fell foul of some overbought conditions and have
seen a decent pullback, which found support from $1.2858 on Wednesday, just
below the 38.2% Fibo support at $1.2861. The following rally corrects that drop,
the 76.4% Fibo retrace at $1.3018 currently under assault. Meanwhile, support
rises to $1.2985-$1.2963 but only back beneath $1.2936 will caution.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.