Home Forex Bounces off 50-bar SMA towards two-week-old resistance line

Bounces off 50-bar SMA towards two-week-old resistance line

by kyngsam

  • USD/CAD flirts with 1.3100, retains corrective pullback from short-term SMA.
  • Regular RSI circumstances, robust SMA assist recommend additional restoration.
  • 200-bar SMA provides to the upside filters, 1.3000 threshold additionally challenges the bears.

USD/CAD wobbles round 1.3100 through the preliminary Asian session on Wednesday. The pair lately recovered from 50-bar SMA amid regular RSI circumstances, which in flip recommend additional corrective pullback in direction of a falling pattern line from November 04.

Apart from the said resistance line close to 1.3135, 200-bar SMA round 1.3165 additionally challenges the USD/CAD consumers forward of pushing them in direction of the 1.3200 round-figure.

Additional, the 61.8% Fibonacci retracement stage of October 29 to November 09 draw back, near 1.3215, gives an additional resistance to look at for the consumers.

In the meantime, a draw back break beneath the 50-bar SMA stage of 1.3070 will direct USD/CAD sellers in direction of the 1.3000 psychological magnet earlier than highlighting 1.2960 assist.

Although, any additional weak spot past-1.2960 is not going to chorus from difficult the month-to-month low of 1.2928.

USD/CAD four-hour chart

Development: Additional restoration anticipated


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