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#109 (permalink)

02-20-2008, 05:19 PM

Gregory McLeod Gregory McLeod is offline

DailyFX Power Course Instructor

Join Date: Sep 2007

Posts: 1,135

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Loonie could go Lower

Quote:

Originally Posted by Gregory McLeod

Here is a Daily 10 year chart of the EUR/JPY. Starting from the October 2000 low of 89.28 to 169.41 reveals completely different Fibonacci levels.

The higher high of the MACD line is bullish. But again, time will reveal which way this pair ends up.

Thanks for the posts of your charts. They are always a treat!

Greg

Looks like the USD/CAD is setting up for a fall. Price has been turned back from the 61.8% retracement of the swing from 1.0386 High to the 0.9871 Low.

Only a close above the 1.0276 Level (the 78.6% retracement) would open up 1.04 and above. This could also lead to a full blown trend reversal.

Learn more about using Fibonacci by enrolling now in the Intensive 8-Day Powercourse
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Last edited by Gregory McLeod; 02-20-2008 at 05:22 PM..

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