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Old 08-08-2008, 09:23 AM
leithtec leithtec is offline
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USD/CAD Reversals
A few technical indicators supporting further upside movement are #1 Weekly ASI (accumulated strength index) currently showing a target above 1.2500 before reaching the "0" line again. #2 MVA (moving volume average) on the Daily which hit it's lowest Daily average on August 5th & 6th revealing support at the closing price of those days (should this Market retrace it's current gains). #3 a 26/9 week kinko hyo cross, which initially posted the week ending June 20th (it took five weeks of distribution after that for this Market to finally break). What we must watch for now is whether or not this Market will level out at the 1.0480 Price area next week before further gains or whether this feeding frenzy will propel it up to the 1.1500 area on a continued Low volume short covering bounce. The question I keep asking myself is, "is any smart money buying this Market up"? and where will it sit after January 24th 2009? The first legitimate retracement after this spike will reveal more.
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