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Thread: USD/CAD

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#1544 (permalink)

08-08-2008, 05:50 PM

2Extreme4U 2Extreme4U is offline

FX automation Punk

Join Date: Feb 2004

Posts: 56

For what its worth...

From the analysis in the posted chart, the bullish breakout of this consolidation triangle on the weekly chart should target the identified horizontal resistance zone. The triangle mesures about 14.5 cents at its base. You can transpose the size of this triangle on the breakout zone and that will give you a target right below the last down move wave that started around 1.17.

If we ever make it there, this is a good time to start shorting again. Until then, we're in rebound mode but I expect that it's not going to be a smooth ride up.

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