USD/CAD:Heavy Volatility Last Week, Stabilized Below Previous Top 1.277
ICN.com | Oct 20, 2014 06:47AM ET
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By examining the above graph, we notice that the pair failed to remain stable above 23.6% correction at 1.2780. Therefore, the bullish wave weakened and the pair went to trade again in a relatively tight levels. Despite that, Linear Regression Indicators are trading positively and MACD is trading in a bullish bias keeping the possibility of a bullish wave.
To confirm the positive outlook, the pair should stabilize above 1.2780 again or else, the overall downside move remains valid. Breaking 1.2655 indicates ending the current bullish correction.
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The pair is testing the intraday resistance currently moving to the downside towards 1.6105, and the pair should breach it to confirm extending the upside move in the upcoming period targeting 1.6285. On the other hand, breaking 1.6000 puts the pair under a negative pressure again and pushes it towards 1.5700 mainly. Therefore, we will continue monitoring the pair at the referred to sensitive levels to get clear confirmation signals.
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The pair managed to breach 107.20 and stabilize above it halting the bearish expectations intraday. Breaching 107.55 and stabilizing above it favors extending the upside move targeting 108.50 and 109.00, while trading again below 107.20 could bring back the downside move.
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The pair failed to break above 0.9480 strengthening our bearish expectations and keeps the downside move valid. The pair is currently targeting 0.9400, as breaking and stabilizing above it favors targeting 0.9370 levels, while a break above 0.9520 threatens to fail the suggested expectations.
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We witnessed heavy volatility last week and the pair stabilized below the previous top 1.1277 this week. Trading below the referred to level weakens positivity and indicates the possibility of a bearish correction especially with the negative signals showing on both MACD and RSI.
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Meanwhile, we cannot bet now on a downside move in light of stability within a minor ascending channel and above 1.1205. In fact, we prefer to remain neutral in our weekly report and recommend referring back to this report later for updates.
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AUD/USD pair is trading positively in an attempt to approach 0.8825, whereas we wait to breach this level to push the pair furhter to the upside in the coming period and the extended targets reaches 0.9000. A break below 0.8690 stops the positive expectations and pushes the pair towards 0.8400.
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The pair is trading stably above 0.7900 strengthening our previously suggested positive expectations, as breaching 0.8000 and stabilizing above it favors extending the upside move targeting 0.8070 and 0.8140, while breaking 0.7860 threatens to fail the suggested expectations.
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