However like the failed break on the top side, the price break on the downside also failed.
Since then the price has moved back to a cluster of moving averages between 1.3585 and 1.3589 (100 and 200 hour moving averages and the 100 day moving average). Close resistance comes against a swing area up to 1.3622 on more upside momentum. Close support on a break lower comes in at 1.35643.
It’s hard to take at the volatility when late market is trying to sift through what does the 50 basis point cut really mean now I’m going forward for the Fed.
Meanwhile over to the side, is a weakening Canadian economy with higher unemployment rate at 6.6%, and lower inflation down toward 2.0%.
Pick your spots. A true to your technical risk defining levels. If you get the rights move, know your targets. In this video I outline my key levels and explain why.
This article was written by Greg Michalowski at www.forexlive.com.
