Chart USD/CAD Update: Consolidating - studies remain under pressure
Little change, as prices extend cautious trade above support at 1.4175
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.4690 | ** | January 2016 (y) high | S1 | 1.4175 | break level | ||
| R3 | 1.4500 | ** | congestion | S2 | 1.4100/10 | ** | congestion; 50% ret | |
| R2 | 1.4400 | break level | S3 | 1.4000 | ** | break level | ||
| R1 | 1.4300 | * | congestion lows | S4 | 1.3950 | ** | 61.8% ret of Sep-Feb rally |
Asterisk denotes strength of level
16:30 GMT - Little change, as prices extend cautious trade above support at 1.4175. Oversold daily stochastics are flattening, suggesting room for consolidation around here. But the bearish daily Tension Indicator and negative weekly charts highlight scope for still deeper losses in the coming sessions. A close below 1.4175 will add weight to sentiment and extend February losses towards strong support at 1.4100/10. Already oversold daily stochastics could prompt short-covering/consolidation towards here. Meanwhile, a close back above resistance at 1.4300, if seen, would help to stabilise price action and prompt consolidation beneath 1.4400.