Chart USD/CAD Update: Fresh year high
Anticipated gains have posted a fresh year high above the 1.3930~ monthly high of 16 January
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.4050 | break level | S1 | 1.3870 | * | congestion lows | ||
| R3 | 1.4000 | ** | congestion | S2 | 1.3850 | * | congestion | |
| R2 | 1.3985 | ** | 76.4% ret of Nov-Jan fall | S3 | 1.3800 | * | congestion | |
| R1 | 1.3930~ | * | 16 Jan (m) high | S4 | 1.3750 | * | break level |
Asterisk denotes strength of level
16:40 BST - Anticipated gains have posted a fresh year high above the 1.3930~ monthly high of 16 January, before settling lower into consolidation just beneath here as overbought daily stochastics flatten. The daily Tension Indicator continues to rise and broader weekly charts are positive, pointing to room for still further gains in the coming sessions. A close above 1.3930 will improve price action and extend January gains towards the 1.3985 Fibonacci retracement and congestion around 1.4000. Overbought daily stochastics could prompt profit-taking towards here. Meanwhile, support is raised to 1.3870 and extends to 1.3850. A close beneath here, if seen, will turn sentiment neutral and prompt consolidation above further congestion around 1.3800.