Published: 2024-09-20T15:48:28.000Z
Chart USD/CAD Update: Consolidating
Senior Technical Strategist
172
Little change, as flat intraday studies keep near-term sentiment cautious
| Levels | Imp | Comment | Levels | Imp | Comment | |||
|---|---|---|---|---|---|---|---|---|
| R4 | 1.3690 | ** | 38.2% ret of Aug fall | S1 | 1.3550 | intraday break level | ||
| R3 | 1.3648/50 | * | 19 Sep high; pivot | S2 | 1.3500 | * | congestion | |
| R2 | 1.3630 | ** | 38.2% ret of Aug fall | S3 | 1.3465 | * | 6 Sep (w) low | |
| R1 | 1.3600 | ** | break level | S4 | 1.3436 | ** | 28 Aug (m) low |
Asterisk denotes strength of level
16:30 BST - Little change, as flat intraday studies keep near-term sentiment cautious and extend consolidation above support at 1.3550. Overbought daily stochastics are unwinding and the rising daily Tension Indicator is flattening, highlighting room for a break beneath here and extension towards congestion around 1.3500. However, unwinding oversold weekly stochastics are expected to limit any initial tests in further consolidation. Meanwhile, a close above strong resistance at 1.3600/30 is needed to turn sentiment positive and extend late-August gains beyond 1.3650 towards the 1.3690 retracement.
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Analyst Declaration
I,Mike Macdonald, the Senior Technical Strategist declare that the views expressed herein are mine and are clear, fair and not misleading at the time of publication. They have not been influenced by any relationship, either a personal relationship of mine or a relationship of the firm, to any entity described or referred to herein nor to any client of Continuum Economics nor has any inducement been received in relation to those views. I further declare that in the preparation and publication of this report I have at all times followed all relevant Continuum Economics compliance protocols including those reasonably seeking to prevent the receipt or misuse of material non-public information.
I,Mike Macdonald, the Senior Technical Strategist declare that the views expressed herein are mine and are clear, fair and not misleading at the time of publication. They have not been influenced by any relationship, either a personal relationship of mine or a relationship of the firm, to any entity described or referred to herein nor to any client of Continuum Economics nor has any inducement been received in relation to those views. I further declare that in the preparation and publication of this report I have at all times followed all relevant Continuum Economics compliance protocols including those reasonably seeking to prevent the receipt or misuse of material non-public information.