Sophia Todorova has a background in teaching and psychology, and as such relishes the idea of assisting new traders on their journey to Forex trading success. Technical Analysis is her passion. The charts speak, and she listens.
Usdcad has started showing some bottoming action after having fallen back to .9860 lows from the down-sloping trendline on the daily chart. If this support holds, there is potential for double- bottoms on the daily. In the meantime, I am on the look-out for a 4-hour reversal bar to signal a long towards .9940 broken support on the 4hr chart, and then the daily trendline at .9990. Once there, the shelf of support that was breached to the downside will also offer resistance, so it is a critical level that needs to be breached in order for the bulls to maintain control at that point. From here, I will watch for a daily trendline break and perhaps re-enter long on a retest. The targets that I am eyeing for this leg are 1.0110, and 1.0230, which is the top of a previous trading range.
Thanks for reading. have a great trading day! 🙂
Forex Crunch: Forex Daily Outlook- February 3, 2011
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