Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: Loonie forms Bullish Cypher pattern, good to sell on raliies

Harmonic Pattern Formed -Bullish Cypher pattern

Potential reversal Zone (PRZ) - 1.34350

  • The pair has retreated after making a high of 1.3435 and is currently trading at 1.3349. Canadian dollar has slightly recovered after Saudi Arabia has pledged to stabilise crude oil prices.
     
  • The focus will on Upcoming OPEC meeting  which is to be held on Dec 4th and the hope that some production cuts will be forthcoming.
     
  • On the lower side minor support is around 1.3340 and break below targets 1.3315/1.3290./1.3245.
     
  • The pair's major support is around 1.3220 and below that level decline till 1.3160/1.3100 is possible.
     
  • The short term resistance is around 1.3380 and above that jump till 1.3435/1.3460

It is good to Sell on rallies around 1.3365-70 with SL around 1.3435 for the TP of 1.3320/1.3160

 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.