Analysis for February 21st, 2013
Canadian Dollar continues moving upwards; the bulls are supported by the Super Trends’ lines. Most likely, the price will continue growing up during Thursday and the buyers will reach their main target at the 8/8
At the H1 chart the pair is consolidating near the Super Trend’s line. If the price rebounds from the current levels, the price will continue growing up. The bulls managed to keep the price above the 5/8
level, so we can expect the pair to reach the 8/8
one quite soon.
The pair is being corrected and I decided to open one more sell order. Currently the price is testing the 0/8
level. If it rebounds from this level, the pair will continue falling down towards the -2/8
At the H1 chart the pair is also moving inside an “oversold zone”, below the H4 Super Trend’s line. Most likely, in the nearest future the pair will break the -2/8
level and the lines at the chart will be redrawn.
The price is being corrected; however, until the bulls are supported by the 6/8
level, there is a chance that the pair may start a new ascending movement. More to that, if the buyers are able to rebound from the daily Super Trend’s line, the bears will be totally defeated.
At the H1 chart the pair is rebounding from the 0/8
level. During the day the price is expected to reach the 4/8
level. If later the market breaks the Super Trends’ lines backwards, the pair may start a new ascending movement.
RoboForex Analytical Department