USD/CAD analysis 25 May 2016
Good evening
The meeting of the Euro group finance ministers and the important announcements from Germany Ifo business climate index which was better than expected (from expectations for 106.8 the actual was 107.7) gave incentive for investors to bring more volatility to the European markets and to Euro currency market.
Petros Kombothekras
(Currency strategist) RoarForex
CHARTING
The crucial points are:
Monthly Fibonacci levels:
100:1.60367, 61,8:1.35166, 50,0:1.27379, 38,2:1.196504, 23,6:1.09878, 00,0:0.94215
Resistance
1.56856 July 2002 to January 2003, March 2001, December 2001
1.51355 February 2003, July 2002, July 2001
1.46834 April 2003
1.44301 (Monthly, January 2000 a major level of support)
1.41817 (Monthly, February to March 2003, September 1994)
1.38579 (monthly, December 2015, April to October 1997, July to September 2003, May 2004)
1.33287 (weekly, November 2015)
1.32044 (Daily, April 2016, March 2016, November 2015, October 2015, August to September 2015, July to August 2004, March 2004, February 2004, December 2003, November 2003, October 2003)
Support
1.30091 (Monthly, October to December 2008, August to October 2015, March 2009)
1.28386 (Daily, October 2015)
1.25230 (Weekly, May 2016, July 2015, June 2015, March 2015, February 2015, April 2009, February 2009, October 2008, April 2005)
1.23966 (Monthly, February to March 2015, May to June 2015)
1.21878 (daily, February 2016, January 2016, December 2008)
1.06641 (Monthly, May to September 2010, January 2014, June to July 2014)
COMPUTERIZED TECHNICAL ANALYSIS
The crucial points are:
MA (22) rising
MA (132) marginally falling
MA (264) neutral
Directional System (22) +DI>-DI or 22.35>11.29
ADX 21.40 marginally rising < 25 a weak uptrend has occurred, which is possible to get stronger.
RSI (9) 71.71>50 extremely overbought
ATR (22) 0.0111 marginally low volatile market
Momentum (12) marginally falling slop
CONCLUSION
The price has broken and the 1.30091 level of resistance also and now it seems that have meet weakness on the road to 1.32044 new level of resistance. The indicators are signalling that an uptrend has occurred, which is possible to get stronger and the volatility on the market is marginally falling. On that prices level, if the uptrend continues, the price should break the 1.32044 level of resistance, with the next possible resistance on 1.33287 level. On the hand, if the downtrend occurs again, the price must break forcedly the 1.30091 level of support, with the next possible support on 1.28386.
Risk Disclosure
This forecast has just an informative meaning and cannot be treated as the guide to action, signal, recommendation or an offer to carry out certain trading operation. The experts of this blog express personal opinions and will not assume any responsibility whatsoever for the actions of the reader. We always aim for maximum accuracy, and RoarForex cannot be held responsible for inaccurate information or typos. Should you wish to participate in the FOREX market please be sure to contact the necessary professionals prior to starting to assess your personal financial situation.
For more information, please go to our website: www.roarforex.com
Good evening
The meeting of the Euro group finance ministers and the important announcements from Germany Ifo business climate index which was better than expected (from expectations for 106.8 the actual was 107.7) gave incentive for investors to bring more volatility to the European markets and to Euro currency market.
Petros Kombothekras
(Currency strategist) RoarForex
CHARTING
The crucial points are:
Monthly Fibonacci levels:
100:1.60367, 61,8:1.35166, 50,0:1.27379, 38,2:1.196504, 23,6:1.09878, 00,0:0.94215
Resistance
1.56856 July 2002 to January 2003, March 2001, December 2001
1.51355 February 2003, July 2002, July 2001
1.46834 April 2003
1.44301 (Monthly, January 2000 a major level of support)
1.41817 (Monthly, February to March 2003, September 1994)
1.38579 (monthly, December 2015, April to October 1997, July to September 2003, May 2004)
1.33287 (weekly, November 2015)
1.32044 (Daily, April 2016, March 2016, November 2015, October 2015, August to September 2015, July to August 2004, March 2004, February 2004, December 2003, November 2003, October 2003)
Support
1.30091 (Monthly, October to December 2008, August to October 2015, March 2009)
1.28386 (Daily, October 2015)
1.25230 (Weekly, May 2016, July 2015, June 2015, March 2015, February 2015, April 2009, February 2009, October 2008, April 2005)
1.23966 (Monthly, February to March 2015, May to June 2015)
1.21878 (daily, February 2016, January 2016, December 2008)
1.06641 (Monthly, May to September 2010, January 2014, June to July 2014)
COMPUTERIZED TECHNICAL ANALYSIS
The crucial points are:
MA (22) rising
MA (132) marginally falling
MA (264) neutral
Directional System (22) +DI>-DI or 22.35>11.29
ADX 21.40 marginally rising < 25 a weak uptrend has occurred, which is possible to get stronger.
RSI (9) 71.71>50 extremely overbought
ATR (22) 0.0111 marginally low volatile market
Momentum (12) marginally falling slop
CONCLUSION
The price has broken and the 1.30091 level of resistance also and now it seems that have meet weakness on the road to 1.32044 new level of resistance. The indicators are signalling that an uptrend has occurred, which is possible to get stronger and the volatility on the market is marginally falling. On that prices level, if the uptrend continues, the price should break the 1.32044 level of resistance, with the next possible resistance on 1.33287 level. On the hand, if the downtrend occurs again, the price must break forcedly the 1.30091 level of support, with the next possible support on 1.28386.
Risk Disclosure
This forecast has just an informative meaning and cannot be treated as the guide to action, signal, recommendation or an offer to carry out certain trading operation. The experts of this blog express personal opinions and will not assume any responsibility whatsoever for the actions of the reader. We always aim for maximum accuracy, and RoarForex cannot be held responsible for inaccurate information or typos. Should you wish to participate in the FOREX market please be sure to contact the necessary professionals prior to starting to assess your personal financial situation.
For more information, please go to our website: www.roarforex.com