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  • Chart of the Day - 8/27/2008 - USD/CAD

    From News Archive

    8/27/2008 – USD/CAD – Long-term price action on USD/CAD (a daily chart of which is shown) has come down decisively off the significant downtrend line (in red) that has served as resistance for at least 5 years. After retreating from this resistance line last week, price has gradually descended from the swing high. Going forward, the red downtrend line should continue to act as resistance to the upside, while the yellow horizontal support/resistance line around the 1.0300 region should serve as immediate support to the downside. Further down, additional key support resides around the green intra-channel uptrend ... (full story)

  • Post #1
  • Aug 27, 2008 9:42pm Aug 27, 2008 9:42pm
Nice Chart James.

I look forward to a few quarters of USD/CAD falling into the 0.90 cent range or below. Obviously the USD Index is going to set new lows, (EUR/USD new highs). Not a popular opinion, but not everyone has the courage to spot trends before they are nearly complete. Will look for one more high around 1.08 range to complete the wave 4 correction, before the 1500+ pip descent for the balance of this year at least.

James have you ever thought of adding Elliot labeling to your big charts? It would make a lot more sense to most people if they could count the waves and recognize the patterns by more than just trend lines.
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  • Story Stats
  • Posted: Aug 27, 2008 12:20pm
  • Submitted by:
     James Chen
    Category: News Archive
    Comments: 1  /  Views: 1,065