Tuesday, September 23, 2014

Why I sold Cadchf

What we are having presently is price reacting to a probable end of an impulsive move on the daily chart which started in march.

This move is terminating at a resistance ( 0.8600) and price should start reversing in a new journey to 0.8150 (a support close to 61.8% retracement of this move).

This impulsive move is part of a retracement of the long term bearish move of this pair which could still move which could take us to as high as 0.8870 before the bearish move should continue.

At the moment, a corrective move is expected to 8150 and a bit below before the bullish renewal which could take us to 8870.

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