USD/CAD 1H Chart: Rising Wedge

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Source: Dukascopy Bank
© Dukascopy Bank SA
USD/CAD has formed a Rising Wedge pattern on the 1H chart while moving to the highest level this year at 1.031 . The pattern has 60% quality and 70% magnitude in a 172-bar period. 

The price bounced from the support level at 0.99 and after rebounding from 1.029 slowed near 1.023 where the pair is currently trading. The Stochastic indicator is below its critical value of 20% suggesting a bullish market outbreak while such scenario is also supported by indicators on 4H and 1D time horizons.  Long traders could focus on the resistance level at 1.028. If this level will be breached next target could be the second resistance level at 1.032.

Majority of 1 H time horizon indicators suggest that bearish market rally. Is highly possible. Short traders could focus on the 1.021 level. If pair breaches this level next possible target could be at 1.015 level.

© Dukascopy Bank SA
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Fri, 25 May 2012 09:18:50 GMT

GBP/USD 1h Chart: Falling Wedge

GBP/USD has formed a Falling Wedge pattern on the 1H chart while moving to the lowest level since mid-March at 1.563. The pattern has 71% quality and 85% magnitude in a 192-bar period. The pattern started rebounding slightly below SMA200 at 1.612 and after testing support and resistance levels at 1.573 and 1.583 slowed near 1.565 where the pair is currently

Thu, 24 May 2012 06:13:19 GMT

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