Published: 2024-04-11T15:29:14.000Z
Chart USD/CAD Update: Extending pressure on critical resistance at 1.3700/20
Senior Technical Strategist
1
Little change, as unwinding overbought intraday studies turn near-term sentiment cautious
Levels | Imp | Comment | Levels | Imp | Comment | |||
---|---|---|---|---|---|---|---|---|
R4 | 1.3800 | ** | congestion | S1 | 1.3600 | ** | break level | |
R3 | 1.3765 | 22 Nov (w) high | S2 | 1.3500 | * | congestion | ||
R2 | 1.3725 | ** | 76.4% ret of Nov-Dec fall | S3 | 1.3450 | congestion | ||
R1 | 1.3700 | ** | congestion | S4 | 1.3400/13 | * | congestion; 9 Feb (w) low |
16:20 BST - Little change, as unwinding overbought intraday studies turn near-term sentiment cautious and prompt consolidation within resistance at 1.3700 and the 1.3720 Fibonacci retracement. Daily stochastics are rising and the daily Tension Indicator is improving, highlighting room for a later break and extension of late-December gains towards congestion around 1.3800. Meanwhile, support remains at 1.3600 and should underpin any immediate setbacks.