Nima Azadi's  Instablog

Nima Azadi
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Nima Azadi has been engaging in financial markets for over 10 years. His experiences vary from investing and trading in the Tehran Stock Exchange (TSE) and Foreign Exchange Markets to mentoring and consulting on the technical aspects of financial analysis. He is frequently quoted in the Iranian... More
My book:
Duel with the Trend
  • USD/CAD Technical Outlook - 1 0 comments
    Sep 19, 2013 2:26 AM | about stocks: FXC

    A bullish AB=CD pattern has formed on the lower band of the 50% pitchfork. It is reasonable for traders to liquidate their long positions and, provided we get a trigger, initiate short positions.

    It should be noted that the heavy selling pressure witnessed after FOMC statement release makes the bulls cautious in moving forward, but if this selling atmosphere begins to fade, bulls will be encouraged to enter the market.

    Therefore, as long as the 1.0135 support holds the bears at bay, the traders can seek buy signals targeting 1.035 and then 1.05 levels.

    (click to enlarge)

    Disclosure: I have no positions in any stocks mentioned, but may initiate a short position in FXC over the next 72 hours.

    Stocks: FXC
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