USDCAD the extend to a new high ,breaks above its 200 hour moving average and then fails
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Buyers fail on the break of the 100 and 200 hour MA
USDCAD falls back below the 200/100 hour moving average
The USDCAD moved to and through both its 100 hour moving average at 1.3742 and its 200 hour moving average 1.37637. However, the breaks could not be sustained and the price has rotated back below the moving averages.
Earlier today, the price moved above the 100 hour moving average but quickly rotated back to the downside. The move back to the downside stalled near the 61.8% retracement of the October trading range at 1.36836 before rotating back higher.
Now with the moves above both the 100 and 200 hour moving average, and the 2 separate failures, the buyers are not impressing from a technical perspective. They took 2 shots and each missed. The buyers turned to sellers. Stay below the 100 hour moving average will be close resistance now.
Trading analysis offered by Flex EA. Source #Unknown
# GBPUSD tests 61.8% and swing area The GBPUSD is in an up and down day. The GBPUSD moved higher earlier. That move was helped by better than expected retail sales. However the high price today stalled near the high price from last week near 1.3643, and rotated back lower on the USD buying. The subsequent move lower now has the price back toward the 61.8% retracement along with a swing area between 1.35969 and 1.36034. As I type, the price has dipped below that swing area. What next? If the price can stay below the 1.36034 area, that would be the best case scenario for the sellers with the next major targets coming in at the 100 hour moving average 1.3569 (blue line), and the 200 hour moving average at 1.35609 (green line). The 50% midpoint of the 2022 trading range is just below those levels at 1.35526 and would be a another target on further weakness. A move back above 1.36034 with momentum would have traders looking again toward 1.3618 to 1.36271 and then t...
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