Monday, February 11, 2013 — USD/CAD

by jennifer on February 11, 2013

USD/CAD: 

 

1. I am watching to see if price will turn back at the previous high, or if it has longer-term trending in mind.
2. RSI is over 70, over-extended.
3. Frequently what happens right after the two moving averages cross is that price races back and touches them before continuing on in either direction. I am watching for such a move as there are 80 pips room from where price is now to the Combo Lines.
4. If RSI comes back through the 70 that will be bearish to the 50.

PIVOTS:  

1. Weekly pivot point is interesting at parity, 1.0000

PLAN:
1. Because it already appears over-extended I’m not planning any buys right now, but I am interested in a sell towards the weekly pivot.
2. Obvious trade entry is when RSI comes below 70, but early entry below the trendline on the 4H chart.

 

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