By: Dima Chernovolov
I recently subscribed to Autochartist’s latest e-mail feature and received this trade opportunity alert. Autochartist’s latest feature provides traders with a quick morning technical outlook of the markets.
Autochartist recently identified the 4-hour Pennant chart pattern on the USD/CAD charts. The pair is set to rise further toward the target level 1.0286 in the next 20 hours. This target level 1.0286 (point B on the chart below) corresponds to the level of the last downward reversal point on which the upper resistance trendline is based. Autochartist sets the stop-level at the close price level 1.02495 (point A). This Pennant follows the preceding sharp upward impulse (which serves as the “flag-pole” of this chart pattern) from the strong support level 1.01000, which had previously reversed the pair up in the middle of this month. Expect the pair to continue upward movement toward the target level 1.0286 in the next 20 hours.
The following 4-hour USD/CAD chart shows the previous price action near the strong support at 1.0100:
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