Peter Bain Forex Trading Commentary for Wednesday September 27, 2006
Forexmentor.com Forex Trading Price Action
Today, I'm still with the Canadian dollar. What I see here is massive positive divergence on both forms of MACD on the weekly chart - in addition to which there is a 1-2-3 bottomformation in the works. Now, I don't anticipate a huge rise in the USD/CAD pair, but I do see enough potential strength to warrant our attention. Personally, all I want out of thismove up in price is the equivalent of .88 cents on the U.S. dollar, to make it worth my while. I have a lot of money riding on this crystal ball gazing. The 1.112 level seems tohold some significance. It is providing support, and has been since September 14. Today was no exception. After negative divergence on MACD to price on the 15 minutechart presaged a subsequent swoon in price, price halted in its tracks at that very level. Hmmmmm . It is further interesting to note that today is an M1/M3 day for the pair,and M3 is where the divergence took place. In sum, I am sill bullish on the pair. At least that's my take folks. I've been wrong before, but I don't think so in this case.
See today's chart at: http://www.forexmentor.com/campaign/sep2706.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
Today, I'm still with the Canadian dollar. What I see here is massive positive divergence on both forms of MACD on the weekly chart - in addition to which there is a 1-2-3 bottomformation in the works. Now, I don't anticipate a huge rise in the USD/CAD pair, but I do see enough potential strength to warrant our attention. Personally, all I want out of thismove up in price is the equivalent of .88 cents on the U.S. dollar, to make it worth my while. I have a lot of money riding on this crystal ball gazing. The 1.112 level seems tohold some significance. It is providing support, and has been since September 14. Today was no exception. After negative divergence on MACD to price on the 15 minutechart presaged a subsequent swoon in price, price halted in its tracks at that very level. Hmmmmm . It is further interesting to note that today is an M1/M3 day for the pair,and M3 is where the divergence took place. In sum, I am sill bullish on the pair. At least that's my take folks. I've been wrong before, but I don't think so in this case.
See today's chart at: http://www.forexmentor.com/campaign/sep2706.html
See latest sample AM Review at: http://www.forexmentor.com/sampler/
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