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Day: July 29, 2012
July 292012
Descending Channel on USD/CAD @ D1
A two-month long descending channel has formed on the USD/CAD daily chart. It follows a rather strong bullish rally on this pair and is likely to result in an upward breakout. Its top edge fits rather roughly into the straight channel border, while the lower spikes are placed nicely along the lower border. Overall, the pattern looks to be legit enough to consider a trade. Below, you can see the descending channel […]
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July 292012
Ascending Channel on AUD/USD @ D1
Another Forex pattern for today is presented by AUD/USD pair. Like with the USD/CAD pattern, it is also on a daily timeframe and it is a channel too, but this time it is an ascending one. The channel appears to be of a slightly better quality also, though it is shorter than the one on USD/CAD. I would expect a downside breakout from this one, with bullish breakout possible but resulting […]
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