Wednesday, September 30, 2009

Comparison of charts in differnt time frames

i've included a few CDN currency charts in the daily and 60min views to give a perspective of the trends i'm following at the moment between the EUR/CDN and USD/CDN as well as this first one in a weekly and daily view

This is New Gold, ticker NGD on the tsx and nyse

the daily view shows a strong trend channel thats its nicely following, a breakout of this channel and we can easily see $6 as the first target
RSI looks slightly oversold and has room to rally quite a bit more

Expanding to the weekly view this $6 target can become visible as well as the strong trend channel

We all know tracking currencies is the name of the game right now, follow that trend and you'll follow the money, the USD has been breaking down hard since march and right now the CDN dollar which as commodity play has been benifiting quite well.... this trend on the Daily chart seems to be in full effect still with the Large Bearish candle today and the RSI still nearing overbought levels,

the 60 min chart is showing some oversold singals at this point therefore the USD could have a slight rally here before the trend continues again

i rarely look at the EUR/CDN as most of the volume of trading is done in the USD/CDN but i figured it was worth a look
the trend seems very similar to the USD pointing to the downside for the EUR against the CDN

on the 60 min chart things seem slightly over sold right at the moment but the overall long term trend would be to the downside

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