CADJPY – Trend increasingly Positive
26th April 2016
Trend in CADJPY is increasingly positive.
A move below the 21 week moving average in July last year confirmed the negative signal given by RSI the preceding week.
CADJPY then fell by 18 big figures to January’s low with profit taking rallies stemmed by the mid point of a declining Keltner channel and the average.
2015 closed with prices hugging the lower band of that channel. This year’s price action has been mainly sideways trading but with gradually higher lows that have chipped away at negative sentiment.
A positive RSI crossover in late February also contributed to an increasingly positive bias that has been confirmed by last week’s 5 big figure improvement. The key 21 week moving average has been left behind.
This week has seen a reactive move in CADJPY but the trend is now positive with a key level being at 90.03. This weekly Marabuzo line, if broken, would act as confirmation and acceleration with 92.19/93.26 then in focus.
