empty
 
 
23.04.2014 06:26 PM
USD/CAD intraday technical levels and trading recommendations for April 23, 2014

This image is no longer relevant
This image is no longer relevant

The depicted chart shows that the USD/CAD bulls failed to show enough momentum above 1.1200 during the last visit on March 20. The bears took advantage and pushed the pair towards the price zone of 1.0910-1.0850 (50-61.8% Fibonacci levels).

The USD/CAD pair returned to test the previous support zone around 1.0900 (50% Fibonacci level) which previously provided a considerable support at retesting on February 19.

Daily closure below 1.0920 took place briefly. However, it didn't take long time to get a bullish engulfing daily candlestick as a bullish reaction on the next day.

On the other hand, on the 4H chart, the price zone of 1.0990-1.1045 ( 38.2% Fibonacci of the most recent bearish swing ) is expected to provide a considerable resistance as well. This price zone corresponds to a recently established resistance zone too.

The current prices will probably offer a valid sell entry with stop loss located just above 1.1080.

It's important to note that the 4H chart reveals bullish pressure being applied over this resistance zone (levels of 1.1000-1.1030) with successive ascending bottoms and a little probability of bullish breakout.

This may threatens our SELL entry level, so bears should watch price action carefully and stick to the stop loss level mentioned above .

Gana con los cambios en el valor de las criptomonedas con InstaForex.
Descarga MetaTrader 4 y abre tu primera operación.
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    UNIRSE AL CONCURSO
  • Depósito al azar
    ¡Haga un depósito en su cuenta de $3,000 y obtenga $9000 más!
    ¡En Mayo, sorteamos $9000 dentro de la campaña Depósito afortunado!
    Obtenga la oportunidad de ganar depositando $3,000 en una cuenta de operaciones. Tras haber cumplido esta condición, se convertirá en un participante de la campaña.
    UNIRSE AL CONCURSO
  • Opere de forma inteligente, gane un dispositivo
    Recargue su cuenta con al menos $500, regístrese en el concurso y tenga la oportunidad de ganar dispositivos móviles.
    UNIRSE AL CONCURSO
  • 100% de bonificación
    Su oportunidad única de obtener un bono del 100 % en su depósito
    OBTENER BONO
  • 55% de bonificación
    Solicite un bono del 55% en cada depósito
    OBTENER BONO
  • 30% de bonificación
    Reciba un bono del 30% cada vez que recargue su cuenta
    OBTENER BONO

Recommended Stories

¿No puede hablar ahora mismo?
Ingrese su pregunta en el chat.
Widget callback