23.06.201408:40 Forex Analysis & Reviews: Weekly forecast of USDX and USD/CAD for June 23-27, 2014

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

USDX

The index was unable to cross the 40-week Ema in the early hour of Asia's session and started moving to the lower levels. Currently it is trading at 80.26, the lowest point of the day as of now. On the down side, it has support at 80.20 and 80.10 (50-day Sma). On the upper side, if it has resistance at 80.44 (200-day Ema), above this 80.66 and 80.71 levels. This weeks trading pattern will frame between 80.10-80.44 levels. We recommend to buy with sl 80.10 if the index comes near 80.20-80.20 levels. We can see strong upside momentum only above 80.40 for an intraday basis.

USD/CAD

The pair opened its session on a highly bearish note higher at 1.0761 levels. It has strong support at 1.0711 (50-week Sma). Currently it is trading at 1.0731 levels. The trading pattern is framed between 1.0711-1.0761 levels. On the down side, if the pair breaks the 1.0711 levels, we can see another round of selling up to 1.06 levels. On the up side, if it breaches 1.0761, it can spike up to 1.0814 levels. Until the pair trades below 1.0761, selling on the rally is the best strategy.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.