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10.06.201516:28 Forex Analysis & Reviews: USD/CAD intraday technical levels and trading recommendations for June 10, 2015

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.

Exchange Rates 10.06.2015 analysis
Exchange Rates 10.06.2015 analysis

Overview:

Since bulls pushed the price further above the upper limit of both depicted bullish channels and the 79.6% Fibonacci level, the market looks quite overbought. That is why the price failed to hold above 1.2650 - 1.2680 (previous highs) resulting in the formation of a Triple-top pattern.

Successive lower highs were reached within the depicted consolidation zone enhancing the bearish side of the market.

Support levels around 1.2350 and 1.2300 (79.6% Fibonacci level) were broken after providing significant support for several weeks on the daily and weekly charts.

Daily fixation below 1.2300 opened the way for the USD/CAD pair towards the levels of 1.2000 and 1.1940 (the depicted weekly uptrend).

That is why significant bullish support was offered around these levels. Since then, a bullish pullback has been taking place.

On the other hand, the price zone of 1.2430-1.2500 constitutes a significant resistance zone for USD/CAD.

As anticipated, a bearish candle closure below 1.2430 enhanced further bearish advancement.

This offered a low-risk sell position with good long-term potential targets especially if enough bearish momentum is applied against the depicted weekly uptrend.

T/P levels should be placed at 1.2220, 1.2100, and 1.1950 while S/L should be lowered to 1.2350 to secure profits.

Mohamed Samy
Analytical expert of InstaForex
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