21.04.201513:37 Forex Analysis & Reviews: USD/CAD intraday technical levels and trading recommendations for April 21, 2015

Long-term review

Tieto informácie poskytujeme retailovým a profesionálnym klientom ako súčasť marketingovej komunikácie. Neobsahujú investičné poradenstvo, investičné odporúčania, ponuku ani výzvu na vykonanie transakcie alebo použitie stratégie na finančných nástrojoch a ani by sa tak nemalo s nimi zaobchádzať. Minulá výkonnosť nie je zárukou ani predikciou budúceho výkonu. Spoločnosť Instant Trading EU Ltd. neručí a nepreberá žiadnu zodpovednosť za správnosť a úplnosť poskytovaných informácií ani za stratu, ktorá by vyplynula z akejkoľvek investície založenej na analýze, predpovedi alebo iných informáciách poskytnutých zamestnancom spoločnosti alebo iným spôsobom. Celé vylúčenie zodpovednosti nájdete tu.

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.

The market failed to hold above 1.2650 - 1.2680 (previous highs) resulting in the formation of a double-top pattern that calls for confirmation (a daily closure below 1.2350).

Recently, successive lower highs were established within the depicted consolidation zone, enhancing the bearish side of the market.

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

A daily fixation below 1.2300 clears the way for the USD/CAD pair towards the price zone of 1.2050-1.2000 (where the projection target of the recent range breakout is located) and 1.1800 where the depicted weekly uptrend is roughly located.

Trading recommendations:

Conservative traders should be waiting for a bullish pullback towards 1.2300-1.2350 for a low-risk sell entry.

S/L should be set as a daily closure above 1.2370 while T/P levels should be placed at 1.2220, 1.2150 and 1.2050 respectively.

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.