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    USD/CAD intraday technical levels and trading recommendations for June 15, 2016

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    On December 7, a bullish breakout above 1.3450 (upper limit of the recent consolidation range) enhanced the bullish side of the market. Hence a bullish visit to the resistance at 1.4120 (Fibonacci Expansion 100%) occurred.

    Bullish persistence above 1.4150 enhanced the bullish side of the market towards 1.4650 (141.4% Fibonacci expansion) where an evident bearish rejection was expected (bearish engulfing weekly candlestick).

    The 1.4120 level (Fibonacci Expansion 100%) stood as a significant resistance level where a significant bearish rejection was applied.

    Although the area of 1.3050-1.3250 was expected to offer bullish support for the USD/CAD pair, the same price zone was broken as depicted on the daily chart.

    Shortly after, the 1.3300 level stood as a significant resistance as it corresponds to the 50% Fibonacci level and the backside of the broken weekly uptrend where a valid sell entry was suggested on March 24.

    Since then, the USD/CAD pair was trapped within the consolidation range between 1.3300 and 1.3300 until a bearish breakout took place on April 11.

    Shortly after the quick bearish decline took place below 1.3000, signs of bullish recovery were expressed around 1.2460.

    A bullish pullback towards 1.3000 (61.8% Fibonacci level) was expected to offer a valid signal to sell the USD/CAD pair. However, a lack of significant bearish rejection was manifested during recent consolidations.

    On May 18, temporary bullish fixation above 1.3000 (61.8% Fibonacci level) opened the way towards the 1.3180 level where significant bearish pressure was originated.

    The current bearish persistence below 1.3000-1.2970 (61.8% Fibonacci level) should be maintained to enhance more bearish momentum in the market. Initial T/P levels should be located at 1.2770, 1.2650 then 1.2450.

    That's why, any bullish pullback again towards the price level of 1.2970-1.3000 (61.8% Fibonacci level) should be considered for another SELL entry.

    On the other hand, the price zone of 1.2400-1.2500 constitutes a significant support zone to be watched for BUY entries if enough bearish pressure is applied below 1.2650.


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