USD/CAD Approaching Support, Prepare For A Bounce.
April 6, 2018 5:23 am
USD/CAD is approaching its support at 1.2711 (61.8% Fibonacci extension, 61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap support) where we expect a bounce, pushing price all the way up to its resistance at 1.2936 (61.8% Fibonacci extension, 50% Fibonacci retracement, horizontal overlap resistance). We do however have to take note of the intermediate resistance at 1.2830 (61.8% Fibonacci extension, 23.6% Fibonacci retracement, horizontal overlap resistance).
Stochastic (89, 5, 3) is approaching its support at 5.7% where we expect to see a bounce. A bullish divergence in the price has also been identified which contributes to our bullish bias.
Buy above 1.2711. Stop loss at 1.2636. Take profit at 1.2936.
The material has been provided by InstaForex Company – www.instaforex.com
USD/CAD is approaching its support at 1.2711 (61.8% Fibonacci extension, 61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap support) where we expect a bounce, pushing price all the way up to its resistance at 1.2936 (61.8% Fibonacci extension, 50% Fibonacci retracement, horizontal overlap resistance). We do however have to take note of the intermediate resistance at 1.2830 (61.8% Fibonacci extension, 23.6% Fibonacci retracement, horizontal overlap resistance).
Stochastic (89, 5, 3) is approaching its support at 5.7% where we expect to see a bounce. A bullish divergence in the price has also been identified which contributes to our bullish bias.
Buy above 1.2711. Stop loss at 1.2636. Take profit at 1.2936.
The material has been provided by InstaForex Company – www.instaforex.com
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