The pair has been in a down trend from April 23 highs. It is facing strong resistance at 50-day SMA, and was unable to cross this level. It has been consolidating for the last 4 trading sessions. In yesterday’s trading session, the pair was beaten very badly. In Asia’s trading session, the pair is trading at 1.0950 levels. As of now, the pair made a double bottom. We expect the pair will move higher if 1.0944 holds. The RSI in the hourly and daily charts, supporting my view.
On the upside, the pair will face resistance at 1.0958 levels. Up move will continue only if the pair crosses the 1.0958 (23.6fib level) for 1.0964, 1.0980, 1.0995 and 1.1018 levels. On the down side, the pair looks weak only below 1.0942 and it will drift up to 1.0919 and 1.0859 levels.
Buy with sl 1.0942.
Sell below 1.0940 for targets at 1.0920 and 1.0860 levels.
The material has been provided by InstaForex Company – www.instaforex.com
USD/CAD
The pair has
been in a down trend from April 23 highs. It is facing strong resistance at
50-day SMA, and was unable to cross this level. It has been consolidating for the last 4 trading sessions. In yesterday’s trading
session, the pair was beaten very badly. In Asia’s trading session, the pair is
trading at 1.0950 levels. As of now, the pair made a double bottom. We expect
the pair will move higher if 1.0944 holds. The RSI in the hourly and daily
charts, supporting my view.
On the upside, the
pair will face resistance at 1.0958 levels. Up move will continue only if the pair
crosses the 1.0958 (23.6fib level) for
1.0964, 1.0980, 1.0995 and 1.1018 levels. On the down side, the pair looks weak only
below 1.0942 and it will drift up to 1.0919 and 1.0859 levels.
Buy with sl 1.0942.
Sell below 1.0940 for targets at 1.0920 and 1.0860 levels.
The material has been provided by InstaForex Company – www.instaforex.com
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