MG Network

something big isHappening!

In the mean time you can connect with us with via:

Copyright © Money Grows Network | Theme By Gooyaabi Templates

Money Grows Network

Archive

Powered by Blogger.

Welcome To Money Grows Network

Verified By

2006 - 2019 © www.moneygrows.net

Investments in financial products are subject to market risk. Some financial products, such as currency exchange, are highly speculative and any investment should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only.

Popular

Pages

Expert In

Name*


Message*

USD/CAD intraday technical levels and trading recommendations for July 21, 2015

cadweekly.pngcaddaily.png

Overview:

When bulls pushed the price further above 79.6% Fibonacci level, the market looked quite overbought. That is why, the price failed to hold above 1.2650 - 1.2680 (previous highs) resulting in a formation of a Triple-top pattern.

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

Daily fixation below 1.2300 opened a way towards the levels of 1.2000 and 1.1940 (the depicted weekly uptrend).

Bullish support was found around these levels. Successive higher bottoms were established. Bullish pressure was applied against the resistance levels of 1.2450 and 1.2500 (previous tops).

On the other hand, the previous weekly candlestick came quite bullish when the pair needed frank weekly closure below 1.2300. This reflected a lack of enough bearish momentum.

That is why, an extensive bullish movement is being seen on the chart. A bullish breakout above the price zone of 1.2770-1.2800 has been executed.

The long-term bullish projection target would be located at the level of 1.3080 if enough bullish support is offered around the recently established SUPPORT zone (1.2750-1.2800).

Conservative traders can wait for a bullish pullback towards 1.2800 or probably slightly lower, for a valid buy entry with a low risk/reward ratio (Breakout level = Recent Support).

The material has been provided by InstaForex Company - www.instaforex.com