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 31, 2015

cadweekly.pngcaddaly.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 successive lower highs (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 lows 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 FRANK bullish. That is why, an extensive bullish movement is 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 maintained.

Earlier, signs of a lack of bullish momentum were manifested on the chart. A bearish corrective movement was initiated towards the price levels of 1.2900.

However, recent bearish pressure has been applied since yesterday's candlestick recorded a daily low at 1.1860.

Trade Recommendations:

Traders can wait for a bearish pullback towards the recent breakout zone (1.2800-1.2750) for a valid BUY entry (Breakout level = Recent Support).

Stop Loss should be located below the price level of 1.2700.

T/P levels should be located at 1.2850 and 1.2900.

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