GBP/USD intraday technical levels and trading recommendations for March 6, 2015



On February 5, initial bullish breakout above 1.5220 (previous consolidation range) took place. Shortly after, DAILY support was established around 1.5170-1.5200 (ascending bottoms).

The long-term projection target for the recent bullish breakout was already reached around 1.5550 where the previous DAILY bottoms were located (DAILY RESISTANCE).

On Monday, obvious breakdown of the lower limit of the depicted channel took place.

Today, significant bearish pressure was applied over the price levels of 1.5180 and 1.5100 (previous support level and recent uptrend line).

A quick bearish visit towards 1.5000 should be anticipated if bears keep defending their newly established RESISTANCE level around 1.5100.

The material has been provided by InstaForex Company -

USD/CAD intraday technical levels and trading recommendations for March 6, 2015



The USD/CAD pair has been trending upwards within the bullish channel depicted on the WEEKLY chart.

The market looked overbought since bulls have pushed further above the upper limit of both depicted bullish channels as well as the 79.6% Fibonacci level. That is why the current sideways movement was anticipated in the previous articles.

The nearest SUPPORT level to meet the USD/CAD pair is located around 1.2300 (79.6% Fibonacci level) that should be defended by bulls in order to maintain enough bullish momentum.

Note that successive lower highs are being established within the wedge-pattern depicted on the DAILY chart. It could be a reversal or continuation pattern as further price action indicates.

DAILY closure below the price level of 1.2300 exposes the next DAILY SUPPORT around 1.2000 where the backside of the upper limit of the breached channel is located.

On the other hand, bullish persistence above 1.2650 - 1.2680 (recent highs) enhances further bullish advancement towards 1.2780-1.2800 initially.

Trading recommendations:

At such high prices conservative traders should wait for a DAILY closure below 1.2300 for SHORTING the USD/CAD pair. TP levels should be set at 1.2250 and 1.2190.

Risky traders can benefit from the short-term bullish breakout above the wedge-pattern. BUY trigger is the DAILY closure above 1.2650. T/P levels should be set at 1.2800 and 1.2880.

The material has been provided by InstaForex Company -