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 January 14, 2015

caddaily.pngcad4h.png

Overview:


Price levels around 1.0620 (the lower limit of the depicted chart) initiated the current strong uptrend within the depicted daily channel.


During the past few weeks, the USD/CAD pair established a temporary consolidation zone between price levels of 1.1560 and 1.1670 bullish breakout above which allowed bulls to reach price levels of 1.1800, 1.1900 and recently 1.2015 where new highs have been scored.


As a conservative trader, you should know that price zone of 1.1800-1.1750 remains the nearest SUPPORT zone for the current prices. LONG positions are suggested at retesting this price zone.


You should also note the ascending channel being expressed since price level of 1.1750 extended up to 1.2000 as the market looks quite overbought since bulls have pushed further above the upper limit of the movement channel.


This channel pattern may indicate bearish reversal, if confirmed, with bearish breakdown of the lower limit of it around price level of 1.1850-1.1870 (the most recent SUPPORT zone).


As long as bulls keep defending the recent INTRADAY SUPPORT around 1.1850, the market bias remains positive.


Trading recommendations:


LONG positions are suggested at retesting price zone of 1.1800-1.1750. SL should be placed slightly below price level of 1.1730.


Counter-trend risky traders can wait for a bearish breakout below 1.1850 to SELL the USD/CAD pair aiming for 1.1750 and 1.1680.


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