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 29, 2016

cadweekly.pngcaddaily.png

A bullish breakout above the previous consolidation zone between 1.2400 and 1.2800 was performed on July 15 (shown on the weekly chart).

A significant bearish rejection was observed around 1.3450. Hence, another consolidation range was established between 1.3450 down to 1.2800.

On December 7, a bullish breakout above 1.3450 (the upper limit of the recent consolidation range) enhanced the bullish side of the market. Hence, a bullish visit towards the resistance level of 1.4150 (Fibonacci Expansion 100%) was executed.

Bullish persistence above 1.4150 enhanced the bullish side of the market towards 1.4600 (141.4% Fibonacci expansion) where evident bearish rejection was expected (a bearish engulfing weekly candlestick).

The level of 1.4100 (Fibonacci Expansion 100%) remains a significant key level to be watched for price reaction during the current week's consolidations. It may offer a valid sell entry if any bullish pullback occurs soon.

On the other hand, the price zone of 1.3370-1.3400 remains a significant support zone to be watched for valid buy entries if the current bearish momentum persists below the mentioned key level (1.4100) and 1.4000 (a prominent Weekly Support).

Trading recommendations:

As we expected, a valid sell entry was offered around 1.4650 (141.4% Fibonacci expansion). It is already running in profits.

S/L should now be lowered to 1.4200 to secure our profits, while the next T/P level remains projected at 1.3800 if USD/CAD bears maintain enough bearish momentum below 1.4100 and 1.4000.

On the other hand, conservative traders should wait for a bearish pullback towards the price zone of 1.3370-1.3400 where a valid buy entry can be offered.

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