|Fundamental Analysis, for July 31, 2012|
|GBP/USD Intraday Technical Analysis and Trading Recommendations for July 31,...|
Since June 4, the USD/CAD pair movement is maintained within the mid-term slightly bearish depicted channel with its upper limit located around 1.0245.
Fibonacci level 50% is located at the price level of 1.0120 and 61.8% is located at 1.0045 which are considered to be strong support levels. However, 1.0120 (50% Fibonacci) has been broken down today after finding bearish rejection off the upper limit of the consolidation zone around 1.0230.
For two consecutive times, USD/CAD has been trapped within a narrow ranged price zone between 1.0170 -1.0230, the upper limit of which prevented further upside movement of the pair showing bearish price action which pushed the pair to the downside breaking down the lower limit of the consolidation range, the same price action took place on Wednesday towards 1.0230 pushing the USD/CAD pair towards 1.0170 which was broken down opening the way towards 1.0085 then 1.0045 as expected.
Price zone between 1.0045 -1.0015 corresponding to the lower limit of the mid-term bearish channel should be carefully watched while being tested now for bullish price action
4H closure back again above 1.0045 brings bullish strength into the market allowing bullish retracement to take place towards 1.0070, 1.0120 then 1.0150.
Bearish breakdown of 0.9950 invalidates the bullish scenario in short-term.
Mohamed Samy is taking part in the "Analyst of the Year" award organized by MT5.com portal. If you like his article, please vote for him.
Analytical expert: Mohamed Samy
|InstaForex Group © 2007-2013|
|Recommend: Forex Analytics|
EUR/USD. Forecast for May 24, 2013
2013-05-24 07:54:07 UTC+00 21 hour, 35 min. ago
|Betrachtet heute 727|
GBP/USD. Forecast for May 24, 2013
2013-05-24 08:33:05 UTC+00 20 hours, 56 min. ago
|Betrachtet heute 702|
EUR/USD intraday technical levels for May 24, 2013
2013-05-24 06:00:40 UTC+00 23 hours, 29 min. ago
|Betrachtet heute 732|
USD/JPY intraday technical levels for May 24, 2013
2013-05-24 06:02:00 UTC+00 23 hours, 27 min. ago
|Betrachtet heute 642|
Elliott Wave analysis of EUR/NZD for May 24, 2013
2013-05-24 06:03:27 UTC+00 23 hours, 26 min. ago
|Betrachtet heute 682|