empty
 
 
04.07.2014 06:40 PM
GBP/USD intraday technical levels and trading recommendations for July 4, 2014
This image is no longer relevant

Since the USD/CAD bulls failed to show enough momentum above 1.1200 during the last visit on March 20, the pair has been down trending within the depicted bearish channel, which managed to push towards the price zone of 1.0910-1.0850 (50-61.8% Fibonacci levels on the daily chart) for few times.

The USD/CAD pair found solid resistance around 1.0910-1.0950 that was able to pursue the ongoing bearish momentum.

The pair was trapped within the depicted congestion zone between such two important Fibonacci Levels until bearish breakout turned to the bearish side.

Bearish projection targets got visited at 1.0725 and 1.0685 respectively (the lower limit of the ongoing bearish channel). 

Bullish price action will probably originate at retesting of 1.0655-1.0630 which is the origin of the previous bullish impulse initiated in December 2013.

That's why, the price action should be watched for a possible BUY entry at retesting. SL should be set as daily closure below 1.0600.  

Note the state of indecision taking place around the current prices. This should render the bulls conservative with their Stop Loss and their potential targets.

Mohamed Samy,
Analytical expert of InstaForex
© 2007-2024
通过InstaForex赚取加密货币汇率变动的收益。
下载MetaTrader 4并开启您的第一笔交易。
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In October we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

推荐文章

现在无法通话?
提出您的问题,用 在线帮助.
Widget callback