02.03.202111:30 Forex Analysis & Reviews: USDCAD broke above descending trendline resistance! Further rise incoming!

Exchange Rates 02.03.2021 analysis

Price broke above ascending trendline resistance (now support). With price holding above moving average and stochastic indicator on support where price reacted in the past, a short term bounce reaction above 1st support at 1.26408 towards 1st resistance at 1.27079 could be expected.

Trading Recommendation

Entry: 1.26408

Reason for Entry:

38.20% Fibonacci retracement, descending trendline support

Take Profit: 1.27079

Reason for Take Profit:

61.8% Fibonacci retracement

Stop Loss: 1.26082

Reason for Stop Loss:

-27.20% Fibonacci retracement

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Dean Leo,
Analytical expert of InstaForex
© 2007-2021
Benefit from analysts’ recommendations right now
Top up trading account
Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.

AUDUSD holding above descending trendline support! Further bounce incoming!
AUDUSD broke above descending trendline resistance (now support). With technical indicators showing room for further bullish momentum, a further push up above our 1st support at 0.72777 towards 1st resistance at 0.73736 could be possible.
Author: Dean Leo
01:23 2021-09-24 UTC--5
UKOIL reversed off resistance, potential drop!
Price is approaching 1st resistance at 77.72 in line with Horizontal swing high and 76.4% Fibonacci extension where it could see a reverse down to 1st support at 73.50 in line with 61.8% Fibonacci retracement and 23.6% Fibonacci extension. Our bearish bias is further supported by how Stochastic is.
Author: Dean Leo
01:19 2021-09-24 UTC--5
USDJPY short-term bearish drop | 24th Sep 2021
Price is holding above the ascending trendline support, however we are expecting the price to be making a short-term bearish drop as price has approached a strong resistance level where price reversed twice at that level. We can expect the price to drop from the 1st Resistance and ride the bearish.
Author: Dean Leo
01:18 2021-09-24 UTC--5
Show more
Can't speak right now?
Ask your question in the chat.