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14.10.202106:08 Forex Analysis & Reviews: USDCAD Bearish Continuation | 14th Oct 2021

Exchange Rates 14.10.2021 analysis

On the H4, we are expecting to see price do a bounce from 1st support at 1.24231 in line with two 100% Fibonacci projection levels taken from different points to 1st resistance at 1.24984 in line with the 38.2% and 23.6% Fibonacci retracement and a 78.6% Fibonacci projection. Our current bullish bias is supported by the existing bullish divergence where the RSI indicator is showing an uptrend, making higher lows and where price is doing a downtrend, making lower lows. Alternatively, if price breaks structure at 1st support, we may see price head for 2nd support at 1.23815 in line with the 127.2% Fibonacci extension.

Trading Recommendation

Entry:1.24231

Reason for Entry:

Horizontal swing low support and 100% Fibonacci projection

Take Profit: 1.24984

Reason for Take Profit:

Horizontal overlap resistance, 38.2% and 23.6% Fibonacci retracement and a 78.6% fibonacci projection

Stop Loss:1.23815

Reason for Stop Loss:

127.2% Fibonacci extension.

*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
© 2007-2022
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