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18.10.202107:13 Forex Analysis & Reviews: USDCAD bearish continuation | 18th Oct 2021

Exchange Rates 18.10.2021 analysis

On the H4, we can see price approaching the intermediary resistance at 1.23953 in line with the 38.2% Fibonacci retracement. With the existing bearish sentiment where price is moving below the ichimoku and in a downwards trend, we may expect to see price head for 1st support at 1.23382 in line with the 78.6% Fibonacci extension and possibly even 2nd support at 1.22948 in line with the 100% Fibonacci extension level from the intermediary resistance. Alternatively, we may see price to a retest at 1st resistance at 1.24359 in line with the 61.8% Fibonacci retracement.

Trading Recommendation

Entry:1.23953

Reason for Entry:

Intermediary resistance and 38.2% Fibonacci retracement

Take Profit: 1.23382

Reason for Take Profit:

Horizontal swing low support and 78.6% Fibonacci extension

Stop Loss:1.15873

Reason for Stop Loss:

Horizontal overlap support and 100% Fibonacci extension

*تعینات کیا مراد ہے مارکیٹ کے تجزیات یہاں ارسال کیے جاتے ہیں جس کا مقصد آپ کی بیداری بڑھانا ہے، لیکن تجارت کرنے کے لئے ہدایات دینا نہیں.

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