USD/CAD testing support, potential bounce!

By | March 26, 2020
USD/CAD testing support, potential bounce!

Relevance up to 02:00 2020-03-27 UTC–7


Trading Recommendation

Entry: 1.41528

Reason for Entry: Horizontal swing low support, 78.6% Fibonacci extension

Take Profit : 1.45656

Reason for Take Profit: horizontal swing high resistance

Stop Loss:1.40175

Reason for Stop loss: 50% Fibonacci retracement

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

Performed by Dean Leo,
Analytical expert
InstaForex Group © 2007-2020

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AUD/JPY approaching resistance, potential drop!

Price is approaching our first resistance where we could see a drop below this level to our first support level.

Instaforex Daily Analysis – 26th Mar 2020

Today we take a look at USDCAD and how we can use Fibonacci retracements, Fibonacci extensions, market momentum, trend lines and support/resistance to play this move.

AUDJPY broke out of ascending trendline support to the downside! Further drop expected!

AUDJPY recently broke below ascending trendline support (turned resistance) to the downside. A further drop below resistance at 66.634 towards support at 62.930 is now expected. Price is also holding below 21 period EMA and MACD is now crossing below 0 and entering bearish territory.

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