empty
 
 
11.01.2022 09:27 AM
USDCAD, Bearish Pressure | 11th Jan 2022

This image is no longer relevant

On the H4, with price moving below the ichimoku cloud, we have a bearish bias that price will drop from our 1st resistance at 1.26939 which is in line with horizontal swing high resistance to 1st support at 1.26234, which is in line with horizontal swing low support and 78.6% fibonacci retracement. Alternatively, price may break 1st resistance structure and head for 2nd resistance at 1.27301, which coincides with horizontal swing high resistance and 61.8% Fibonacci retracement.

Trading Recommendation

Entry:1.26939

Reason for Entry:

Horizontal swing high resistance

Take Profit: 1.26234

Reason for Take Profit:

Horizontal swing low support and 78.6% fibonacci retracement

Stop Loss: 1.27301

Reason for Stop Loss:

Horizontal swing high resistance and 61.8% Fibonacci retracement

Dean Leo,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • 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 April 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

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback