The pair has been in an uptrend from 1.0814 levels. In yesterday's session, it crossed the 50 day SMA and slightly closed below it. During today's Asian session, it holds the 50day SMA and is moving towards the 61.8 fib level 1.0960. We expect a fresh buy only above 1.0960 for 1.0990, 1.1007 and 1.1030 levels. On the down side, if the pair is unable to breach the 61.8 fib level (1.0960), it has supports at 1.0939 , 1.0907 and 1.0891 levels.
For intraday session, the hourly oscillators are indicating an overbought sign. Until the pair sustains above the 1.0960 levels, traders can look at the downside, support levels 1.0940 and 1.0933 levels. Safe traders can enter shorts below 1.9033 for 1.0924 and 1.0917 levels. It would extend the fall below 1.0917 to 1.09071.0891 and 1.08770 levels.
From the above analysis, we recommend the following:
Buy above 1.0960
Sell below 1.0933
Speculators sell with sl 1.0960 cmp 1.0955
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via Technical analysis of USD/CAD for June 05, 2014 . Thanks for your support on Technical analysis of USD/CAD for June 05, 2014
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