Technical analysis of GBP/USD for April 23, 2014

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Trading recommendations
  • According to the previous events, the price of GBP/USD pair is going to move between the level of 1.6773 and 1.6840. 
  • Hence, the range of the GBP/USD pair will be around 65 pips today. 
  • The resistance has set at the level of 1.6866 this week. 
  • Equally important, the support has set at 1.6765 and it should be noted that the same level is representing the weekly pivot point.
  • Consequently the market will indicate a bearish opportunity below 1.6866, because the level of 1.6866 is going to act as strong resistance. 
  • Therefore, it will be a good sign to sell below this level today with the first target of 1.6765 in order to try to break the weekly pivot point in H1 chart. 
  • Furthermore, if the trend manages to close below weekly pivot point, then the market will be continuing in downtrend below the weekly pivot point towards the level of 1.6725.

The material has been provided by InstaForex Company – www.instaforex.com

Technical analysis of USD/CAD for April 23, 2014

General overview for 23/04/2014 10:40 CET

The corrective bounce in this pair has hit the technical resistance zone between the levels of 1.1023 – 1.1042 and it is below the golden trendline as well. There is a possibility of a one more leg higher to the level of 50%Fibo and then the the upward trend should reverse. The linear regression channel provides the resistance as well so the current price levels are good to open a short positions.

Support/Resistance:

1.1068 – 50%Fibo

1.1023 – 1.1042 – Technical Resistance Zone

1.0960 – First Target Level 

Trading recommendations:

All the swing/position traders might want to open a sell orders from current price levels with SL above the level of 1.1086 and TP at the level of 1.0860 with a possible downside extension.

usdcad_h1.jpgThe material has been provided by InstaForex Company – www.instaforex.com