Relevance up to 20:00 2020-05-18 UTC–5
Reason for Entry: Horizontal swing low support, 78.6% fibonacci retracement and 61.8% fibonacci extension
Take Profit :1.08923
Reason for Take Profit: horizontal overlap resistance, 50% fibonacci retracement
Stop Loss: 1.07374
Reason for Stop loss: Horizontal swing low support
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
Performed by Dean Leo,
InstaForex Group © 2007-2020
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AUDUSD further rise towards descending trendline resistance expected!
AUDUSD reacted above recent graphical swing low. With price now above moving average and stochastics reacting above support, we can expect a push up above 1st support at 0.64248 towards 1st resistance at 0.64734. 1st resistance also falls at a key level.
Instaforex Daily Analysis – 15th May 2020
Today we take a look at USDCAD and see how we are going to play the bounce! We use Fibonacci retracements, extensions, support/resistance, momentum and trend lines to identify trading opportunities in this exciting pair today!
DXY testing 1st resistance , potential drop!
We turned bearish as price is approaching 1st resistance where the horizontal swing high and 100% fibonacci extension are. Price is likely to reverse off 1st resistance towards 1st support. Stochastics is also showing bearish pressure is coming.