Instaforex Daily Analysis – 15th May 2020

By | May 15, 2020
Instaforex Daily Analysis - 15th May 2020

Relevance up to 02:00 2020-05-16 UTC–5


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!

*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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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.

UKOIL broke above descending trendline and holding above short term ascending trendline!

UKOIL broke above descending trendline resistance (now support) to the upside. It is also holding above moving average and a shorter term ascending trendline support as well. Further push up above intermediate support at 30.92 towards 1st resistance at 32.21 is expected.

USD/CHF testing resistance, potential drop!

Price is testing our first resistance in line with our horizontal overlap resistance and descending trend line, where we might be seeing a drop below this level to our first support level. Stochastics is approaching resistance where we might be seeing a reversal below this level as well.