empty
 
 
31.08.2011 04:53 PM
USD/CAD technical analysis for August 31, 2011

This image is no longer relevant

 

Recently the price has been demonstrating downside movement despite the fact that it managed to decline by almost 120 pips in 8 days. Current resistance for the price is the 50.0 long-term Fibonacci correction level.


Basic signal to open short positions was received two days ago from the MACD indicator. The signal was quite strong, however we are about to receive the opposite signal from another oscillator. The Stochastic oscillator might get oversold soon. At the moment the line is pretty close to the control level 20. An exit from this level will be a buy signal.

 

InstaForex Analyst,
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 $6000 more!
    In December we raffle $6000 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