Foreign exchange trading follow these basic steps.
The dollar didn"t do anything special that would raise their quotes in the Forex market against the Canadian dollar. The pair, recently made an attempt to break out of the downtrend, but the bears were stronger and were able not only to return the price to previous levels, but also to start a new descending movement. In fact, if the price moving below the support level 1.2760 will be a great chance to earn about 100 points, as no obstacle to the fall of the dollar are not near.
The price is below a simple moving average 200 MA and 20 MA indicating bearish trend.
The MACD trend indicator is below zero level now, indicating bearish movement.
If the support level is broken you can use the following recommendation:
• Chart timeframe: H4
• The trade recommendation: Sell
• The level of entry into short position 1.2760
• The level of profit and close the position: 1.2660 (100 pips)
Forex currency pair GBPUSD
Possible bullish movement in the breakout of the resistance level 1.4800
Forex currency pair EURUSD
Possible bullish movement in the breakout of the resistance level 1.1190
Possible bearish movement in the breakdown of the support level 1276
Forex currency pair USDJPY
Possible bearish movement in the breakdown of the support level 103.50