FXWIREPRO: GBP/CAD Buying Momentum Shrinks Away As Interim Bulls Test Resistance at 21DMA
The pair is testing resistance near 1.8834 (21DMA). Despite the attempts of upswings the current prices have well below 21DMA.
Sideway trend slipping as the bears to resume again as stiff resistance seen at 21DMA, RSI & Stoch diverge to previous upswings.
Downtrend seems intact as the both leading and lagging indicators converge the ongoing slumps.
It is projected as sideway swings may head towards bearish trend continuation.
Divergence of leading oscillator (RSI) is traced out when prices were rallying, this would be deemed as the upswings are attempting to take halt and continue the major trend which is bearish.
The attempt of %D line crossover on slow stochastic at 40levels has been a caution for aggressive bulls..
Hence, the intraday trend has been stiff but one can get benefitted from the boundary binary options as the leading indicators suggest contraction in ongoing buying momentum. Thus, it is good to buy boundary binary options with upper strikes at 1.8850 and lower strikes at 1.8710 for minimum targets of 50-60 pips on either sides, use 1H expiries to fetch desired results.
The material has been provided by InstaForex Company - www.instaforex.com