FxWirePro: GBP/CAD Buying Momentum Shrinks Away As Back to Back Bearish Candles Pop up - Major Bear Trend Seems Intact

FxWirePro: GBP/CAD Buying Momentum Shrinks Away As Back to Back Bearish Candles Pop up - Major Bear Trend Seems Intact

11 May 2016, 10:59
Roberto Jacobs
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FxWirePro: GBP/CAD Buying Momentum Shrinks Away As Back to Back Bearish Candles Pop up - Major Bear Trend Seems Intact

Back to back bearish candles such as Gravestone, Long legged doji & Shooting star occurred at 1.8608, 1.8670 and 1.8639 levels respectively.

The pair could not even test resistance at 1.8832. Despite the attempts of upswings the current prices have well below 21DMA.

Leading oscillators have absolutely been indecisive as they diverge previous rallies, RSI trending sideways near 59 levels and %D crossover above 80s which is overbought region signifies selling momentum.

Sideway trend slipping as the bears to resume again as minor resistance seen at 1.8730 levels.

On major trend perspectives, the downtrend seems intact as the both leading and lagging indicators converge the ongoing slumps.

21EMA is almost about to crossover 7EMA on monthly terms which is sell signal.

Hence, it is projected as current sideway swings may head towards bearish trend continuation again, so good to capture rallies for shorts.

The intraday upswings have been stiff at 1.8730 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 1.8710 and lower strikes at 1.8660 for minimum targets of 40-50 pips on either sides, use 1H expiries to fetch desired results.

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