Forex pairs- major support & resistance level.

Gold- Yellow metal is moving up but the momentum is too slow due to resistance zone. The 1790-1810 level is a strong resistance zone so we would suggest to short the gold with the strict stop loss of $1810 and a hourly closing above $1810 level will take it to upside till $1845 level atleast however chances are very low for this event. We are expecting that gold will fall from here and test the $1750 level atleast and a daily closing below $1750 level will open the way towards the $1700 level which is a psychological level.

EUR/USD- pair is trading in strict range of 1.1190 to 1.1290 level. Breakout on either side will give us clear buy or sell signal. A valid breakout of 1.1190 will open the way towards the 1.1140 and 1.1050 level. On contrary a valid breakout fo 1.1290 level will open the way towards the 1.1250 and 1.1350 level. Intraday traders are advised to sit aside and wait for clear breakout.

GBP/USD-  pair is trading in the strict range of 1.2450 to 1.2250 level a breakout on either side will give us fresh view. Overall pair is trading below the moving average lines and bias remains bearish on the pair as long as 1.2450 level remains intact. The 1.2450 level is a key resistance level followed by a strong resistance of 1.2550 level. Below 1.2250 level we may see panic selling pressure till 1.2100 and 1.2000 level also.

USD/CAD– Pair has bounced from 200 SMA line which is a strong key support level and we would suggest to buy the pair as long as 1.3300 level remains intact and fresh buying will be above 1.3700 level. Buy on dips is the strategy in the pair and keep your stop loss as 1.3300 strictly.

 

USD/JPY-   Pair has shown buying from 106 level to 108.15 level and fresh buying will be above 108.40 level. If we see a valid breakout of this level then the 110 level will be next arrival for bulls. On contrary, a downside move below 105.90 level will take it a downside to 105 and 104 level.

 

Disclaimer: This is to be considered a marketing communication only, this does not contain, and should not be construed as containing, investment advice or an investment recommendation or investment research or, a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instruments. Past performance is not a guarantee of or prediction of future performance. Cabana Capitals does not take into account your personal investment objectives or financial situation. Cabana Capitals makes no representation and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or other information supplied by an employee of Cabana Capitals, a third party or otherwise. Consequently, any person acting on it does so entirely at their own risk. This material has not been prepared in accordance with legal requirements promoting the independence of investment research and it is not subject to any prohibition on dealing ahead of the dissemination of investment research. All expressions of opinion are subject to change without notice. Any opinions made may be personal to the author and may not reflect the opinions of Cabana Capitals. This communication must not be reproduced or further distributed without prior permission.



Leave a Reply