Today we take a look at CADJPY . Combining advanced technical analysis methods such as Fibonacci confluence, correlation, market structure, oscillators and demand/supply zones, we identify high probability trading setups. CADJPY is facing bullish pressure from ascending trend line support as well as horizontal pullback support level. Prices might push up further towards horizontal swing high resistance which coincides with 61.8% Fibonacci retracement. If prices fall beyond ascending trendline support, prices might take support from horizontal swing low support which coincides with 23.6% Fibonacci retracement. MACD is also showing bullish pressure as it is crossing over above zero line, in line with our analysis for a bullish pressure in price.
The material has been provided by InstaForex Company – www.instaforex.com
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