1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

Forexpros Daily Analysis - 25/07/2011

Discussion in 'Market Predictions and Reports' started by Forexpros2, Jul 25, 2011.

  1. Forexpros2

    Forexpros2 Recruit

    Oct 12, 2009
    Likes Received:
    ForexPros Daily Analysis July 25, 2011

    Today: Free webinar on ForexPros - Developing Traders State of Mind: The 5 Essential Skills to Peak Performance Trading

    Expert: Rande Howell

    Start: Mon, Jul 25, 2011, 10:00 EDT
    End: Mon, Jul 25, 2011, 11:00 EDT

    Developing an effective mindset specifically for trading is often the missing element in a trading plan and becomes the barrier to desired success. It is this blindness to the inner game of trading that stops the trader from having a breakthrough in achieving his potential. After endlessly crafting a methodology and platform into a trading plan that should give him (or her) an edge in the markets, the serious trader acknowledges that the problem in his quest for success is him (not his trading plan) and his psychology that actually puts his trading plan into play.

    Click here to join free


    Possible Rounded Bottom in GBP/CAD

    The Canadian Dollar was very active last week, due to enormous amount of data released in that country. Even though a lot of it was positive, like a hint of interest rates increase in the near future, the Canadian Dollar remained largely stalled.

    The CAD pushed the US Dollar to a new three-year low, at 0.9424, but in relation to most other currencies, it either consolidated or even lost some ground. In case of the GBP-CAD, for example, the price is in a congestion zone, perhaps best visible on the intermediate term chart.

    This pair sold off recently, falling from 1.6144 to last week’s low of 1.5246. However, the most prominent feature of this chart is the consolidation contained between 1.5525 and 1.5246. In the process, the GBP-CAD has built a possible rounded bottom, a little complicated but unmistakable.

    In order to confirm this formation, the price must climb above a strong resistance of 1.5525. Currently, the GBP-CAD is not far away and appears ready to test that level again. With the price already above the 100 SMA and MACD turning positive as well, a successful breakout above the resistance could send the GBP-CAD on a 300 pips rally.


    Forex Trading analysis written by Mike Kulej for Forexpros.


    Visit Forexpros new Forex Brokers Directory !


    Trading Futures and Options on Futures and Cash Forex
    transactions involves substantial risk of loss and may not be suitable for
    all investors. You should carefully consider whether trading is suitable for
    you in light of your circumstances, knowledge, and financial resources. You
    may lose all or more of your initial investment. Opinions, market data, and
    recommendations are subject to change at any time.

Share This Page