Monday, February 19, 2018
The USD/CAD in a possible congestion zone
On
the daily chart of the USD/CAD we can see that the pair has been consolidating
between the 55 day EMA at the 1.2538 level and the 200 day EMA at the 1.2681
level. It is not unusual to see the price of an instrument consolidate between
those two moving averages without taking a clear direction. The price of the
USD/CAD may actually break in any direction, but for now the most probable
price action is sideways. The stochastics indicator is showing us that the
bullish momentum has come back and the USD/CAD may try to break above its 200
day EMA. In case of a bullish breakout, the USD/CAD may find its next
resistance at the high on the 1.2920 level. In case the pair breaks below the
55 day EMA, then its next support could be the zone between the 1.2300 level
and the 1.2244 level.
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Thank you for the analysis very helpful.
ReplyDeleteImportant levels to keep in mind.
ReplyDeleteThank you for the analysis i'll keep an eye on the currency.
ReplyDeleteSupport can be found around 1.2600.
ReplyDeleteGreat review!
ReplyDelete