Friday, March 23, 2018
Trend reversal on the USD/CAD?
The
USD/CAD has broken below the bullish trendline that we can see on the daily
chart and it could be signaling a trend reversal. However, the pair may find a
good support zone around the 1.2793 level and the 1.2730 level. First of all,
the 55 week EMA is crossing around the 1.2793 level, below that area we have
the 55 day EMA and the 200 day EMA at the 1.2730 level. We can see now all the
factors than coincide around the same zone and that could act as a good support
level. The stochastics indicator has space to continue falling, therefore the
price of the USD/CAD could also drop some more. On the other hand, if the pair
breaks below the 1.2730 level it would have the road clear to drop to the low
at the 1.2244 level. In case of a bullish bounce from the current zone, the
most relevant resistance level is the peak at the 1.3121 level.
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Well spotted! Thanks for sharing it.
ReplyDeleteIt's definitely possible.
ReplyDeleteExcellent assessment.
ReplyDeleteVery good analysis.
ReplyDeleteIt may be just a temporary retracement.
ReplyDeleteWell spotted! I'll keep it in mind.
ReplyDeleteThank you for the analysis i'll keep an eye on the currency.
ReplyDeleteSpot on analysis.
ReplyDeleteThanks for the relevant information.
ReplyDelete