Wednesday, August 1, 2018
Possible support on the USD/CAD
On
the daily chart of the USD/CAD we can see that the pair has been falling from
the double top formation that it created around the 1.3387 level. Once the
price reaches the 55 day EMA (purple line), it tries to consolidate, but the
bearish momentum continues and the price of the USD/CAD breaks below the 1.3100
level and below the 55 day EMA to reach the 1.3000 level. The last few daily
candles are in the shape of a doji and that is an indication that the pair is
undecided at the moment and the 1.3000 level may act as support. Therefore, if
the price bounces to the upside from the 1.3000 level, the 55 day EMA along
with the 1.3100 level may act as resistance. On the other hand, if the price
breaks below the 1.3000 level, then the 200 day EMA (blue line), around the
1.2920 level may act as support. The most relevant support is at the 1.2739
level where it bounced to the upside in the past.
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Well spotted! I'll keep it in mind.
ReplyDeleteVery detailed assessment.
ReplyDeleteImportant levels to keep in mind.
ReplyDeleteThanks for such an informative analysis.
ReplyDeleteThat's good to know, thank you.
ReplyDeleteThat's good to know, thanks.
ReplyDeleteVery good analysis, well explained.
ReplyDeleteI will keep eye on the pair.
ReplyDelete