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USD/JPY: general review 21 May 2019, 14:14

USD/JPY: general review 21 May 2019, 14:14 Scenario Timeframe Weekly Recommendation BUY Entry Point 110.26 Take Prof...

Mar 15, 2019

USD/CAD: technical analysis 15 March 2019, 10:02


Scenario
Timeframe Weekly
Recommendation BUY STOP
Entry Point 1.3380
Take Profit 1.3465
Stop Loss 1.3335
Key Levels 1.2920, 1.3130, 1.3200, 1.3335, 1.3380, 1.3465
Alternative scenario
Recommendation SELL STOP
Entry Point 1.3130
Take Profit 1.2920
Stop Loss 1.3200
Key Levels 1.2920, 1.3130, 1.3200, 1.3335, 1.3380, 1.3465
USD/CAD, H4
On the 4-hour chart, the pair is trading in the lower Bollinger band. The price remains just below the EMA14, EMA65 and EMA130 that start turning down, and above the SMA200 which is horizontal. The RSI is testing the border of the oversold zone. The Composite is testing from above its longer MA.

USD/CAD, D1
On the daily chart, the pair is trading on the middle MA of the Bollinger Bands. The price remains slightly above the EMA65, EMA130 and SMA200 that are directed up. The RSI is testing from above its longer MA. The Composite is falling, having broken down its longer MA.

Key levels
Support levels: 1.3200 (local lows), 1.3130 (local lows), 1.2920 (October 2017 highs).
Resistance levels: 1.3335 (local highs), 1.3380 (June 2018 highs), 1.3465 (local highs).
Trading tips
The downward correction could continue in the short-term, and the growth is likely to resume after.
Long positions can be opened from the level of 1.3380 with the target at 1.3465 and stop-loss at 1.3335. Validity – 3-5 days.
Short positions can be opened from the level of 1.3130 with the target at 1.2920 and stop-loss at 1.3200. Validity – 3-5 days.

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