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EUR/USD: general review 14 June 2019, 11:05

EUR/USD: general review 14 June 2019, 11:05 Scenario Timeframe Intraday Recommendation SELL STOP Entry Point 1.1265 ...

Jun 14, 2019

USD/CAD: the instrument consolidated 14 June 2019, 09:38


Scenario
Timeframe Intraday
Recommendation BUY STOP
Entry Point 1.3360
Take Profit 1.3429, 1.3449
Stop Loss 1.3320
Key Levels 1.3231, 1.3250, 1.3283, 1.3320, 1.3356, 1.3379, 1.3401, 1.3429
Alternative scenario
Recommendation SELL STOP
Entry Point 1.3315
Take Profit 1.3250, 1.3231
Stop Loss 1.3356
Key Levels 1.3231, 1.3250, 1.3283, 1.3320, 1.3356, 1.3379, 1.3401, 1.3429
Current trend
Yesterday, USD fell against CAD, interrupting the development of an upward momentum since June 10. The reason for the emergence of negative dynamics was the uncertain macroeconomic statistics from the United States, as well as the closing of profitable long positions by investors at the end of the week. Published on Thursday, data from Canada had virtually no effect on the course. New Housing Price Index of Canada in April did not change in monthly terms and rose by 0.1% YoY, which fully met analysts' forecasts. Today, during the Asian session, the instrument has returned to growth.
On the last day of the week, investors are awaiting the publication of a block of macroeconomic statistics from the United States: Industrial Production, Retail Sales, and Michigan Consumer Sentiment.
Support and resistance
On the daily chart, Bollinger bands are steadily declining. The price range is slightly narrowed but still remains spacious enough for the current activity level. The MACD indicator is growing, keeping a moderate buy signal (the histogram is above the signal line). Stochastic is directed upwards but is nearing its highs, which indicates growing risks that USD will become overbought in the super short term.
It is better to keep current long positions until the market situation becomes clearer.
Resistance levels: 1.3356, 1.3379, 1.3401, 1.3429.
Support levels: 1.3320, 1.3283, 1.3250, 1.3231.


Trading tips
Long positions can be opened after the breakout of 1.3356 with the target at 1.3429 or 1.3449. Stop loss is 1.3320.
Short positions can be opened after the rebound from 1.3356 and the breakdown of 1.3320 with the target at 1.3250 or 1.3231. Stop loss is 1.3356.
Implementation period: 2–3 days.

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