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USD/JPY: upward momentum maintains 20 September 2019, 14:15

USD/JPY: upward momentum maintains 20 September 2019, 14:15 Scenario Timeframe Weekly Recommendation BUY Entry Point 1...

Sep 12, 2019

USD/CAD: technical analysis 12 September 2019, 11:26


Scenario
Timeframe Weekly
Recommendation BUY STOP
Entry Point 1.3225
Take Profit 1.3290, 1.3345
Stop Loss 1.3190
Key Levels 1.2900, 1.3020, 1.3085, 1.3225, 1.3290, 1.3345
Alternative scenario
Recommendation SELL STOP
Entry Point 1.3120
Take Profit 1.2900
Stop Loss 1.3185
Key Levels 1.2900, 1.3020, 1.3085, 1.3225, 1.3290, 1.3345
USD/CAD, H4
On the 4-hour chart, the pair is trading in the upper Bollinger band. The price remains below the EMA65, EMA130 and SMA200 that are directed down. The RSI is growing, having broken out its longer MA. The Composite is forming a Bearish divergence with the price.

USD/CAD, D1
On the daily chart, the pair is trading in the lower Bollinger band. The price remains below its moving averages that are turning down. The RSI is falling, having broken down its longer MA. The Composite is about to test its quite strong support.

Key levels
Support levels: 1.3085 (February lows), 1.3020 (July lows), 1.2900 (August 2018 lows).
Resistance levels: 1.3225 (local highs), 1.3290 (local highs), 1.3345 (August highs).
Trading tips
The price is approaching its long-term ascending trendline. There is a chance of an upward rebound.
Long positions can be opened from the level of 1.3225 with targets at 1.3290, 1.3345 and stop-loss at 1.3190. Validity – 3-5 days.
Short positions can be opened form the level of 1.3020 with the target at 1.2900 and stop-loss at 1.3085. Validity – 3-5 days.

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