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USD/CAD: technical analysis 15 October 2019, 12:43

USD/CAD: technical analysis 15 October 2019, 12:43 Scenario Timeframe Weekly Recommendation BUY STOP Entry Point 1.324...

Oct 10, 2019

XAU/USD: gold strengthens 10 October 2019, 10:15


Scenario
Timeframe Intraday
Recommendation BUY STOP
Entry Point 1510.20
Take Profit 1530.00, 1535.39
Stop Loss 1500.00
Key Levels 1474.61, 1483.18, 1490.81, 1500.00, 1510.11, 1516.70, 1523.95, 1535.39
Alternative scenario
Recommendation SELL STOP
Entry Point 1499.90
Take Profit 1474.61
Stop Loss 1510.11
Key Levels 1474.61, 1483.18, 1490.81, 1500.00, 1510.11, 1516.70, 1523.95, 1535.39
Current trend
Yesterday, the XAU/USD pair rose slightly, having received support ahead of the publication of the September protocols of the US Federal Reserve and the speech of the head of the Federal Reserve Jerome Powell. As expected, Powell advocated the possibility of new stimulus measures to support the US economy. In particular, it is planned to return to an increase in the Federal Reserve balance sheet again, however, Powell emphasized that this would not be a full-fledged quantitative easing (QE) program. The published FOMC protocols reflected the lack of consensus within the regulator’s leaders, which only complicates the prediction of the timing of a possible Fed rate cut.
Support and resistance
On the daily chart, Bollinger bands are moving flat. The price range is narrowing slightly from above, reflecting the appearance of uncertain trading. The MACD indicator is growing, keeping a poor buy signal (the histogram is above the signal line), and is trying to consolidate above the zero line. Stochastic, after a short decline, reverses upwards, remaining close to its highs. The current indicator readings reflect a low potential for the development of the “bullish” dynamics in the ultra-short term.
It is better to keep the current long positions until the market situation becomes clear.
Resistance levels: 1510.11, 1516.70, 1523.95, 1535.39.
Support levels: 1500.00, 1490.81, 1483.18, 1474.61.


Trading tips
Long positions can be opened after the breakout of the level of 1510.11 with the target at 1530.00 or 1535.39. Stop loss is no further than 1500.00.
Short positions can be opened after the breakdown of the level of 1500.00 with the target at 1474.61. Stop loss – 1510.11.
Implementation period: 2–3 days.

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