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AUD/USD: technical analysis 15 November 2019, 12:22

AUD/USD: technical analysis 15 November 2019, 12:22 Scenario Timeframe Intraday Recommendation SELL STOP Entry Point 0...

Nov 6, 2019

USD/CAD: instrument consolidates 06 November 2019, 08:30


Scenario
Timeframe Intraday
Recommendation BUY STOP
Entry Point 1.3175
Take Profit 1.3244, 1.3267
Stop Loss 1.3132, 1.3115
Key Levels 1.3041, 1.3070, 1.3100, 1.3132, 1.3170, 1.3195, 1.3224, 1.3244
Alternative scenario
Recommendation SELL STOP
Entry Point 1.3130
Take Profit 1.3070, 1.3041
Stop Loss 1.3170, 1.3180
Key Levels 1.3041, 1.3070, 1.3100, 1.3132, 1.3170, 1.3195, 1.3224, 1.3244
Current trend
Yesterday, the USD/CAD pair rose slightly. The development of “bullish” dynamics for the instrument was facilitated by the publication of macroeconomic statistics from the USA and Canada. USD was supported by data on the index of business activity in the services sector from ISM. The October indicator rose from 52.6 to 54.7 points with a forecast of 53.5 points.
Canadian statistics disappointed with the dynamics of imports and exports. Exports for September fell from $50.41 billion to $49.78 billion, which turned out to be worse than market expectations of $50.35 billion. Imports for the same period decreased from $51.65 billion to $50.76 billion with a forecast of $50.98 billion. According to the results of September, Canada's trade balance remained deficit at $–0.98 billion with a forecast of $–0.7 billion.
Support and resistance
On the daily chart, Bollinger bands are gradually reversing upwards. The price range is expanding from above, letting the "bulls" renew local highs. The MACD indicator is growing, maintaining a poor buy signal (the histogram is above the signal line). Stochastic, approaching level 80, reversed into a horizontal plane, reacting to the emergence of flat dynamics in the ultra-short term.
Current technical indicators’ readings do not contradict the further development of upward dynamics in the short and/or ultra-short term.
Resistance levels: 1.3170, 1.3195, 1.3224, 1.3244.
Support levels: 1.3132, 1.3100, 1.3070, 1.3041.


Trading tips
Long positions may be opened after the breakout of the level of 1.3170 with the target at 1.3244 or 1.3267. Stop loss – 1.3132–1.3115.
Short positions may be opened after a rebound from the level of 1.3170 and a breakdown of the level of 1.3132 with the target at 1.3070 or 1.3041. Stop loss – 1.3170–1.3180.
Implementation period: 2–3 days.

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