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GBP/USD: general analysis 27 January 2020, 12:48

GBP/USD: general analysis 27 January 2020, 12:48 Scenario Timeframe Intraday Recommendation BUY STOP Entry Point 1.312...

Jan 14, 2020

USD/CAD: general review 14 January 2020, 10:37

Timeframe Weekly
Recommendation BUY STOP
Entry Point 1.3090
Take Profit 1.3180
Stop Loss 1.3000
Key Levels 1.2800, 1.2960, 1.3090, 1.3180
Alternative scenario
Recommendation SELL STOP
Entry Point 1.2960
Take Profit 1.2800
Stop Loss 1.3030
Key Levels 1.2800, 1.2960, 1.3090, 1.3180
Current trend
Active growth of the pair, triggered by increased investor confidence in USD, was interrupted by a downward movement.
The decline in tension between the US and Iran allowed the USD Index to regain previously lost positions and consolidate above the psychological level of 97 points, which led to the strengthening of USD against a basket of world currencies. However, unexpectedly positive Canadian data changed the trend in the trading instrument. Canada's Unemployment Rate was 5.6% in December, which was better than expected 5.8%, as well as 5.9% in the previous month.
This week, no important macroeconomic data are expected from Canada; therefore, the currency pair will depend on the dynamics of the USD Index, which analysts expect to strengthen on Wednesday after signing the first stage of a trade deal between China and the United States.
Support and resistance
Last week’s attempt to overcome the resistance line of the global downtrend has not yet been conclusively confirmed. Despite this, the Alligator indicator, whose signal can be considered leading, is in a state of purchase. On the AO oscillator, a local downward movement is present, but this is not a trend yet.
Resistance levels: 1.3090, 1.3180.
Support levels: 1.2960, 1.2800.

Trading tips
If the asset continues growing and the price consolidates above the resistance level of 1.3090, buy positions will be relevant with target at 1.3180. Stop loss can be set below the resistance line at 1.3000.
If the asset declines, and the price consolidates below the global low and the support line at 1.2960, short positions can be opened with the target at 1.2800. Stop loss – 1.3030.
Implementation time: 5 days.

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