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GBP/USD: general analysis 26 February 2020, 13:50

GBP/USD: general analysis 26 February 2020, 13:50 Scenario Timeframe Intraday Recommendation BUY Entry Point 1.2940 ...

Feb 12, 2020

USD/CAD: the US dollar is corrected 12 February 2020, 09:27


Scenario
Timeframe Intraday
Recommendation BUY STOP
Entry Point 1.3305
Take Profit 1.3347, 1.3365
Stop Loss 1.3270
Key Levels 1.3180, 1.3204, 1.3225, 1.3262, 1.3302, 1.3328, 1.3347
Alternative scenario
Recommendation SELL STOP
Entry Point 1.3260
Take Profit 1.3204, 1.3180
Stop Loss 1.3302
Key Levels 1.3180, 1.3204, 1.3225, 1.3262, 1.3302, 1.3328, 1.3347
Current trend
USD shows a correctional trend against CAD during today’s Asian session, developing a "bearish" momentum formed the day before. The instrument loses about 0.04%, testing the level of 1.3280 for a breakdown. The speeches of the heads of the ECB and the Fed were in the spotlight yesterday. Christine Lagarde concentrated on the negative factors, which once again put pressure on EUR. The head of the Fed, Jerome Powell, was more optimistic, noting, however, that the regulator will continue to purchase treasury bonds in Q2 2020.
During the day, investors expect the second part of the speech of the head of the Fed, Jerome Powell, in Congress, as well as the publication of Monthly Budget Statement in the US for January. There will be little interesting statistics from Canada before the end of the week, and the speech of the Bank of Canada Governor Stephen Poloz on Thursday will attract the most attention.
Support and resistance
Bollinger Bands in D1 chart show stable growth. The price range is narrowing, reacting to the emergence of correctional dynamics in the ultra-short term. MACD reversed downwards having formed a sell signal (located below the signal line). Stochastic is showing a more confident decline, responding to a sharp surge in “bearish” sentiment yesterday.
The development of a full-fledged downtrend is possible in the short and/or ultra-short term.
Resistance levels: 1.3302, 1.3328, 1.3347.
Support levels: 1.3262, 1.3225, 1.3204, 1.3180.


Trading tips
To open long positions, one can rely on the rebound from 1.3262 as from resistance, with the subsequent breakout of 1.3302. Take profit – 1.3347 or 1.3365. Stop loss – 1.3270.
A breakdown of 1.3262 may be a signal for new sales with target at 1.3204 or 1.3180. Stop loss – 1.3302.
Implementation time: 2-3 days.

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