Technical outlook and ideas for Forex pairs
We have outlooked several promising Forex pairs and the result can surprise you!
USD/CAD: bears are trying to win
Information is not investment advice
USD/CAD is actively testing levels below the July-September support line. In addition, it has slipped below all the key daily MAs (200, 100, and 50). The price action that has been unfolding since the start of September so far corresponds to the bullish harmonic “Shark” pattern, which implies that the price should decline to the 1.3125/20 area (50-month MA, 200-week MA) first to complete the pattern before turning higher.
The disappointing data from the United States which increases the odds of the Fed’s rate cut in October and the better-than-expected figures from Canada may be the drivers of the short-term movement to the downside. Watch for the break below the support at 1.3180 to trigger the move to the mentioned downside targets.
If USD/CAD returns above 1.3230 (100-day MA), bulls will regain power and we’ll have to rethink the situation.
Similar
Another EUR/USD Trade!
4H Chart Daily Chart We sent out a signal yesterday to long EUR/USD between 1…
New EUR/USD Trade
4H Chart Daily Chart EURUSD declined back yesterday after trying to test its 1…
Popular
What to trade on May 16-20?
Last week brought a selloff in markets. Some assets reached the most crucial support levels and are likely to reverse in a short term. Be ahead of trends and make the most out of this week!
Swiss Franc is About To Reverse
Historically, the stability of the franc is caused by the solid Swiss economy and a highly developed banking system…
China Shatters World Economy
A four-day lockdown turned out to be two months of complete isolation. Factories are frozen, supply chains are under heavy pressure, and the future is gloomy. Find out how to trade in times of crisis in this article!
Choose your payment system
