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Atirox.com - Daily Analysis
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[QUOTE="andy.atx, post: 176113, member: 58758"] [SIZE=7][B]USD/CAD: TECHNICAL ANALYSIS 29.01.20[/B][/SIZE] [URL='https://atirox.com/wp-content/uploads/USDCADH429012020.png'][IMG]https://atirox.com/wp-content/uploads/USDCADH429012020.png[/IMG][/URL] [B]Current trend[/B] USD/CAD is in the stage of upward correction after falling to the level of 1.31537, but the downward trend is still maintained. If the "bulls" manage to raise the rate above the level of 1.31683, the correction can continue to the area of 1.31836. This level seems a strong resistance which can activate a downward rebound. However, the decisive break of 1.31683 is needed to indicate uptrend resumption. In this case, the buyers will have their sights on the 1.31989-1.32141 area. [B]Alternative scenario[/B] The downward trend will be restored after the price is set below the level of 1.31531. In this case scenario, the next targets of sellers will be the levels of 1.31378-1.31226. [B]Technical indicators[/B] Technical indicators mostly keep a sell signal, but the upward correction is possible in the short term. Bollinger Bands are pointed upwards. MACD volumes are decreasing in the positive zone. Stochastic is in the oversold area and is pointed sideways, reflecting the relative calmness of the markets and sideways movement of the price. [B]Support and resistance[/B] Support levels: 1.31531, 1.31378, 1.31226. Resistance levels: 1.31683, 1.31836, 1.31989. [B]Trading recommendations[/B] Short positions can be opened below the level of 1.31531 with the target at around 1.31378-1.31226 and stop-loss at 1.31631. Long positions can be opened above the level of 1.31683 with the target at around 1.31836-1.31989 and stop-loss at 1.31583. [/QUOTE]
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