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Atirox.com - Daily Analysis
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[QUOTE="andy.atx, post: 179125, member: 58758"] [SIZE=7][B]USD/CAD: TECHNICAL ANALYSIS 06.04.20[/B][/SIZE] [URL='https://atirox.com/wp-content/uploads/USDCADH406042020.png'][IMG]https://atirox.com/wp-content/uploads/USDCADH406042020.png[/IMG][/URL] [B]Current trend[/B] USD/CAD quotes attempted to grow, but reaching 1.42603 mark moved to a downward correction. The instrument is now testing the support level of 1.41602, which corresponds to the middle line of Bollinger Bands. There is a chance of an upward rebound, while its breakdown would accelerate the plunge to the area of 1.41245 - 1.40933. [B]Alternative scenario[/B] The upward rebound from 1.41602 and pullback above 1.42120 will let the price re-test today's highs surrounding 1.42603. Further close above this level may push USD/CAD even higher towards the vicinity of 1.42972 resistance, which can activate a downward reverse of the price. Meanwhile, the breakout of 1.42972 could trigger a pair’s fresh run-up to a one-week high surrounding 1.43482. [B]Technical indicators[/B] Technical indicators maintain a sell signal. Bollinger Bands are converging on the background of bearish momentum. MACD volumes are actively decreasing in the positive zone. Stochastic is pointed downwards. [B]Support and resistance[/B] Support levels: 1.41602, 1.41245, 1.40933. Resistance levels: 1.42120, 1.42603, 1.42972, 1.43482. [B]Trading recommendations[/B] Short positions can be opened below the level of 1.41602 with the target at around 1.41245 and stop-loss at 1.41720. Long positions can be opened above the level of 1.42120 with the target at around 1.42500 and stop-loss at 1.41993. [/QUOTE]
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