USD/ZAR: there’s more to come
USD/ZAR is capable of more downside on the ongoing trade optimism and as the market’s view switches to the Federal Reserve’s meeting later this month.
Levels for trading USD/CAD
Trade ideas
SELL 1.3250; TP 1.3225; SL 1.3260
SELL 1.3220; TP1 1.3180; TP2 1.3145: SL 1.3235
BUY 1.3360; TP 1.3440; SL 1.3330
Last week, USD/CAD showed some resilience. Despite the previous candlestick with the long upper shadow on W1, it managed to gain, get close to the highs of the previous week and close above the 50-week MA (1.3250). All of this adds credibility to the uptrend which has been in place since the middle of July. However, the fact that the greenback failed to renew highs is worrisome. The decline below 1.3285 (Thursday’s low) will make the pair return to 1.3250 and 1.3225 (uptrend support line). If that support fails, we’ll be looking at 1.3180 and 1.3145.
To gain the ability to head higher, towards 1.3445, USD/CAD needs to overcome 1.3355 (61.8% Fibo of the May-July decline).
Elizabeth Belugina
Similar
EUR/USD pushed up from support
EUR/USD spiked down to the September low in the 1.0930 but failed to stay there and closed around 1.1060 on Thursday.
EUR/NZD: the opportunity is still here
When looking for pairs to trade to benefit from today’s meeting of the European Central Bank, pay attention to EUR/NZD
Latest news
USD/ZAR: there’s more to come
USD/ZAR is capable of more downside on the ongoing trade optimism and as the market’s view switches to the Federal Reserve’s meeting later this month.
EUR/USD pushed up from support
EUR/USD spiked down to the September low in the 1.0930 but failed to stay there and closed around 1.1060 on Thursday.
EUR/NZD: the opportunity is still here
When looking for pairs to trade to benefit from today’s meeting of the European Central Bank, pay attention to EUR/NZD
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