The USD is helped by the demand for it as a safe haven and the lack, while the CAD is pressured by the declining oil prices.
Stock market: has Cisco reached a limit?
SELL 55.95; TP 54.90; SL 56.15
BUY 57.20; TP 58.00; SL 57.00
The stock of Cisco formed a doji “shooting star” candlestick on the weekly chart. The price has been rising for 4 months in a row and is now at the all-time highs. It gained more than 40% since the last year’s corrective bottom. Obviously, the stock is now expensive, and investors may decide to take profit.
The daily chart shows that the pair formed a lower high. The decline below 56.00 will lead to a “double top” and open the way down to 54.85. On the other hand, an advance above 57.15 is needed to resume the uptrend with the target at 58.00.
The near-term downside looks more likely. In the longer term, Cisco represents a way to bet on a promising 5G market and thus remains attractive, so traders may look for buy opportunities at lower levels.
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The market is likely going to continue declining. The main intraday target is the next support at 1.1526 - 1.1508...
Bullish Ichimoku Cloud with horizontal Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen with horizontal lines; the market is under strong resistance and prices entered into the channel Tenkan-Kijun.
AUD/CAD falling inside impulse waves 3 and (C) Next sell target - 0…