USD/CAD: loonie learned 3 moves

USD/CAD: loonie learned 3 moves

Recommendation:

SELL 1.3055

SL 1.311

TP1 1.2955 TP2 1.2855 TP3 1.275

On the daily chart, USD/CAD keeps forming “Three moves” pattern as well as “Spike and reversal with acceleration”. A successful test of support at 1.3055 will allow bears to lead the pair out of the descending trend channel and continue the decline. On the other hand. A turn around from the important level will give bulls hope for the uptrend’s resumption.

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On H1 of USD/CAD, bulls are trying to form a “Three Indians” pattern and resume the uptrend. However, if the pair slides below July low, the sellers will develop a correction.

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Similar

Levels to trade EUR/USD

EUR/USD has turned up from the 50-day MA at 1.1715 yesterday. This is a sign that buyers are strong. Still, the short-term resistance line limits the upside at 1.1870.

USD/JPY: target for selling

The resistance line is limiting USD/JPY on the upside and, unless the pair tries for a breakout (which anyway will meet resistance at 106.50 and 106.80), the easiest path for it will be to go down.

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