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On the USDCAD hourly chart we can see a bullish channel also we can see the red color of the Moving average indicator that means that the price is moving down for the current time.
The market started today at a higher levels than the daily pivot point at 1.133 and due to the data we mentioned before the price may continue to go down till it hits the first daily pivot support which located at 1.1317 also if the WPR indicator does not show an opposite upward signals.
If we reach our target we can keep selling till the 1.1303 support that is very strong support level to reach till the end of the day.
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http://bigimage.cz/photos/20141120141648616202162.gif
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pair- usd/cad
analysis time frame- m30
http://i61.tinypic.com/14xl0yt.jpg
the price is break the daily pivot point at 1.1330 level and moving down side. the stoch indicator is at the level 20 so again up movement as correction or main trend can expected. its down movement may hold at the daily support 1.1301 level. hold short entry with stop loss at 1.1342
good luck.
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Daily Forecast
Pair: USDCAD
Major Trend: Bearish
Time Frame: H4
Reason: Prices are still moving to the correction to the daily pivot point at 1.1321 to cover the broken support area yesterday, but still the direction of the trend is bearish. Furthermore, the price is expected to retest towards 1.1292, and if the price breaks will to 1.1274. RSI has broken through the line 50 and moves downward.
Recommendation: Sell with a target of 1.1274
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analysis for today 11 / 21 / 2014
Below is the formula to determine the pivot point, support and resistance.
Information candle USD/CAD on the date 11 / 20 / 2014
OPEN 1.1340
HIGH 1.1368
LOW 1.1293
CLOSED 1.1303
The third resistance (R3) 1.1368 -( 1.1321 - 1.1293 = 0.0028 x 2 = 0.0057 )= 1.1425
The second Resistance (R2) 1.1321 + 1.1368 - 1.1293 = 1.1396
First resistance (R1) 1.1321 x 2 = 2.2643 - 1.1293 = 1.1350
pivot points 1.1368 + 1.1293 + 1.1303 = 3.3964 / 3 = 1.1321
Support for the first (S1) 1.1321 x 2 = 2.2643 - 1.1368 = 1.1275
Support second (S2) 1.1321 -( 1.1368 - 1.1293 = 0.0075 ) = 1.1246
Third Support (S3) 1.1293 -( 1.1368 - 1.1321 = 0.0047 x 2 = 0.0093 )= 1.1200
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On our USDCAD pair today we can see that the price is taking a downward direction and that’s due to the red dots above the candles if the price kept its position lower than the strong resistance 1.1372 which happens to be a weekly pivot level then I can assume that price would be taking a south direction till it reaches the weekly pivot support 1.1235 .
On the other hand if the price penetrated the resistance at the level 1.1372 and blue dots appeared indicating bullish signals then I can assume that the price will be taking a north direction till it reaches the resistance of the level 1.1454 of the next Pivot level.
http://bigimage.cz/photos/20141121141654346982687.gif .
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As we can see in the USDCAD chart the main trend is currently taking a down direction and that’s because of the position of the 5 and 6 EMAs which are Below the 35 EMA and as a result taking sell positions is the right choice once I get the confirmation from the other indicators that the direction will be bearish .
The parabolic sar indicator shows that the price might be taking a downward direction according to the dots Above the candles .
The MACD indicator is giving me a sell signal which is currently moving Below the 0 level also the CCI line is performing downward signal as is at the Lower level .
As a conclusion to what I said earlier I do think that selling would be the best choice for now according to the EMA locations that of course unless the price gave a bullish signal instead .
http://bigimage.cz/photos/20141121141655168194315.gif
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On the USDCAD chart you can see a bearish trend due to the red color of the super trend and it is the main indicator to know the price movement direction.
The Nonlong dot is colored in blue and that is an indication for a buy signal.
The signals now are showing a weak bearish trend also the sell trades can take place as soon as the Nonlog indicator has changes to confirm the new direction.
When we talk to the stop loss area we can think about two ways to end first if the price reaches the resistance of 1.132 and the second when the super trend changes its color to green that means that the bearish trend has ended .
http://bigimage.cz/photos/20141121141655106312699.gif
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A new bullish trend is starting to take place on the USDCAD according to the MA indicator which changed to green color and at the same time the candles started turning to the green color which confirms the direction of the trend.
The bearish trend's strength is shown by the BB MACD indicator signal where the red dots are currently stationed below the zero level.
In the end I think buy trades would work greatly since the bullish direction is gaining in strength targeting by the resistance located at the level 1.1325 as long as it remains strong and keeps its position above the level 1.1295 which is a support level at the moment .
http://bigimage.cz/photos/20141121141655123213436.gif
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On the USDCAD a bearish cross is currently taking place between the 9 and the 152 EMAs indicating by that the possibility that the price will be heading south soon.
After monitoring the histogram indicator we can notice that a green line is starting to take shape forming by that a bullish signal for the pair by being located over the 0 histogram level.
As for the market emotion indicator which is giving us a red line meaning by that that the price will be starting to fall to reach lower prices.
On the guru angle indicator we can notice that the slope is currently moving below the 0 level colored as red indicating by that a bearish direction now.
Clearly we can see that the price might be heading south in order to test the next support located at the price 1.1248 that's why I do recommend that as long as the indicators keep showing the same signals we should go with sell orders.
http://bigimage.cz/photos/20141121141655363145602.gif
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As you can see on the USDCAD chart in front of us the blue line’s position in the moment indicator is above the red line which means a good buying signal should be occurring.
also the yellow color shown in the oracle strength indicator means that a upwards direction signal is going to take place.
The oracle direction indicator could serve as a filtering tool with the blue colors shown on the arrows meaning that a upward signal would be taking place in short term trades.
Summing all that up in my opinion I do think that the trend would be taking a upward direction but that can only happen if the moment buy cross was taking place on the chart And as long as the ATR indicator keeps showing buying signals then without doubt the buy trades would be a better choice for entry.
http://bigimage.cz/photos/20141121141655578723312.gif
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