Thread: Usd/Cad
Bounce trading the US dollar versus the Canadian dollar down after the re-test the level of 1.2365, where 50 SMA is a good negative pressure supports predictions downward, upping chances of continuing negative scenario in the coming sessions, waiting to go about our main goals, which begins at 1.2160 and extends to 1.1985.
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Continue to pair the US dollar against the Canadian dollar to fluctuate near the re-previously breached neckline of the double top pattern at 1.2365 test level, noting that the 50 EMA continues to pressure trading negatively intraday basis to support the continued negative impact of the model in question, which makes us hold onto our bearish direction during the coming period and targeting areas of 1.2160 then 1.1985 mainly.
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Spoiler:
Daily Forecast
Major Trend: sideways
Time Frame: H1
Reason: Market still be heading upwards to touch the support rendline previously predicted to be at 1.2357, however, if after this market has been penetrated down 1.2314, the bearish trend has been formed
Recommendation: Sell stop at 1.2314
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We will continue tipping the downward trend in the coming period, and targets start at 1.2160 and extends to 1.1985, indicating that the breach of 1.2365 will stop the current negative pressure and pays the price for the restoration of the main trend upward again.
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Daily Forecast
Major Trend: Bullish
Time Frame: H1
Reason: Market was not able to defecate bottom pivot point at 1.2299. For further predicted, the market will reach 1.2398 on Fibonacci 261.8
Recommendation: Buy
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Achieved the dollar versus the yen strong breakout above 123.20 and settled it, for being a test of the Fibonacci retracement level previously 23.6% Broken, which turned into resistance now at 124.20, with a note that moving 50 average barrier strong resistance forced the price to drop, to suspend trading between the levels mentioned form, this shows the need to break through one of the following to determine more precisely the destination.
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[IMG]vvcap.net/db/2fTQ-LwS72JeL3B_StHi.png[/IMG]
Daily Forecast
Major Trend: Bearish
Time Frame: H1
Reason: There is a strong resistance generated by Fibonacci 161.8 and daily resistance at 1.2326. While this market has not been able to penetrate.
Recommendation: Sell
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Managed to pair the US dollar against the Canadian dollar to break the 1.2310 level and settled daily closing below it, which confirms the continued negative impact of the double top pattern image that appears, pending the trend towards levels of 1.2160 and then 1.1985 next key targets.
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Price will go upto 0.9715 and then bounce back is possible as trend line is there, in H4 it formed head ans shoulder pattern thats why it faling 0.9855 level, Now after hitting the mentioned target raises is expecting
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Keep in mind that the rate is finding the floor of strong support at 1.2310, which represents 23.6% Fibonacci that appears image correction, which refers to the need to break this level to confirm the achievement of negative objectives mentioned, as steadfastness in front of attempts to negative price and the breach of 1.2430 will stop the current negative scenario The price paid for the resumption of the main trend upward again.
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