Source: PaxForex Premium Analytics Portal, Technical Insight
Federal Reserve Bank, Brainard: The pace of recovery in labor market supply and demand is different:
- It causes friction;
- We will push for as close to full employment as possible;
- We will push inflation closer to 2%;
- Expect progress on employment and inflation;
- The Fed is aiming for maximum employment;
- We know that many people are afraid to go back to work because of the virus;
- Less than 1 in 4 people of working age had received the vaccine by the time the April jobs report was released;
- People want to go back to work.
USD/CAD, 30 min
Pivot: 1.2116
Analysis:
Provided that the currency pair is traded above 1.2090, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1.2116
- Take Profit 1: 1.2145
- Take Profit 2: 1.2160
Alternative scenario:
In case of breakdown of the level 1.2090, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1.2090
- Take Profit 1: 1.2075
- Take Profit 2: 1.2055
Comment:
RSI shows the possibility of an uptrend during the day.
Key levels:
| Resistance | Support |
| 1.2190 | 1.2090 |
| 1.2160 | 1.2075 |
| 1.2145 | 1.2055 |
USD/CAD, D1
Pivot: 1.2118
Analysis:
While the price is below 1.2360, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.2118
- Take Profit 1: 1.2030
- Take Profit 2: 1.1840
Alternative scenario:
If the level 1.2360 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.2360
- Take Profit 1: 1.2500
- Take Profit 2: 1.2650
Comment:
RSI shows the possibility of the downtrend in the medium term.
Key levels:
| Resistance | Support |
| 1.2650 | 1.2030 |
| 1.2500 | 1.1840 |
| 1.2360 | 1.1675 |
We also advise you to pay attention to the following currency pairs for intraday trading:
EUR/USD - sell below 1.2155 with 1.2100 and 1.2080 targets as Take Profit. Alternative scenario - if the level 1.20155 is broken-out, buy with the TP 1.2175 and 1.2200.
GBP/USD - short positions below 1.4150 with 1.4075 and 1.4050 targets as Take Profit. Alternative scenario - if the level of 1.4150 is broken-out, buy with the targets 1.4170 and 1.4200 as Take Profit.
AUD/USD – sell below 0.7835 with 0.7780 and 0.7760 as Take Profit targets. Alternative scenario - if the level of 0.7835 is broken-out, you should consider buying with the targets 0.7855 and 0.7875 as Take Profit.
