Source: PaxForex Premium Analytics Portal, Technical Insight
Head of the Atlanta Federal Reserve Bank: the economy will recover decently when the vaccine becomes available to the population:
The Fed will monitor the situation from now until the next meeting to determine the need to change the asset purchase program;
We will monitor whether a drop in retail sales will make the situation worse;
Some people seem to be running out of money;
Assistance programs must be available to those in need;
Employment in some service industries is still 40-50% below pre-COVID levels;
We need to make sure that the weakest sectors have recovered.
USD/CAD, 30 min
Pivot: 1.3094
Analysis:
Provided that the currency pair is traded above 1.3070, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1.3094
- Take Profit 1: 1.3120
- Take Profit 2: 1.3150
Alternative scenario:
In case of breakdown of the level 1.3070, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1.3070
- Take Profit 1: 1.3060
- Take Profit 2: 1.3040
Comment:
RSI shows the possibility of an uptrend during the day.
Key levels:
Resistance | Support |
1.3170 | 1.3070 |
1.3150 | 1.3060 |
1.3120 | 1.3040 |
USD/CAD, D1
Pivot: 1.3136
Analysis:
While the price is below 1.3250, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.3136
- Take Profit 1: 1.2950
- Take Profit 2: 1.2790
Alternative scenario:
If the level 1.3250 is broken-out, follow the recommendations below.
- Time frame: D1
- Recommendation: long position
- Entry point: 1.3250
- Take Profit 1: 1.3420
- Take Profit 2: 1.3580
Comment:
RSI shows the possibility of the downtrend in the medium term.
Key levels:
Resistance | Support |
1.3580 | 1.2950 |
1.3420 | 1.2790 |
1.3250 | 1.2550 |
We also advise you to pay attention to the following currency pairs for intraday trading:
EUR/USD - buy above 1.1850 with 1.1910 and 1.1925 targets as Take Profit. Alternative scenario - if the level 1.1850 is broken-down, sell with the TP 1.1840 and 1.1825.
GBP/USD - long positions above 1.3235 with 1.3310 and 1.3330 targets as Take Profit. Alternative scenario - if the level of 1.3235 is broken down, sell with the targets 1.3210 and 1.3190 as Take Profit.
AUD/USD – sell below 0.7305 with 0.7240 and 0.7220 as Take Profit targets. Alternative scenario - if the level of 0.7305 is broken-out, you should consider buying with the targets 0.7325 and 0.7340 as Take Profit.