Source: PaxForex Premium Analytics Portal, Technical Insight
As reported by the President of the Chicago Federal Reserve Bank C. Evans:
In the event of further deterioration in the economy, the Fed will be ready to do more to support it;
I would be surprised if the Fed increased its rates to 2023, even if the rate of recovery was stronger than projected;
The regulator should not try to calibrate the excess inflation of the target level;
Base inflation should be accelerated to 2.5%;
The US economy needs more fiscal support.
USD/CAD, 30 min
Pivot: 1.3009
Analysis:
Provided that the currency pair is traded below 1.3025, follow the recommendations below:
- Time frame: 30 min
- Recommendation: short position
- Entry point: 1.3009
- Take Profit 1: 1.2985
- Take Profit 2: 1.2970
Alternative scenario:
In case of breakout of the level 1.3025, follow the recommendations below:
- Time frame: 30 min
- Recommendation: long position
- Entry point: 1.3025
- Take Profit 1: 1.3040
- Take Profit 2: 1.3055
Comment:
RSI shows the possibility of a downtrend during the day.
Key levels:
Resistance | Support |
1.3055 | 1.2985 |
1.3040 | 1.2970 |
1.3025 | 1.2955 |
USD/CAD, D1
Pivot: 1.3006
Analysis:
While the price is below 1.3250, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.3006
- Take Profit 1: 1.2920
- 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 | 1.2920 |
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 1.1905 with 1.1955 and 1.1970 targets as Take Profit. Alternative scenario - if the level 1.1905 is broken-down, sell with the TP 1.1885 and 1.1870.
GBP/USD - long positions above 1.3345 with 1.3400 and 1.3420 targets as Take Profit. Alternative scenario - if the level of 1.3345 is broken-down, sell with the targets 1.3320 and 1.3300 as Take Profit.
AUD/USD – buy above 0.7350 with 0.7410 and 0.7425 as Take Profit targets. Alternative scenario - if the level of 0.7350 is broken-down, you should consider selling with the targets 0.7335 and 0.7320 as Take Profit.