Technical analysis

Technical analysis

29 November 2018
  • 19:50

    USDCAD: Pair Defends Bullish Trendline

    USDCAD: Pair Defends Bullish Trendline 29.11.2018



    The USDCAD pair dropped on Wednesday as well, brought down by the dovish Powell and weakening greenback, but the decline was not as steep as elsewhere. On Thursday, the pair was actually a bit higher during the London session, changing hands at 1.3290.

    The important upward trend line stands at 1.3250 and while above, the outlook seems bullish. This is the major support and if not held, further decline toward 1.3160 or 1.3120 might occur. Dropping below these two zones could change the outlook to bearish, with the target at 100-day average near 1.3065.

    On the upside, the resistance could be at 1.3315 and then at Wednesday’s highs near 1.3360.

    Oil continues to plunge and is now seen at fresh cycle lows below the 50 USD level, which is negative for the Canadian Dollar and therefore the upside potential for the Loonie seems capped.

    Disclaimer:

    Analysis and opinions provided herein are intended solely for informational and educational purposes and don't represent a recommendation or an investment advice by TeleTrade. Indiscriminate reliance on illustrative or informational materials may lead to losses.

  • 19:35

    AUDUSD: Aussie Tests Strong Resistance

    AUDUSD: Aussie Tests Strong Resistance 29.11.2018


    The Australian Dollar continued to rise on Thursday and the AUDUSD pair was up 0.40 percent during the London session, as traders dumped the greenback after Wednesday’s dovish Powell’s remarks.

    The pair was testing a strong resistance of previous highs, which is at 0.7340. If this level is taken out, the upward momentum could be confirmed and the next target for bulls might be at 0.7420, where the 200-day moving average is located. The greenback seems to be losing broadly, weakened by the mentioned Powell’s speech and thus the AUDUSD pair could be supported by this fact.

    On the downside, the support could be located at around 0.7250, where the 100-day moving average is seen and then at the bullish trend line, which is near 0.7220.

    The RSI indicator is also rising and testing previous highs, therefore there are no negative divergences. If the price rises to new highs and so does the indicator, it could be another bullish signal for the AUDUSD pair.

    Sentiment remains positive for the AUDUSD pair and investors might pay attention to today’s US CPI data, which could spur further volatility on the USD pairs.

    Disclaimer:

    Analysis and opinions provided herein are intended solely for informational and educational purposes and don't represent a recommendation or an investment advice by TeleTrade. Indiscriminate reliance on illustrative or informational materials may lead to losses.

Market focus

  • German factory orders unexpectedly fell in October
  • BOJ's Harada says no need to take additional policy steps
  • Eurozone construction activity continues to grow in November
  • Eurozone GDP up by 0.2% during the third quarter, as expected
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