Hewlett-Packard Co.: technical analysis 19.08.2022

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NPBFX offers the latest release of analytics on Hewlett-Packard Co. for a better understanding of the current market situation and more efficient trading.

The shares of Hewlett-Packard Co., an American IT company providing hardware and software services, are moving within a corrective trend around 35.20.

On the daily chart, the price returned to the wide sideways channel 34.00–40.00 and is trying to continue growing towards its upper border.

On the four-hour chart, a local upward impulse develops in the form of a narrow corridor with dynamic boundaries at 34.00–36.00 and keeping quotes in this range temporarily excludes the possibility of a reverse exit from the global channel.

Technical indicators keep a stable buy signal: fast EMAs on the Alligator indicator expand the range of fluctuations upwards, and the AO oscillator histogram forms rising bars.

Trading tips

Long positions may be opened after the price rises and consolidates above 36.00 with the target at 40.00. Stop loss — 34.00. Implementation period: 7 days or more.

Short positions may be opened after a reversal, reduction, and consolidation of the price below 34.10 with the target at 30.00. Stop loss — 36.00.

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GBP/USD: the pound tries to recover from record lows 24.08.2022

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NPBFX offers the latest release of analytics on GBP/USD for a better understanding of the current market situation and more efficient trading.

Current trend

The British pound is showing mixed dynamics, testing 1.1830 for a breakout. The day before, the GBP/USD pair showed a moderate corrective growth, which was partly caused by the depreciation of the US currency in almost the entire spectrum of the market.

Among other things, pressure on dollar quotes was exerted by weak macroeconomic statistics from the US. Thus, the Manufacturing PMI from S&P Global in August corrected from 52.2 points to 51.3 points, although analysts expected a decrease to only 52.0 points, and the Services PMI fell sharply from 47.3 points to 44.1 points, while it was expected that the indicator would rise to 49.2 points. However, it should be noted that the British statistics also turned out to be disappointing: the Services PMI in August corrected from 52.1 points to 46.0 points, while the forecast was at the level of 51.1 points.

Investors today are in no hurry to open new trading positions, preferring to wait for the results of the symposium in Jackson Hole, which is to be addressed by US Federal Reserve Chairman Jerome Powell. The official is expected to give clear signals on the pace of interest rate hikes in September and beyond, as well as comments on the prospects for a recession amid deteriorating energy markets.

Meanwhile, London Mayor Sadiq Khan said most people in the country will not be able to pay their heating bills and even afford food this winter amid record inflation, which has reached 10.1% in annual terms, the highest since 1982. According to Bloomberg analysts, electricity tariffs will reach 4K pounds per month by January next year. The UK Office of Gas and Electricity Markets (Ofgem) may set a price ceiling of around 4.266K pounds in the first months of next year, nearly 0.650K pounds more than the agency's previous forecast.

Support and resistance

Bollinger Bands in D1 chart demonstrate a moderate decrease. The price range expands from below, making way for new local lows for the "bears". MACD is going down, keeping a fairly stable sell signal (located below the signal line). Stochastic, having retreated from its lows, is trying to recover, indicating the corrective growth development in the near future.

Resistance levels: 1.1854, 1.1933, 1.2000, 1.2054.
Support levels: 1.1800, 1.1758, 1.1700, 1.1650.

Trading tips

Short positions may be opened after a breakdown of 1.1758 with the target at 1.1650. Stop-loss — 1.1815. Implementation time: 2-3 days.

The breakout of 1.1854 may be a signal to open new long positions with the target of 1.2000. Stop-loss — 1.1790.

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You can learn more about the current situation on GBP/USD and get acquainted with the weekly analytical forecast in the "Video reviews" section on the NPBFX portal. Weekly video reviews contain trends, key levels, trading recommendations for such popular instruments as GBP/USD, EUR/USD, USD/CHF, USD/JPY. In order to get free and unlimited access to video forecast and other useful instruments on the portal, you need to register on the NPBFX website.

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Alcoa Corp.: technical analysis 29.08.2022

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NPBFX offers the latest release of analytics on Alcoa Corp. for a better understanding of the current market situation and more efficient trading.

The shares of the American steel company Alcoa Corp. are trading at 56.00.

On the daily chart, the price is showing corrective dynamics after a prolonged downtrend, consolidated above the initial 23.6% Fibonacci retracement around 53.80.

On the four-hour chart, further movement of the quotes of the trading instrument will most likely continue in an uptrend since the key marker for the beginning of a full-fledged correction was received after consolidation above 23.6%. The next target is the basic correction of 38.2% Fibonacci around 61.80, the breakout of which will allow the issuer's shares to consolidate higher.

Technical indicators have reversed and keep a stable buy signal: indicator Alligator's EMA oscillation range expands upwards, and the AO oscillator histogram forms upward bars in the buying zone.

Trading tips

Long positions may be opened after the price rises and consolidates above 61.80 with the target at 68.40. Stop loss — 60.00. Implementation period: 7 days or more.

Short positions may be opened after a reversal, reduction, and consolidation of the price below 53.80 with the target at 40.70. Stop loss — 56.00.

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Johnson & Johnson: technical analysis 02.09.2022

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NPBFX offers the latest release of analytics on Johnson & Johnson for a better understanding of the current market situation and more efficient trading.

The shares of Johnson & Johnson, one of the world's leading retail holdings, are correcting at 165.00.

On the daily chart of the asset, the price is moving within the global downward channel with dynamic boundaries 160.00–176.00 and, having bounced off the support line, is trying to consolidate in the uptrend.

The 4-hour chart of the asset shows that the channel support line is below the 100.0% underlying trend of the Fibonacci extension at 163.00, indicating a valid sell signal. The proximity of another level, 61.8% Fibonacci extension around 170.70, does not exclude the possibility of a slight upward correction.

Technically, the indicators signal in favor of the continuation of the decline: fast EMAs on the Alligator indicator are moving away from the signal line, and the AO oscillator histogram is falling in the sell zone, forming downward bars.

Trading tips

Short positions may be opened after the price drops and consolidates below 161.00 with the target at 151.20. Stop loss – 164.00. Implementation period: 7 days or more.

Long positions may be opened after the price rises and consolidates above 167.20 with the target at 170.70. Stop loss – 166.00.

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GBP/USD: pound is again approaching the March lows of 2020 - 07.09.2022

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NPBFX offers the latest release of analytics on GBP/USD for a better understanding of the current market situation and more efficient trading.

Current trend

The British pound is moderately declining, leveling the attempts of the "bulls" to show corrective growth at the beginning of the week. The GBP/USD pair is testing the level of 1.1450 for a breakdown, approaching the all-time lows of March 2020, updated last Monday.

Support for the US currency was provided by strong macroeconomic statistics from the US, published the day before. The ISM Services Employment Index in August strengthened from 49.1 points to 50.2 points, while the forecast was for a decline to 48.2 points, and the ISM Services PMI over the same period increased from 56.7 points to 56.9 points against the background of preliminary estimates of experts on the decline to 55.1 points. In turn, the ISM Services New Orders Index corrected from 59.9 points to 61.8 points, while analysts had expected a reduction to 57.0 points. The data again reflected the resilience of the US economy, which allows the US Federal Reserve to continue the "hawkish" monetary policy to combat high inflation, especially given the further rise in energy prices.

Today, the focus of investors will be hearing the report on inflation, as well as a number of speeches by representatives of the Bank of England, including its Governor Andrew Bailey.

Traders continue to evaluate the results of the election of the leader of the Conservative Party and Prime Minister of Great Britain, which was won by Liz Truss. The official and the new government will have to focus on problems in the national economy, which, having failed to fully recover from the coronavirus pandemic, is under pressure from recession risks, as inflation updates new anti-records, and the national currency has accelerated the fall against the US dollar to the lows of 1985. In addition, the situation is aggravated against the backdrop of a rapidly developing energy crisis: due to the rise in prices for "blue fuel" after the start of the military conflict in Eastern Europe, consumer prices in the country, according to forecasts by analysts from the investment bank Goldman Sachs Group Inc. may exceed 22.0%, and the economy in this case will shrink by 3.4%.

Support and resistance

Bollinger Bands in D1 chart demonstrate a stable decrease. The price range expands slightly from below, making way for new local lows for the "bears". MACD is declining keeping a weak sell signal (located below the signal line). Stochastic, on the other hand, remains in an uptrend, retreating from its lows, indicating that the pound is oversold in the ultra-short term.

Resistance levels: 1.1531, 1.1600, 1.1647, 1.1700.
Support levels: 1.1442, 1.1380, 1.1300, 1.1250.

Trading tips

Short positions may be opened after a breakdown of 1.1442 with the target at 1.1300. Stop-loss — 1.1510. Implementation time: 1-2 days.

A rebound from 1.1442 as from support followed by a breakout of 1.1531 may become a signal for opening new long positions with the target at 1.1700. Stop-loss — 1.1442.

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You can learn more about the current situation on GBP/USD and get acquainted with the weekly analytical forecast in the "Video reviews" section on the NPBFX portal. Weekly video reviews contain trends, key levels, trading recommendations for such popular instruments as GBP/USD, EUR/USD, USD/CHF, USD/JPY. In order to get free and unlimited access to video forecast and other useful instruments on the portal, you need to register on the NPBFX website.

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GBP/USD: corrective growth at the beginning of a new trading week 12.09.2022

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NPBFX offers the latest release of analytics on GBP/USD for a better understanding of the current market situation and more efficient trading.

Current trend

The GBP/USD pair shows ambiguous trading dynamics during the morning session on September 12, consolidating near 1.1600. Investors are in no hurry to open new positions, preferring to wait for the publication of macroeconomic statistics from the UK.

July's gross domestic product (GDP) data is expected to be released today, and analysts' forecasts suggest that the British economy will be able to show growth of 0.5% after declining by 0.6% in June. Also, during the day, traders will pay attention to statistics on the dynamics of industrial production, as well as preliminary estimates of inflation and August GDP from NIESR. Tomorrow, a full report on the labor market for July-August will be published, and on Wednesday, statistics on inflation will be released, which is a key parameter for the Bank of England, which is also set to fight against high consumer prices, despite the threat of a recession. The August indicator may reach another record high of 10.2% YoY.

Last week, Prime Minister Liz Truss announced new economic measures to support the population in the face of the energy crisis. In particular, about 90.0B pounds will be directed to social assistance for households (each family will be paid 400 pounds to compensate for electricity and gas tariffs, which have been steadily rising recently). Also, the new government will impose a limit on accounts of 2.5K pounds a year, which, in turn, will be a catalyst for slowing inflation by 5.0 percentage points, as well as reducing budget spending on social payments and debt servicing. According to analysts' calculations, without the implementation of this initiative, the bill by the beginning of next year would have increased by up to 3.5K pounds a year, and if energy prices continued to rise, by the spring, it would have reached 5.0K pounds, forcing British families to give about 15% their income from heating and electricity.

Support and resistance

On the daily chart, Bollinger bands show a reversal in the horizontal plane: the price range is narrowing from above, reflecting the emergence of ambiguous dynamics in the short term. MACD is growing, maintaining a relatively strong buy signal and above the signal line. Stochastic also shows active growth, close to its highs and indicating that the pound may become overbought in the ultra-short term.

Resistance levels: 1.1647, 1.1700, 1.1759, 1.1800.
Support levels: 1.1600, 1.1531, 1.1442, 1.1380.

Trading tips

Long positions may be opened after the breakout of 1.1647 with the target at 1.1759. Stop loss – 1.1600. Implementation period: 1–2 days.

Short positions may be opened after the rebound from 1.1647 as a resistance and a breakdown of 1.1600 with the target at 1.1442. Stop loss – 1.1700.

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If you have any questions about trading instruments, you can always ask an analyst in the online chat on the portal and get a free consultation of an experienced specialist.

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Apple Inc.: technical analysis 16.09.2022

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NPBFX offers the latest release of analytics on Apple Inc. for a better understanding of the current market situation and more efficient trading.

Shares of Apple Inc., the global giant in the development and sale of personal and tablet computers, are moving in a corrective trend around 152.00.

On the daily chart, the quotes remain within the global Expanding formation pattern, forming a new downward wave, which has already almost reached its intermediate target at the 61.8% Fibonacci full retracement around 146.00.

On the four-hour chart, it can be seen that the current movement is developing according to the classical structure. After rebounding from the initial correction of 23.6% Fibonacci around 163.80, the price continued its global decline, almost breaking the intermediate correction of 50.0% Fibonacci around 151.50, which is key support for the current trend.

Technical indicators confirm the high probability of continued decline: the Alligator indicator's EMA oscillation range expands downwards, and the histogram of the AO oscillator forms downward bars in the sell zone.

Trading tips

Short positions may be opened after the price drops and consolidates below 151.50 with the target at 146.40. Stop loss – 154.00. Implementation period: 7 days or more.

Long positions may be opened after the price rises and consolidates above 157.10 with the target at 163.80 and stop loss 155.00.

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EUR/USD: euro remains under pressure ahead of the publication of the decision of the US Federal Reserve 21.09.2022

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NPBFX offers the latest release of analytics on EUR/USD for a better understanding of the current market situation and more efficient trading.

Current trend

The European currency shows mixed trading dynamics, consolidating near 0.9950. Investors are in no hurry to open new trading positions, preferring to wait for the publication of the US Federal Reserve decision on interest rates. However, the euro still traded mainly with a downtrend, which again led to the consolidation of the instrument below the psychological level of 1.0000.

Some pressure on the EUR/USD pair was exerted by the deteriorating prospects for the region's economy, in connection with which the authorities are taking decisive action to curb inflation. In particular, the President of the European Central Bank (ECB), Christine Lagarde, spoke the day before, saying that in order to curb a sharp rise in prices, it may be necessary to raise interest rates to levels that will limit economic growth altogether. The current inflation rate in the eurozone is above 9.0% and is unlikely to fall anytime soon.

Macroeconomic data released yesterday in Germany pointed to a sharp rise in producer prices. In August, the Producer Price Index rose by 7.9% after rising by 5.3% a month earlier, while analysts expected a slowdown to 1.5%, and in annual terms, the index accelerated from 37.2% to 45.8%, which also turned out to be higher than the estimated 37.5%.

Support and resistance

Bollinger Bands in D1 chart demonstrate flat dynamics. The price range is almost unchanged, but it remains rather spacious for the current level of activity in the market. MACD is reversing downwards forming a sell signal (trying to consolidate below the signal line). Stochastic, having shown a weak rebound from the level of "20", reversed into a horizontal plane, reacting to the emergence of multidirectional trading dynamics in the ultra-short term.

Resistance levels: 1.0000, 1.0050, 1.0100, 1.0150.
Support levels: 0.9950, 0.9900, 0.9850, 0.9800.

Trading tips

Short positions may be opened after a breakdown of 0.9950 with the target at 0.9850. Stop-loss — 1.0000. Implementation time: 1-2 days.

A rebound from 0.9950 as from support followed by a breakout of 1.0000 may become a signal for opening new long positions with the target at 1.0100. Stop-loss — 0.9950.

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If you have any questions about trading instruments, you can always ask an analyst in the online chat on the portal and get a free consultation of an experienced specialist.

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EUR/USD: European currency remains under pressure 26.09.2022

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NPBFX offers the latest release of analytics on EUR/USD for a better understanding of the current market situation and more efficient trading.

Current trend

The European currency shows a downtrend, renewing new record lows and dropping below 0.9550, after which the EUR/USD pair still showed an uncertain corrective rebound.

The instrument was falling against the US dollar at a moderate pace throughout the past week, and the culmination of the "bearish" dynamics fell on Friday, when disappointing statistics came to the market. S&P Global Manufacturing PMI in Germany fell from 49.1 points to 48.3 points in September, the Services PMI decreased from 47.7 points to 45.4 points, and the Composite PMI decreased from 46.9 points to 45.9 points against the expected 46.0 points. In turn, in the euro area, the Manufacturing PMI fell from 48.9 points to 48.2 points, and the Services PMI declined from 49.8 points to 48.9 points.

The focus of investors today will be the speeches of representatives of the European Central Bank (ECB), among which are Luis de Guindos, Fabio Panetta, and the President of the regulator Christine Lagarde.

Meanwhile, European authorities have lifted some of the August restrictions on the import of Russian coal. In particular, companies are now allowed to transport minerals to third countries, including through the eurozone. As noted, the decision was made to fight for food and energy security. At the moment, due to the rapid rise in gas prices and sanctions on its transportation, coal is once again becoming a demanded resource for electricity generation. According to the Bruegel think tank, Russia provided about 70% of the EU's needs for energy solid fuels.

Support and resistance

On the D1 chart, the Bollinger Bands are gradually reversing into a descending plane. The price range is expanding but it fails to conform to the "bearish" activity at the moment. MACD is going down preserving a stable sell signal (located below the signal line). Stochastic, having reached its lows, is trying to reverse upwards, indicating the risks of EUR being oversold in the ultra-short term.

Resistance levels: 0.9700, 0.9800, 0.9850, 0.9900.
Support levels: 0.9549, 0.9450, 0.9400, 0.9300.

Trading tips

Short positions may be opened after a breakdown of 0.9549 with the target at 0.9400. Stop-loss — 0.9600. Implementation time: 1-2 days.

A rebound from 0.9549 as from support followed by a breakout of 0.9700 may become a signal for opening new long positions with the target at 0.9850. Stop-loss — 0.9620.

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USD/CHF: Swiss authorities lowered forecasts for GDP growth this year 30.09.2022

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NPBFX offers the latest release of analytics on USD/CHF for a better understanding of the current market situation and more efficient trading.

Current trend

The US dollar shows multidirectional trading dynamics, testing the level of 0.9745 for a breakdown. At the end of the week, "bearish" sentiments are still traced; however, the US currency receives support from macroeconomic data. In addition, investors are confident in the further tightening of monetary policy by the US Federal Reserve, while some of the world's central banks are already carrying out foreign exchange interventions.

In turn, the Swiss franc is under pressure from the macroeconomic background from Europe. In Germany, the Consumer Price Index in September rose from 7.9% to 10.0% in annual terms, while markets expected an increase to only 9.4%, and in monthly terms, the figure accelerated from 0.3% to 1.9% , also well ahead of forecasts at 1.3%. The Harmonized Consumer Price Index for the same period rose from 8.8% to 10.9%, contrary to expectations at 10.0%. Additional pressure on quotes was exerted by data on the eurozone: Economic Sentiment Indicator in September decreased from 97.3 points to 93.7 points with a forecast of 95.0 points, and the Services Sentiment indicator for the same period fell from 8.1 points to 4.9 points with expectations of correction only up to 7.0 points.

The Swiss government has lowered its forecast for Gross Domestic Product (GDP) growth this year to 2.0% from 2.6% in June. For 2023, preliminary estimates have been adjusted from 1.9% to 1.1% amid an evolving energy crisis and a sharp rise in consumer prices, which worsen the economic outlook. The tense geopolitical situation contributes to the negative dynamics, in particular, the escalation of the military conflict in Ukraine, which will continue to put pressure on some industry segments, primarily on the export-oriented sectors of the Swiss economy.

Support and resistance

Bollinger Bands in D1 chart show moderate growth. The price range is narrowing from below, reflecting the ambiguous dynamics of trading in the short term. MACD is going down, keeping a fairly stable sell signal (located below the signal line). Stochastic keeps a confident downward direction but is already approaching its lows, which indicates the risks of oversold USD in the ultra-short term.

Resistance levels: 0.9762, 0.9807, 0.9868, 0.9930.
Support levels: 0.9700, 0.9650, 0.9600, 0.9550.

Trading tips

Short positions may be opened after a breakdown of 0.9700 with the target at 0.9600. Stop-loss — 0.9762. Implementation time: 2-3 days.

The breakout of 0.9807 may be a signal to open new long positions with the target of 0.9930. Stop-loss — 0.9740.

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If you just recently started to be interested in trading on FOREX and would like to deepen your knowledge, an electronic Beginner's Guide to FOREX Trading will be an excellent helper for you here. The book consists of 5 chapters and reflects fundamental concepts of the foreign exchange market to start successful trading. From the main chapters of the E-book you can learn about the concepts and history of FOREX, currencies and trend lines, technical indicators, types of orders, trading on news, psychology of trading, risk management and much more.

You can read a Beginner's guide to FOREX Trading online or download it free of charge from the NPBFX analytical portal in the "Education" section. In order to get unlimited access to the E-book and other useful instruments on the portal, you need to register on the NPBFX website.

If you have any questions about trading instruments, you can always ask an analyst in the online chat on the portal and get a free consultation of an experienced specialist.

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USD/CAD: flat trading dynamics 05.10.2022

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NPBFX offers the latest release of analytics on USD/CAD for a better understanding of the current market situation and more efficient trading.

Current trend

The US dollar shows flat trading dynamics against the Canadian currency, consolidating near 1.3520. Quotes have been actively declining since the beginning of the current week, and in just two trading days the USD/CAD pair fell to the local lows of September 23.

The pressure on the position of the instrument is exerted by weak macroeconomic statistics, which allowed investors to revise their forecasts regarding the pace of further tightening of monetary policy by the US Federal Reserve. In particular, market participants drew attention to the rapid drop in the Manufacturing PMI from 52.8 points to 50.9 points, against a forecast of 52.2 points, according to the Institute for Supply Management (ISM). The negative background intensified today, when a zero trend in the volume of manufacturing orders in the US was recorded in August after falling by 1.0% in the previous month, although analysts expected a value of 0.3%. JOLTS Job Openings in August also adjusted from 11.17 million to 10.053 million.

On Wednesday, the market will focus on Automatic Data Processing's (ADP) private sector employment report, as well as the Institute for Supply Management's (ISM) September data set on US service sector business activity. Canada will publish statistics on International Merchandise Trade for August.

Bank of Canada Governor Tiff Macklem said that high inflation requires policymakers to take decisive action, so officials will continue to raise interest rates despite the fact that the regulator has faced public criticism for increasing the cost of borrowing at a time when many Canadians can hardly afford the goods of the first need. Officials have adjusted the interest rate by 300 basis points in just six months, trying to return inflation to the target level of 2.0%. It is worth noting the effectiveness of the measures taken: in September, the figure fell from 8.1% to 7.0%.

Support and resistance

On the daily chart, Bollinger Bands are growing moderately. The price range is narrowing, reflecting a sharp change of trend in the short term. MACD rushed down, keeping a strong sell signal. Stochastic shows a steady decline, but is currently in close proximity to the zero level, which reflects the risks of oversold US dollar in the ultra-short term.

Resistance levels: 1.3600, 1.3650, 1.3700, 1.3750.
Support levels: 1.3500, 1.3440, 1.3400, 1.3350.

Trading tips

Short positions may be opened after a breakdown of 1.3500 with the target at 1.3350. Stop-loss — 1.3570. Implementation time: 2-3 days.

A rebound from 1.3500 as from support followed by a breakout of 1.3600 may become a signal for opening new long positions with the target at 1.3750. Stop-loss — 1.3520.

Use more opportunities of the NPBFX analytical portal: weekly FOREX forecast

You can learn more about the current situation on Apple Inc. and get acquainted with the weekly analytical forecast in the "Video reviews" section on the NPBFX portal. Weekly video reviews contain trends, key levels, trading recommendations for such popular instruments as GBP/USD, EUR/USD, USD/CHF, USD/JPY. In order to get free and unlimited access to video forecast and other useful instruments on the portal, you need to register on the NPBFX website.

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Use the current recommendations of analysts on USD/CAD and trade efficiently with  NPBFX.

USD/CAD: multidirectional trading dynamics 10.10.2022

Good afternoon, dear forum visitors!

NPBFX offers the latest release of analytics on USD/CAD for a better understanding of the current market situation and more efficient trading.

Current trend

During the Asian session, the USD/CAD pair is trading ambiguously, close to 1.3730. Market activity remains low as markets in the US and Canada are closed earlier in the week for national celebrations. Nevertheless, investors have at their disposal enough macroeconomic statistics for analysis.

So, last Friday, the US and Canada published their report on labor markets for September: American data inspired traders with a sharp decline in the unemployment rate from 3.7% to 3.5%, as well as a moderate increase in the number of new jobs outside the agricultural sector by 263.0K, which was slightly better than the market's expectations of an increase of 250.0K. The average hourly wage slowed from 5.2% to 5.0%, maintaining the same rate of increase of 0.3% MoM. Investors believed that strong data on the labor market would allow the US Federal Reserve to continue tightening monetary policy. The next meeting of the regulator should take place in early November.

Canadian statistics were no less optimistic: the change in the number of employed in September increased by 21.1K after a decrease of 39.7K last month, although forecasts suggested an increase of 20.0K. The unemployment rate fell from 5.4% to 5 .2%, staying above the 5.0% level for the fourth consecutive month, and the average hourly wage fell from 5.58% to 5.2%. Immigration Minister Sean Fraser said the government would begin implementing a new reform that will allow more than 500K international students already in Canada to work more than 20 hours a week from November 15, 2022, to December 31, 2023. The initiative aims to address the labor shortage in the country.

Support and resistance

On the daily chart, Bollinger Bands are rising steadily: the price range is narrowing, reflecting the ambiguous nature of trading in the short term. The MACD indicator maintains an upward trend and a poor buy signal (the histogram is above the signal line). Stochastic is growing steadily, quickly approaching its highs, reflecting that USD may become overbought in the ultra-short term.

Resistance levels: 1.3759, 1.3836, 1.3900, 1.4000.
Support levels: 1.3700, 1.3650, 1.3600, 1.3500.

Trading tips

Long positions may be opened after the breakout of 1.3759 with the target at 1.3900. Stop loss – 1.3690. Implementation period: 1–2 days.

Short positions may be opened after the rebound from 1.3759 and the breakdown of 1.3700 with the target at 1.3600. Stop loss – 1.3759.

Use more opportunities of the NPBFX analytical portal: E-book

If you just recently started to be interested in trading on FOREX and would like to deepen your knowledge, an electronic Beginner's Guide to FOREX Trading will be an excellent helper for you here. The book consists of 5 chapters and reflects fundamental concepts of the foreign exchange market to start successful trading. From the main chapters of the E-book you can learn about the concepts and history of FOREX, currencies and trend lines, technical indicators, types of orders, trading on news, psychology of trading, risk management and much more.

You can read a Beginner's guide to FOREX Trading online or download it free of charge from the NPBFX analytical portal in the "Education" section. In order to get unlimited access to the E-book and other useful instruments on the portal, you need to register on the NPBFX website.

If you have any questions about trading instruments, you can always ask an analyst in the online chat on the portal and get a free consultation of an experienced specialist.

Use the current recommendations of analysts on USD/CAD and trade efficiently with  NPBFX.