ByLCMS Traders FX Analysis Team
MAY 13, 2021
USD/CAD seems to have stabilized near the 1.2120 area after hitting a multi-year low of 1.2046. The bulls are currently well supported by the rebound in the USD. The intraday support levels are at 1.2100 and 1.2077. The near-term resistance areas are at 1.2147 and 1.2174.
On the intraday charts, a Doji and a hammer formation are present that might help bulls build a strong recovery pattern. The RSI Is deep in the oversold zone and which might prevent further sell-offs. The MACD is below the zero line and indicating a divergence from the ongoing downtrend. On other technical indicators, the outlook is still bearish as the pair continues to move below the moving averages as well as the mid-Bollinger band. However, considering the reversal formations at the bottom and the RSI’s oversold indication the pair is likely to make an upwards correction which favors buying entries. An ideal buy entry would be at 1.2110 with a target of 50 to 60 pips and a stop-loss at 1.2080.
An intraday closing above 1.2160 would provide a new lifeline to the bulls and help them build a strong recovery pattern. On the downside, an intraday closing below 1.2100 would be supportive of the bulls and put them in a better condition to resume the downtrend.
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