Trade of the day: USDCAD

USDCADH1

The Dollar index seems to be making some recovery and this morning price opened above the pivot which is at 1.3355, currently price has bounced off the support area of what seems like a bullish channel. The support area also coincides with the pivot zone. Other technical indicators including the MA and the RSI are not yet fully bullish but seem to be setting up for it.


Best trade recommendation would be to go long (buy) and target 1.3410 and 1.3430. If on the other hand you notice price breaks downwards below the support and below the pivot, then short (sell) trades can instead be considered with targets around 1.3335 and further down at 1.3315.

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Trade of the day: GOLD

GOLDH1

Following the positive momentum gained by the metal from last weeks Fed rate decision, price is still maintaining a position above the 50 hourly moving average. Today the market opened above the pivot price which is at 1229. Price is in a bullish channel and seems to be making a brief pull back towards support. The RSI is above the neutrality point and also broke above a descending trend line. Continue reading “Trade of the day: GOLD”