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Technical Analysis : USDCAD Tests Major Resistance, Gold Fails to Break the Downtrend
September 28, 2016 10:26 amVideo
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USDCAD remains bullish, yet it has retraced since Tuesday 27th, after testing the major resistance at 1.3240. The selling pressure above this level is heavy, the bullish momentum is likely to be restrained at this level. The resistance level is at 1.3240, followed by 1.3280 and 1.3300. The support line is at 1.3200, followed by 1.3150 and 1.3130. Today we will get the US Durable Goods and Core Durable Goods Orders for August, to be released at 12:30 GMT today. With better-than-expected figures, USDCAD will likely rally and test the resistance level at 1.3240. With lower-than-expected readings, USDCAD will likely fall and test the support line at 1.3200. Also the Fed Chair Yellen will testify before the Congress at 14:00 GMT today, explaining the current economic situation and the policies applied to improve it. After the testimony, a Q&A session follows, we can expect volatility for the dollar. Spot Gold has retraced since 22nd September after testing the upside downtrend line resistance. The price zone between 1335 and 1340 is the major resistance zone, the downward pressure is heavy at this level. The current trading pattern is oscillating in the range between the support at 1320 and the resistance level at 1330. The 4 hourly Stochastic Oscillator is below 20, and the CCI indicator is around -100, suggesting a rebound. The resistance level is at 1330, followed by 1335 and 1340. The support line is at 1320, followed by 1310 and 1300. Keep an eye on the US Durable Goods and Core Durable Goods for August, be released today at 12:30 GMT. With better-than-expected figures, spot gold will likely fall and test the support line at 1320. With lower-than-expected reading, spot gold will likely rally and test resistance level at 1330. Also keep an eye on Yellen’s testimony before the Congress at 14:00 GMT, as it will also likely cause volatility for gold. NZDUSD has formed a head and shoulder pattern. The range between 0.7320 and 0.7380 is the major resistance zone, the selling pressure is heavy here. The current trading pattern is oscillating in the range between 0.7250 and 0.7320. The 4 hourly Stochastic Oscillator is around 20, suggesting a rebound. The resistance level is at 0.7320, followed by 0.7380 and 0.7450. The support line is at 0.7250, followed by 0.7200 and 0.7170. Keep an eye on the US Durable Goods and Core Durable Goods for August, to be released today at 12:30 GMT. With better-than-expected figures, NZDUSD will likely fall and break the support line at 0.7250. With lower-than-expected reading, NZDUSD will likely rally and test resistance level at 0.7320. Also keep an eye on Yellen’s testimony before the Congress at 14:00 GMT, as it will likely influence the trend of NZDUSD.
Source: FX Pro Market Snapshot
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