- Yesterday we witnessed a significant jump in USDCAD to 1.37628 levels, forming a weekly high.
- USDCNH has been steadily recovering since the beginning of this week.
USDCAD Chart Analysis
Yesterday we witnessed a significant jump in USDCAD to 1.37628 levels, forming a weekly high. Although we were unable to hold above that point and experienced a pullback to the support level of 1.37170 (a level where the price tends to stop falling and start rising), the pair managed to stay above it throughout the session. Asian.
This took us to the 1.37400 level, where we formed a daily high. With EMA50 support (a technical indicator that shows the average price over a given period, with more weight given to the most recent data), we anticipate a bullish continuation (a price trend that is rising), offering potential profit opportunities.
It is crucial to consider possible higher and lower targets for both currency pairs. For USDCAD, the possible highest targets are the 1.37500 and 1.37600 levels. However, bearish momentum below this morning's support level could open a bearish option, taking us to 1.37100.
We would then test the EMA200 moving average there. If you don't provide adequate support, we may have to look for better support. The lowest possible targets are the 1.37000 and 1.36900 levels.
USDCNH Chart Analysis
USDCNH has been steadily recovering since the beginning of this week. Despite some volatility on Monday, we returned to the crucial support level of 7.20000. The pair received solid support from the EMA50 moving average, playing an important role in its successful recovery to the 7.23377 level, crossing above the EMA200 moving average. This reaffirms our confidence in the potential for further consolidation and promotion to higher levels.
The possible highest targets for USDCNH are the 7.24000 and 7.25000 levels. However, we must be aware of the potential risks. A negative consolidation and a pullback below the 7.22000 level could trigger a bearish option. This would take us below the moving averages, increasing pressure and potentially heading towards lower support levels such as 7.21000 and 7.20000.
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