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Looney hints at a rebound on the 1D TF

Feb 6 2019, 01:55 PM (CST) | OlympTrade.com

Once again, the Canadian dollar has caught our attention.

Here are the factors that make opening longs on the US dollar atractive:

1. After another test of the 200-day exponential moving average, the US dollar is trying to bounce up.

2. The divergence of price and MACD histogram gives a preliminary signal to buy US currency

3. Looney's divergence persists with the Williams %R indicator

4. The pair approaches the level of 1.3207, where the Fibonacci retracement level is located

 

https://tvc-invdn-com.akamaized.net/data/tvc_06afc5d2e39ff2194b8aad1060461465.png

 

Conclusions: A long position on the US dollar is possible during its breakout past 1.3207. In this case, the target would be 1.3360.

 

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