Forex Review Online
No Result
View All Result
  • Home
  • Crypto
  • Education
  • News
start trading today
  • Home
  • Crypto
  • Education
  • News
No Result
View All Result
Forex Review Online
No Result
View All Result
Home ANALYSIS

USDCAD moves further away from its 200 day moving average

A.R Chowdhury by A.R Chowdhury
March 24, 2022
Reading Time: 2 mins read
0

USDCAD

USDCAD runs away from its 200 day moving average

The USDCAD is working on its eight straight day to the downside (stronger CAD). Adam Button talks to the fundamentals that are underlying the move into the loonie in his interview here.

Technically, the move to the downside has been seen a bias shift to the downside on the daily chart that started earlier in the month. At that time the USDJPY run to the upside stalled against a lower swing area (see black numbered circles) ahead of the extremes going all the way back to December 2020 (see red numbered circles).

At the highs this month, the price tested that swing area between 1.2876 and 1.28967, and found sellers. The subsequent swing high on March 15 stalled ahead of that level as well, and gave the sellers the go-ahead to push lower.

That high on March 15 has now led to eight straight days to the downside. The price over that time period has moved from 1.28706 to the low today of 1.2508 (close to 300 pips). The current price trades at 1.25206.

Technically, the pair was also given a further push to the downside after breaking below its 100 day moving average (blue line) and more recently the 200 day moving average at 1.26104. Admittedly, the price traded above and below the 200 day moving average over three trading days, but yesterday the high price stalled ahead of that level and gave sellers the needed confirmation to push lower.

The next key target on the downside comes near the 50% midpoint of the move up from the June 2021 low. That midpoint comes in at 1.24846. It is also between a swing area between 1.24739 at 1.24914. Below that area and traders would target the swing lows for the year at 1.24476.

Taking a broader look, since the beginning of July 2021, the price action has seen its fair share of ups and downs. Since the October 2021 lows, the swing lows have been higher. However the early March swing low at 1.25873, was also broken over the last few days giving the bears more downside confidence. It would now take a move back above that level and the 200 day moving average at 1.26104 to disappoint the sellers and shift the bias/trading barometer back to the upside. Until then, the sellers remain more in control with the 2022 low 1.24476 the next meeting hurdle. From there the door opens for a run toward other swing levels near the 1.2372, and then the lowest lows since July 2021 near the 1.2295 area.

ADVERTISEMENT – CONTINUE READING BELOW

Source link

RELATED POSTS

EURGBP erases gains and returns to a familiar bias defining level

New highs for US stocks. The Nasdaq continues to lead

USDJPY has 3 key technical levels that have stalled the rally higher today

ShareTweetPin
A.R Chowdhury

A.R Chowdhury

Related Posts

EURGBP erases gains and returns to a familiar bias defining level
ANALYSIS

EURGBP erases gains and returns to a familiar bias defining level

August 14, 2022
New highs for US stocks. The Nasdaq continues to lead
ANALYSIS

New highs for US stocks. The Nasdaq continues to lead

August 14, 2022
USDJPY has 3 key technical levels that have stalled the rally higher today
ANALYSIS

USDJPY has 3 key technical levels that have stalled the rally higher today

August 14, 2022
WTI crude oil futures settle at $92.09
ANALYSIS

WTI crude oil futures settle at $92.09

August 14, 2022
Bitcoin technical analysis, bulls might be giving up soon
ANALYSIS

Bitcoin technical analysis, bulls might be giving up soon

August 14, 2022
The weekend forex technical report for the week of August 15, 2022
ANALYSIS

The weekend forex technical report for the week of August 15, 2022

August 14, 2022
Next Post
USDJPY now above 122.00 (and other JPY crosses continuing to move too).

USDJPY now above 122.00 (and other JPY crosses continuing to move too).

Guess what? The EURUSD stalls near 200 hour MA

Guess what? The EURUSD stalls near 200 hour MA

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended Stories

USDJPY falls below 200 hour MA

July 6, 2020

Silver consolidation may be done as it climbs to 13-day high

August 31, 2020
EURUSD falls on US jobs report but bounces

EURUSD falls on US jobs report but bounces

September 5, 2020

Popular Stories

  • The USD is the strongest and the NZD is the weakest as the NA session begins

    0 shares
    Share 0 Tweet 0
  • New highs for US stocks. The Nasdaq continues to lead

    0 shares
    Share 0 Tweet 0
  • EURGBP erases gains and returns to a familiar bias defining level

    0 shares
    Share 0 Tweet 0
  • What is forex and How does it work?

    0 shares
    Share 0 Tweet 0
  • What is CFD trading?

    0 shares
    Share 0 Tweet 0
Forex Review Online

© 2022 My Forex Review - Designed with Jnews Theme.

Navigate Site

  • Home
  • Crypto
  • Education
  • News

Follow Us

No Result
View All Result
  • Home
  • Crypto
  • Education
  • News

© 2022 My Forex Review - Designed with Jnews Theme.