Current trend
US dollar is developing corrective dynamics in the short term, updating record-setting minimums in the end of the previous week. The reasons that have put utmost pressure on the instrument include Canadian labor market report. In August Canadian economy grew by 22.2K workplaces which was better than expected by analysts (+19.0K). The level of unemployment suddenly decreased from 6.3% to 6.2%.
During the morning session on September 11 the pair is showing mixed dynamics as traders are waiting for new drivers in the market. No interesting macroeconomic statistics from the USA and Canada is expected on Monday.
Support and resistance
Bollinger Bands on D1 chart demonstrate stable decrease. The price range is widening. MACD is going down preserving a sell signal (being located under the signal line). Stochastic is trying to form a growth signal and is about to leave the oversold area.
Resistance levels: 1.2200, 1.2300, 1.2360, 1.2412, 1.2439.
Support levels: 1.2129, 1.2060, 1.2000.
Trading tips
Long positions may be opened above the level of 1.2200 with targets at 1.2300, 1.2360 and stop-loss at 1.2120, 1.2100. The period of implementation is 2 days.
Alternatively, short positions may be opened after the reversal of he price near 1.2200 with target 1.2000 and stop-loss at 1.2275, 1.2300. The period of implementation is 2-3 days.
US dollar is developing corrective dynamics in the short term, updating record-setting minimums in the end of the previous week. The reasons that have put utmost pressure on the instrument include Canadian labor market report. In August Canadian economy grew by 22.2K workplaces which was better than expected by analysts (+19.0K). The level of unemployment suddenly decreased from 6.3% to 6.2%.
During the morning session on September 11 the pair is showing mixed dynamics as traders are waiting for new drivers in the market. No interesting macroeconomic statistics from the USA and Canada is expected on Monday.
Support and resistance
Bollinger Bands on D1 chart demonstrate stable decrease. The price range is widening. MACD is going down preserving a sell signal (being located under the signal line). Stochastic is trying to form a growth signal and is about to leave the oversold area.
Resistance levels: 1.2200, 1.2300, 1.2360, 1.2412, 1.2439.
Support levels: 1.2129, 1.2060, 1.2000.
Trading tips
Long positions may be opened above the level of 1.2200 with targets at 1.2300, 1.2360 and stop-loss at 1.2120, 1.2100. The period of implementation is 2 days.
Alternatively, short positions may be opened after the reversal of he price near 1.2200 with target 1.2000 and stop-loss at 1.2275, 1.2300. The period of implementation is 2-3 days.