empty
 
 
20.03.2017 12:16 PM
Trading plan for 20/03/2017

Trading plan for 20/03/2017:

On Monday 20th of March, there is not much in event calendar, but the market participants will be paying attention to the Wholesale Sales data from Canada that will be released during the American session.

USD/CAD analysis fro 20/03/2017:

The Wholesale Sales data are scheduled for release at 12:30 pm GMT today and the market participants expect, that the value of sales made by Canadian wholesaler will decrease from 0.7% to 0.3% on a month-to-month basis. The changes in Wholesale Sales can be used as an early indicator for the overall direction of the retail sector, consumption and the economy. In this case, any data worse than 0.3% might be the first clue of incoming problems in this sector of the economy.

Let's now take a look at the USD/CAD technical picture at the H4 timeframe. The price had bounced from the upper channel line but is still trading inside of the congestion zone between the levels of 1.3282 - 1.3367. The most important technical resistance zone is still the gray rectangle between the levels of 1.3367 - 1.3388 and only a sustained breakout higher would push the price higher towards the level of 1.3493.

This image is no longer relevant

Market snapshot - GBP/USD at the trend line resistance

At the H4 timeframe, the price just went upward in order to test the golden trend line dynamic resistance around the level of 1.2435. The market was strong enough to break out above the 61%Fibo at the level of 1.2394, but the question now is whether the breakout will sustain or the market will reverse. A critical moment here both for bulls and bears.

This image is no longer relevant

Market snapshot - Crude Oil fails to rally higher

The bulls camp were not strong enough to sustain the recent breakout above the gray rectangle resistance area and now the price is trading just above the technical support at the level of 47.90. More weakness is expected here and the next level to keep an eye on is all important technical support at the level of 47.09.

This image is no longer relevant

Market snapshot - AUD/USD prints Doji candle at H4 time frame chart

A clear Doji candle had been made at H4 chart, just at the top of the range zone, but below the technical resistance at the level of 0.7777. If the next cancel will confirm this is the temporary top ( must be any down candle formation), then the market should decline towards the next support at the level of 0.7662 and can even extend to the level of 0.7632 due to the overbought trading conditions.

This image is no longer relevant

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback