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16.08.202102:10 Forex Analysis & Reviews: Technical analysis for BCN/USD pair

BCN/USD

Exchange Rates 16.08.2021 analysis

The recent growth continued and developed during the previous week, so the bulls managed to fix a good result at the close of weekly trades. The monthly resistance (708.92) was tested on Friday. The breakdown of this level will allow us to consider new bullish pivot points, the nearest of which can now be noted at 806-763 (daily target for the breakdown of the cloud) and 886-863 (weekly and monthly resistance levels).

In turn, a slowdown and development of a downward correction can make adjustments to the current trend. And since an upward trend is already in effect on the daily time frame, the daily short-term trend located at 624.44 earlier will become the first pivot point for the decline. After that, the key zone of this section 558 - 453 will wait for the bears. It is worth noting that important levels of the daily and weekly timeframes are concentrated here, led by the Ichimoku clouds. It was these supports that managed to stop the previous decline of BCN/USD.

Exchange Rates 16.08.2021 analysis

The main advantage in the smaller time frames currently belongs to the bulls. But after meeting with the monthly resistance, the bearish traders began to develop a downward correction at the H1 chart. The downward pivot points of the current movement allow realizing a sufficiently deep decline without losing the main advantage since the key levels of the same time frame form support in the areas of 659 (central pivot level) and 625 (weekly long-term trend).

***

Ichimoku Kinko Hyo (9.26.52) and Kijun-sen levels in the higher time frames and classic Pivot Points and Moving Average (120) on the H1 chart are used in the technical analysis of this instrument.

*A análise de mercado aqui postada destina-se a aumentar o seu conhecimento, mas não dar instruções para fazer uma negociação.

Evangelos Poulakis,
Especialista em análise na InstaForex
© 2007-2021
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