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EURUSD: There is still room for rebound in the short term
2022-08-02
1310
Fundamental analysis:
The US dollar index has fallen for the fourth consecutive trading day to near 105.43, the lowest level since July 5. Bank of Brown Brothers Harryman believes that the market has misunderstood the Fed's commitment to reduce inflation, and the US dollar will still strengthen. However, in the absence of strong economic data, the dollar is unlikely to obtain too much traction
US dollar against Canadian dollar USDCAD daily chart:
Technical analysis:
Looking at the daily chart: The exchange rate fell sharply to near the short -to -short turning area. MACD wears 0 axes and can reduce the amount slightly. The RSI rises slightly. It is expected that the short -term exchange rate will rebound further.
Multi -time turning point: 1.2850
Resistance level: 1.3030 1.3200
Support bit: 1.2650 1.2450
Trading strategy: Watching the decline under 1.2850, the target price is 1.2650, 1.2450
Alternative strategy: Bullish above 1.2850, the target price is 1.3030, 1.3200
The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.
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