Baxia Markets
August 27, 2022

USDCAD +0.78%

big mover analysis top header -1

The US dollar recovered the losses it suffered in the previous trading session after Fed Chairman Powell's Speech indicated that the monetary policy needs to be tight for some time in order to control high inflation; the USD is up across all major forex pairs in the session while the stock market falls.


With the expected interest rate hikes, the US economy is likely to slow down, which will affect the labor market and the growth rate. A 50 or 75 basis point is what experts are anticipating for the September 21st interest rate decision.  


The general trend continues to be upward as the short and long-term moving averages trend lines are below the current price. We identified a strong resistance level at 1.30631, which is the previous high in more than one month. 



Copy of Green - TW Big Mover post AIG (2)


The price is trading inside the Ichimoku cloud, which often suggests market uncertainty; however, the price is very close to exiting the cloud with the upwards movement of today’s trading session.


The Bollinger bands are wide and moving upwards, suggesting that the uptrend will continue in the short term, the price is trading closer to the upper band, but as the band expands, it will allow the price to continue climbing.


The relative strength index is at 57%, which will allow the price to move upwards for a while before entering an overbought status. Our parabolic SAR indicator suggests that the price will continue moving upwards. 


We love to hear new ideas from traders and want to know what you think! 


If you like this topic and want to suggest future topics that you find helpful, let us know by clicking the ‘submit your feedback’ button below.


Open Live Account  


Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. 


Nothing contained in this website should be construed as investment advice. Any reference to an investment's past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit.

forex, trading conditions, technical analysis, trading indicator, fundamental analysis

Subscribe by Email