CAD/NOK - 1H - Technical analysis published on 04/14/2020 (GMT)
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- Timeframe : 1H
- - Analysis generated on
- Status : TARGET REACHED
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Summary of the analysis
Trends
Court terme:
Bullish
De fond:
Strongly bullish
Technical indicators
78%
6%
17%
My opinion
Bullish above 7.3848 NOK
My targets
7.4550 NOK (+0.0333)
7.4806 NOK (+0.0589)
My analysis
All elements being clearly bullish, it would be possible for traders to trade only long positions (at the time of purchase) on CAD/NOK as long as the price remains well above 7.3848 NOK. The buyers” bullish objective is set at 7.4550 NOK. A bullish break in this resistance would boost the bullish momentum. The buyers could then target the resistance located at 7.4806 NOK. If there is any crossing, the next objective would be the resistance located at 7.5256 NOK. Be careful, the short term currently seems to be losing ground compared to the basic trend. Longer time units should be analysed to identify possible overbought items that could be a sign of a possible short-term correction.
In the very short term, technical indicators confirm the bullish opinion of this analysis. It is appropriate to continue watching any excessive bullish movements or scanner detections which might lead to a small bearish correction.
FORCE
0
10
7.7
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This analysis was given by Vincent Launay. Take part yourself by sharing additional analysis on another time unit:
Additional analysis
Quotes
The CAD/NOK price is 7.4217 NOK. On the day, this instrument gained +0.11% and was traded between 7.3555 NOK and 7.4381 NOK over the period. The price is currently at +0.90% from its lowest and -0.22% from its highest.7.3555
7.4381
7.4217
A bullish opening was detected by the Central Gaps scanner. Buyers are trying to impose a bullish momentum in the very short term.
Bullish opening
Type : Bullish
Timeframe : Openning
Here is a more detailed summary of the historical variations registered by CAD/NOK:
Near a new LOW record (1 month)
Type : Bearish
Timeframe : Weekly
The Central Volumes scanner detects abnormal volumes on the asset:
Abnormal volumes
Timeframe : 20 days
Technical
Technical analysis of CAD/NOK in 1H shows a strongly overall bullish trend. 89.29% of the signals given by moving averages are bullish. The slightly bullish signals given by the short-term moving averages indicate this trend is showing signs of running out of steam. The Central Indicators market scanner currently does not detect any result that concerns moving averages.
Technical indicators are strongly bullish, suggesting that the price increase should continue.
But beware of excesses. The Central Indicators scanner currently detects this:
Williams %R indicator is overbought : over -20
Type : Neutral
Timeframe : 1 hour
Price is back under the pivot point
Type : Bearish
Timeframe : Weekly
Central Patterns, the market scanner focusing on chart patterns, resistances and supports found this result:
Resistance of triangle is broken
Type : Bullish
Timeframe : 1 hour
The Central Candlesticks scanner, specialised in Japanese candlesticks, did not identify any signals.
ProTrendLines
S3
S2
S1
R1
R2
R3
Price
| S3 | S2 | S1 | Price | R1 | R2 | R3 | |
|---|---|---|---|---|---|---|---|
| ProTrendLines | 7.3415 | 7.3848 | 7.4176 | 7.4217 | 7.4550 | 7.4806 | 7.5256 |
| Change (%) | -1.08% | -0.50% | -0.06% | - | +0.45% | +0.79% | +1.40% |
| Change | -0.0802 | -0.0369 | -0.0041 | - | +0.0333 | +0.0589 | +0.1039 |
| Level | Minor | Intermediate | Minor | - | Minor | Minor | Major |
To determine price objectives, it is also possible to use the pivot points. Here is the price position in relation to pivot points:
Daily
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 7.1861 | 7.2425 | 7.3280 | 7.3844 | 7.4699 | 7.5263 | 7.6118 |
| Camarilla | 7.3746 | 7.3876 | 7.4006 | 7.4136 | 7.4266 | 7.4396 | 7.4526 |
| Woodie | 7.2008 | 7.2498 | 7.3427 | 7.3917 | 7.4846 | 7.5336 | 7.6265 |
| Fibonacci | 7.2425 | 7.2967 | 7.3302 | 7.3844 | 7.4386 | 7.4721 | 7.5263 |
Weekly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 6.9843 | 7.1164 | 7.2164 | 7.3485 | 7.4485 | 7.5806 | 7.6806 |
| Camarilla | 7.2526 | 7.2739 | 7.2951 | 7.3164 | 7.3377 | 7.3590 | 7.3802 |
| Woodie | 6.9683 | 7.1084 | 7.2004 | 7.3405 | 7.4325 | 7.5726 | 7.6646 |
| Fibonacci | 7.1164 | 7.2051 | 7.2598 | 7.3485 | 7.4372 | 7.4919 | 7.5806 |
Monthly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 5.2082 | 6.0354 | 6.7207 | 7.5479 | 8.2332 | 9.0604 | 9.7457 |
| Camarilla | 6.9900 | 7.1286 | 7.2673 | 7.4059 | 7.5446 | 7.6832 | 7.8218 |
| Woodie | 5.1372 | 5.9999 | 6.6497 | 7.5124 | 8.1622 | 9.0249 | 9.6747 |
| Fibonacci | 6.0354 | 6.6132 | 6.9702 | 7.5479 | 8.1257 | 8.4827 | 9.0604 |
Numerical data
The following are the details of the technical indicators and moving averages that were collected to generate this technical analysis:
Technical indicators
Moving averages
| RSI (14): | 59.44 | |
| MACD (12,26,9): | 0.0144 | |
| Directional Movement: | 7.3808 | |
| AROON (14): | 57.1429 | |
| DEMA (21): | 7.4207 | |
| Parabolic SAR (0,02-0,02-0,2): | 7.3688 | |
| Elder Ray (13): | 0.0200 | |
| Super Trend (3,10): | 7.3476 | |
| Zig ZAG (10): | 7.4280 | |
| VORTEX (21): | 1.0404 | |
| Stochastique (14,3,5): | 92.14 | |
| TEMA (21): | 7.4235 | |
| Williams %R (14): | -2.78 | |
| Chande Momentum Oscillator (20): | 0.0653 | |
| Repulse (5,40,3): | 0.4253 | |
| ROCnROLL: | 1 | |
| TRIX (15,9): | 0.0244 | |
| Courbe Coppock: | 0.54 |
| MA7: | 7.3545 | |
| MA20: | 7.5160 | |
| MA50: | 7.2244 | |
| MA100: | 7.0393 | |
| MAexp7: | 7.4185 | |
| MAexp20: | 7.4017 | |
| MAexp50: | 7.3768 | |
| MAexp100: | 7.3600 | |
| Price / MA7: | +0.91% | |
| Price / MA20: | -1.25% | |
| Price / MA50: | +2.73% | |
| Price / MA100: | +5.43% | |
| Price / MAexp7: | +0.04% | |
| Price / MAexp20: | +0.27% | |
| Price / MAexp50: | +0.61% | |
| Price / MAexp100: | +0.84% |
This member declared not having a position on this financial instrument or a related financial instrument.
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