CAD/NOK - 1H - Technical analysis published on 01/22/2020 (GMT)
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- Timeframe : 1H
- - Analysis generated on
- Status : TARGET REACHED
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Summary of the analysis
Trends
Court terme:
Strongly bullish
De fond:
Strongly bullish
Technical indicators
44%
17%
39%
My opinion
Bullish above 6.8591 NOK
My targets
6.8929 NOK (+0.0222)
6.9446 NOK (+0.0739)
My analysis
The bullish trend is currently very strong on CAD/NOK. As long as the price remains above the support at 6.8591 NOK, you could try to benefit from the boom. The first bullish objective is located at 6.8929 NOK. The bullish momentum would be boosted by a break in this resistance. Buyers would then use the next resistance located at 6.9446 NOK as an objective. Crossing it would then enable buyers to target 7.0626 NOK. Be careful, given the powerful bullish rally underway, excesses could lead to a possible correction in the short term. If this is the case, remember that trading against the trend may be riskier. It would seem more appropriate to wait for a signal indicating reversal of the trend.
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
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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 6.8707 NOK. The price registered an increase of -0.04% on the session with the lowest point at 6.8672 NOK and the highest point at 6.8775 NOK. The deviation from the price is +0.05% for the low point and -0.10% for the high point.6.8672
6.8775
6.8707
So that you have an overall view of the price change, here is a table showing the variations over several periods:
Near a new HIGH record (5 years)
Type : Bullish
Timeframe : Weekly
Technical
Technical analysis of CAD/NOK in 1H shows a strongly overall bullish trend. 92.86% of the signals given by moving averages are bullish. This strongly bullish trend is supported by the strong bullish signals given by short-term moving averages. The Central Indicators market scanner currently does not detect any result that concerns moving averages.
In fact, only 8 technical indicators out of 18 studied are currently bullish. Caution: the Central Indicators scanner currently detects an excess:
Williams %R indicator is overbought : over -20
Type : Neutral
Timeframe : 1 hour
Pivot points : price is over resistance 2
Type : Neutral
Timeframe : Weekly
Williams %R indicator is back under -50
Type : Bearish
Timeframe : 1 hour
An analysis of the price chart with the Central Patterns scanner (detector of chart patterns and resistances and supports) shows a result that can have an impact on the price change:
Horizontal resistance is broken
Type : Bullish
Timeframe : 1 hour
Central Candlesticks, the scanner specialised in Japanese candlesticks, detects a bearish signal that could support the hypothesis of a small drop in the very short term:
Bearish engulfing lines
Type : Bearish
Timeframe : 1 hour
ProTrendLines
S3
S2
S1
R1
R2
Price
| S3 | S2 | S1 | Price | R1 | R2 | |
|---|---|---|---|---|---|---|
| ProTrendLines | 6.8296 | 6.8498 | 6.8591 | 6.8707 | 6.9446 | 7.0626 |
| Change (%) | -0.60% | -0.30% | -0.17% | - | +1.08% | +2.79% |
| Change | -0.0411 | -0.0209 | -0.0116 | - | +0.0739 | +0.1919 |
| Level | Major | Intermediate | Minor | - | Major | Major |
Attention could also be paid to pivot points to set price objectives:
Daily
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 6.8051 | 6.8226 | 6.8479 | 6.8654 | 6.8907 | 6.9082 | 6.9335 |
| Camarilla | 6.8615 | 6.8655 | 6.8694 | 6.8733 | 6.8772 | 6.8812 | 6.8851 |
| Woodie | 6.8091 | 6.8246 | 6.8519 | 6.8674 | 6.8947 | 6.9102 | 6.9375 |
| Fibonacci | 6.8226 | 6.8389 | 6.8490 | 6.8654 | 6.8817 | 6.8918 | 6.9082 |
Weekly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 6.7357 | 6.7565 | 6.7881 | 6.8089 | 6.8405 | 6.8613 | 6.8929 |
| Camarilla | 6.8052 | 6.8100 | 6.8148 | 6.8196 | 6.8244 | 6.8292 | 6.8340 |
| Woodie | 6.7410 | 6.7592 | 6.7934 | 6.8116 | 6.8458 | 6.8640 | 6.8982 |
| Fibonacci | 6.7565 | 6.7766 | 6.7889 | 6.8089 | 6.8290 | 6.8413 | 6.8613 |
Monthly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 6.4259 | 6.5730 | 6.6668 | 6.8139 | 6.9077 | 7.0548 | 7.1486 |
| Camarilla | 6.6945 | 6.7165 | 6.7386 | 6.7607 | 6.7828 | 6.8049 | 6.8270 |
| Woodie | 6.3994 | 6.5597 | 6.6403 | 6.8006 | 6.8812 | 7.0415 | 7.1221 |
| Fibonacci | 6.5730 | 6.6650 | 6.7218 | 6.8139 | 6.9059 | 6.9627 | 7.0548 |
Numerical data
The following is the status of technical indicators and moving averages registered at the time this technical analysis was created:
Technical indicators
Moving averages
| RSI (14): | 60.85 | |
| MACD (12,26,9): | 0.0061 | |
| Directional Movement: | 9.3371 | |
| AROON (14): | 28.5714 | |
| DEMA (21): | 6.8752 | |
| Parabolic SAR (0,02-0,02-0,2): | 6.8825 | |
| Elder Ray (13): | 0.0010 | |
| Super Trend (3,10): | 6.8551 | |
| Zig ZAG (10): | 6.8722 | |
| VORTEX (21): | 1.1479 | |
| Stochastique (14,3,5): | 47.88 | |
| TEMA (21): | 6.8744 | |
| Williams %R (14): | -47.21 | |
| Chande Momentum Oscillator (20): | 0.0049 | |
| Repulse (5,40,3): | 0.0857 | |
| ROCnROLL: | 1 | |
| TRIX (15,9): | 0.0158 | |
| Courbe Coppock: | 0.33 |
| MA7: | 6.8306 | |
| MA20: | 6.7991 | |
| MA50: | 6.8481 | |
| MA100: | 6.8674 | |
| MAexp7: | 6.8724 | |
| MAexp20: | 6.8663 | |
| MAexp50: | 6.8528 | |
| MAexp100: | 6.8380 | |
| Price / MA7: | +0.59% | |
| Price / MA20: | +1.05% | |
| Price / MA50: | +0.33% | |
| Price / MA100: | +0.05% | |
| Price / MAexp7: | -0.03% | |
| Price / MAexp20: | +0.06% | |
| Price / MAexp50: | +0.26% | |
| Price / MAexp100: | +0.48% |
This member declared not having a position on this financial instrument or a related financial instrument.
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