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Forex signals & trading strategies for EURUSD, GBPUSD & USDCAD on 16/09/2022

EUR/USD, currency, GBP/USD, currency, USD/CAD, currency, Forex signals & trading strategies for EURUSD, GBPUSD & USDCAD on 16/09/2022

EUR/USD

The EUR/USD pair is trading within the descending price channel on the hourly chart. I recommend opening long positions in case of breakdown of the resistance at 1.0013 with the aim of going up to the resistance at 1.0050-1.0082. Stop below 0.9930.

I recommend to open short positions after breakdown of support at the level of 0.9941 with the aim to go down to support at the level of 0.9906-0.9873. Stop above 1.0130.

GBP/USD

Based on the technical simulation on the pair pound/dollar formed the forecast of further movement and the average urgent predisposition to the decline.

In the given technical situation it is possible to sell from level 1.1389 also it is possible to expose the pending order on sale at level 1.1547 with the purpose of decrease in area of support at level 1.1215-1.1076, the stop at this strategy can be placed at level 1.1685.

If we gain a profit of 30 pips or more, we fix 50% of the position, and reduce the rest to a lossless position. If this forecast for the GBP/USD pair coincides with your opinion, then you can safely use this strategy.

USD/CAD

USD/CAD pair is trading in an uptrend on the 4-hour chart. It shows that the USD/CAD rate is trading above the moving average with a period of 55 on the hourly chart (the level of 1.3087), which generally contributes to the price increase in the short term. I recommend to work on this pair from purchases on the basis of the existing wave model.

The signal for long position opening will be a break-down of resistance at 1.3259 with the aim to go up to the resistance level of 1.3305 and in case of its break-down at the end of the hour to 1.3357.  Stolploss may be placed at the level of 1.3200.

The signal for the opening of a short position is a breakdown of support at 1.3210 with the aim of going down to 1.3153, in case it is broken through 1.3087. Stolploss in this strategy can be placed at the level of 1.3310.

Taking into account that the moving average and the location of the technical figure boundaries move over time, it is necessary to make corrections in their positions on the hourly chart. I also recommend opening positions by the end of the hour to avoid false breakouts.

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Symbols EUR/USD, GBP/USD, USD/CAD

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