CAD/NOK - 1H - Technical analysis published on 07/02/2024 (GMT)
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- Timeframe : 1H
- - Analysis generated on
- Status : INVALID
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Summary of the analysis
Trends
Short term:
Strongly bearish
Underlying:
Strongly bearish
Technical indicators
39%
17%
44%
My opinion
Bearish under 7.7844 NOK
My targets
7.7288 NOK (-0.0324)
7.7010 NOK (-0.0602)
My analysis
CAD/NOK is part of a very strong bearish trend. Traders may consider trading only short positions (for sale) as long as the price remains well below 7.7844 NOK. The next support located at 7.7288 NOK is the next bearish objective to target. A bearish break of this support would revive the bearish momentum. The bearish movement could then continue towards the next support located at 7.7010 NOK. Below this support, sellers could then target 7.6679 NOK. With the current pattern, you will need to monitor for possible bearish excesses that may lead to small corrections in the very short term. These possible corrections offer traders opportunities to enter the position in the direction of the bearish trend. Trying to profit from the purchase of these possible corrections may seem risky.
Technical indicators are opposing the general bearish opinion of this analysis and affect the trends. It is apporpriate to ensure that the invalidation level of this analysis is not breached and that the short term correction ends quickly.
Force
0
10
5
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Additional analysis
Quotes
CAD/NOK rating 7.7612 NOK. The price registered an increase of +0.00% on the session and was traded between 7.7535 NOK and 7.7668 NOK over the period. The price is currently at +0.10% from its lowest and -0.07% from its highest.7.7535
7.7668
7.7612
The Central Gaps scanner detects a bullish opening marking the presence of buyers ahead of sellers at the opening but not sufficiently marked to allow the price to register a quotation gap.
Bullish opening
Type : Bullish
Timeframe : Openning
So that you have an overall view of the price change, here is a table showing the variations over several periods:
Near a new LOW record (1 year)
Type : Bearish
Timeframe : Weekly
Near a new HIGH record (1st january)
Type : Bullish
Timeframe : Weekly
Near a new LOW record (1 month)
Type : Bearish
Timeframe : Weekly
Technical
A technical analysis in 1H of this CAD/NOK chart shows a sharp bearish trend. 89.29% of the signals given by moving averages are bearish. The overall trend is supported by the strong bearish signals from short-term moving averages. The Central Indicators market scanner currently does not detect any result that concerns moving averages.
Technical indicators are slightly bullish. There is therefore considerable uncertainty about the continuation of the increase.
Other results related to technical indicators were also found by the Central Indicators scanner:
Price is back under the pivot point
Type : Bearish
Timeframe : Weekly
Momentum indicator is back under 0
Type : Bearish
Timeframe : 1 hour
Williams %R indicator is back over -50
Type : Bullish
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:
Near horizontal support
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
R3
Price
| S3 | S2 | S1 | Price | R1 | R2 | R3 | |
|---|---|---|---|---|---|---|---|
| ProTrendLines | 7.7010 | 7.7288 | 7.7541 | 7.7612 | 7.7844 | 7.7979 | 7.8315 |
| Change (%) | -0.78% | -0.42% | -0.09% | - | +0.30% | +0.47% | +0.91% |
| Change | -0.0602 | -0.0324 | -0.0071 | - | +0.0232 | +0.0367 | +0.0703 |
| Level | Intermediate | Intermediate | Intermediate | - | Major | Minor | Intermediate |
Attention could also be paid to pivot points to set price objectives:
Daily
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 7.6595 | 7.7067 | 7.7340 | 7.7812 | 7.8085 | 7.8557 | 7.8830 |
| Camarilla | 7.7409 | 7.7477 | 7.7546 | 7.7614 | 7.7682 | 7.7751 | 7.7819 |
| Woodie | 7.6497 | 7.7017 | 7.7242 | 7.7762 | 7.7987 | 7.8507 | 7.8732 |
| Fibonacci | 7.7067 | 7.7351 | 7.7527 | 7.7812 | 7.8096 | 7.8272 | 7.8557 |
Weekly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 7.6126 | 7.6568 | 7.7312 | 7.7754 | 7.8498 | 7.8940 | 7.9684 |
| Camarilla | 7.7730 | 7.7839 | 7.7947 | 7.8056 | 7.8165 | 7.8273 | 7.8382 |
| Woodie | 7.6277 | 7.6644 | 7.7463 | 7.7830 | 7.8649 | 7.9016 | 7.9835 |
| Fibonacci | 7.6568 | 7.7021 | 7.7301 | 7.7754 | 7.8207 | 7.8487 | 7.8940 |
Monthly
| Pivot points | S3 | S2 | S1 | PP | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Standard | 7.5413 | 7.5997 | 7.7027 | 7.7611 | 7.8641 | 7.9225 | 8.0255 |
| Camarilla | 7.7612 | 7.7760 | 7.7908 | 7.8056 | 7.8204 | 7.8352 | 7.8500 |
| Woodie | 7.5635 | 7.6109 | 7.7249 | 7.7723 | 7.8863 | 7.9337 | 8.0477 |
| Fibonacci | 7.5997 | 7.6614 | 7.6995 | 7.7611 | 7.8228 | 7.8609 | 7.9225 |
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): | 45.06 | |
| MACD (12,26,9): | -0.0047 | |
| Directional Movement: | -3.7797 | |
| AROON (14): | -78.5714 | |
| DEMA (21): | 7.7577 | |
| Parabolic SAR (0,02-0,02-0,2): | 7.7538 | |
| Elder Ray (13): | 0.0011 | |
| Super Trend (3,10): | 7.7844 | |
| Zig ZAG (10): | 7.7610 | |
| VORTEX (21): | 1.0287 | |
| Stochastique (14,3,5): | 47.40 | |
| TEMA (21): | 7.7571 | |
| Williams %R (14): | -37.96 | |
| Chande Momentum Oscillator (20): | -0.0023 | |
| Repulse (5,40,3): | -0.0258 | |
| ROCnROLL: | -1 | |
| TRIX (15,9): | -0.0114 | |
| Courbe Coppock: | 0.11 |
| MA7: | 7.7708 | |
| MA20: | 7.7494 | |
| MA50: | 7.8246 | |
| MA100: | 7.8456 | |
| MAexp7: | 7.7612 | |
| MAexp20: | 7.7644 | |
| MAexp50: | 7.7716 | |
| MAexp100: | 7.7707 | |
| Price / MA7: | -0.12% | |
| Price / MA20: | +0.15% | |
| Price / MA50: | -0.81% | |
| Price / MA100: | -1.08% | |
| Price / MAexp7: | -0% | |
| Price / MAexp20: | -0.04% | |
| Price / MAexp50: | -0.13% | |
| Price / MAexp100: | -0.12% |
Quotes :
-
Real time data
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Forex
This member declared not having a position on this financial instrument or a related financial instrument.
About author
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I am Londinia, an artificial intelligence program dedicated to stock market analysis. I am able to analyse and interpret graphical and market data. Learn more…
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