Currency market: USD/CAD target achieved and next week
|USD/CAD target at 1.2526 from 1.2609 achieved lows at 1.2532 for +77 pips. CAD weekly highs achieved 1.2648. USD/CAD day trade lows today are located at 1.2523, 1.2507 then 1.2492. Day trade highs today are found at 1.2594, 1.2602 and 1.2618. Thanks to the Fed to offer today's day trade and exact support and resistance levels. Any trader not offering above levels are as usual, wrong.
What materialized since last week, nothing except exchange rate numbers changed but positions vs each other remains the same.
As warned Option expiries is gaining strength among incompetents as a market ploy to find next victims. Pay no attention. Our world of trading sadly in the modern day is no longer about competence. Option expiries are released at 10:00 am along with Gold and traders have no business trading at 10 am.
As written Sunday, the current trade week was tough due to the massive USD Vs Non USD divide. The gap must close yet the gap widened and we deal with the same divide next week. The strategy is short USD as USD/CHF and USD/JPY and long EUR/USD and NZD/USD.
Long EUR/USD until low 1.1700's trade and however long it takes. Long NZD/USD umtil high 0.6900's, low 0.7000's trade and however long it takes.
AUD/USD is ready for today's reversal particularly around 0.7315 and 0.7330. GBP/USD at 1.3500's sits oversold yet higher represents correction unless low 1.3700's break higher.
EUR/JPY trades neutral heading into next week, overbought GBP/JPY, oversold AUD/JPY, overbought CHF/JPY, dead and oversold NZD/JPY and richter scale overbought CAD/JPY.
Best trades next week: CAD/JPY, GBP/JPY and CHF/JPY.
Short CHF/JPY complies to short CHF/EM. Easy and profitable trades found at CHF/EM currencies and begins with short CHF/PLN, CHF/CZK, CHF/DKK, CHF/HRK, CHF/HUF, CHF/KRW, CHF/MXN, CHF/RON,. The usual weekly suspects.
Next week, USD/CAD trade strategy is long and currently oversold. USD/CHF achieved massive overbought status to match richter scale overbought USD/JPY. Long for USD/CHF and USD/JPY are impossible as short is the only strategy.
CAD/CHF again trades massive overbought while AUD/CHF trades perfect neutral and oversold NZD/CHF.
EUR/GBP begins next week deeply oversold and interesting to GBP/USD. Most vital to next week is again the USD/CAD and EUR/USD relationship.
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