EUR/USD – USD/CAD
EURUSD remains in an erratic, volatile sideways trend. We topped exactly at 3 week trend line resistance at 1.1865/75.
USDCAD longs at our support at 1.3145/35 worked but we did not see the follow through on the upside that I had expected last week. We are only trading sideways.
My new chat room is live with a FREE TRIAL this week. Big winners all last week. I'll give you my trade ideas, show you how I identify my entry levels, my stops & targets. Places are obviously limited so sign up now.
Daily Analysis
EURUSD topped exactly at 3 week trend line resistance at 1.1865/75 so we can assume a break above 1.1880 targets 1.1905/10, perhaps as far as 1.1940/50.
Shorts at resistance at 1.1865/75 worked on the slide to our target of 1.1845/35, perhaps we can reach as far as 1.1800/90. We should have some support at 1.1755/65 but below here retests last week's low at 1.1740/35.
USDCAD longs at support at 1.3145/35 worked on the bounce to the target of 1.3190/99 & almost as far as 1.3210/20. Only minor resistance at 1.3245/55. Be ready to buy a break above 1.3265 initially targeting 1.3310/20. An excellent selling opportunity at 1.3375/95 with stops above 1.3425.
We must hold 1.3130 or a break lower targets 1.3090/80 before a retest of the September low at 1.3010/00.
Chart
The contents of our reports are intended to be understood by professional users who are fully aware of the inherent risks in Forex, Futures, Options, Stocks and Bonds trading. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE AND IS PROVIDED FOR INFORMATION AND EDUCATION PURPOSES ONLY.
Recommended Content
Editors’ Picks
EUR/USD clings to gains above 1.0750 after US data
EUR/USD manages to hold in positive territory above 1.0750 despite retreating from the fresh multi-week high it set above 1.0800 earlier in the day. The US Dollar struggles to find demand following the weaker-than-expected NFP data.
GBP/USD declines below 1.2550 following NFP-inspired upsurge
GBP/USD struggles to preserve its bullish momentum and trades below 1.2550 in the American session. Earlier in the day, the disappointing April jobs report from the US triggered a USD selloff and allowed the pair to reach multi-week highs above 1.2600.
Gold struggles to hold above $2,300 despite falling US yields
Gold stays on the back foot below $2,300 in the American session on Friday. The benchmark 10-year US Treasury bond yield stays in negative territory below 4.6% after weak US data but the improving risk mood doesn't allow XAU/USD to gain traction.
Bitcoin Weekly Forecast: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.
Week ahead – BoE and RBA decisions headline a calm week
Bank of England meets on Thursday, unlikely to signal rate cuts. Reserve Bank of Australia could maintain a higher-for-longer stance. Elsewhere, Bank of Japan releases summary of opinions.