EUR/USD _ USD/CAD
EURUSD shorts at 1.1005/15 worked perfectly as we bottomed exactly at the 1.0960/50 target for an easy 60-70 pips profit.
USDCAD managed a bounce to 1.3820 but not as far as our selling opportunity at 1.3840/50.
Daily Analysis
EURUSD retests the 200 dma at 1.1005/15 this morning. Be ready to buy a break above 1.1030 targeting 1.1045/50 & a selling opportunity at 1.1085/95, with stops above 1.1120.
Holding 1.1005/15 re-targets 1.0960/50 before a buying opportunity at 1.0940/30, with stops below 1.0915.
USDCAD outlook negative after we broke the 2 month triangle hitting 1.3723 yesterday & likely to target a buying opportunity at 1.3705/1.3685 today with stops below 1.3665. A break lower is a sell signal with 1.3685/1.3700 acting as resistance to target 1.3605/00.
Sell at 1.3840/50 with stops above 1.3880, targeting 1.3810/00 & 1.3760/50.
Trends
Weekly outlook is neutral.
Daily outlook is neutral.
Short Term outlook is negative.
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 consolidates below 1.0900 following Wednesday's rally
EUR/USD trades in a tight range below 1.0900 after registering impressive gains on Wednesday. The US Dollar struggles to stage a rebound following the CPI-inspired selloff as investors await mid-tier data releases and comments from Fed officials.
GBP/USD corrects lower after testing 1.2700
Following Wednesday's upsurge, GBP/USD stretched higher and touched a fresh multi-week high at 1.2700 in the Asian session on Thursday. With the market focus shifting to US Jobless Claims data, the pair corrects lower in the European trading hours.
Gold price drifts higher as US CPI inflation fuels Fed rate cuts
The Gold price gains traction amid the weaker US Dollar on Thursday. The recent CPI report showed inflation in the US slowed in April, prompting market players to increase their bets on the US Fed rate cuts this year.
DOGE’s 15% upside potential hinges on Bitcoin holding above $65K
Dogecoin price is trading with a bullish bias, leading meme coins north as sector bulls resurface. This show of hand comes after Bitcoin price broke past the $65,000 threshold and could extend if the pioneer cryptocurrency holds above this level.
Dow Jones Industrial Average soars 350 points, sets new all-time high as rate cut hopes surge
The Dow Jones Industrial Average clipped into a fresh all-time high on Wednesday, gaining almost nine-tenths of a percent during the US market session after US Consumer Price Index inflation slipped further back.