EURUSD lower as expected but broke best support for the day at 1.2050/40. However we bottomed exactly at the next target & support at 200 day moving average at 1.1995/90.

USDCAD rocketed through strong 9 month trend line & 200 week moving average resistance at 1.2180/1.2200 for a very important longer term buy signal & an excellent swing trade opportunity over the summer.

GBPCAD tests 5 week trend line resistance at 1.7170/80 & tried a break above but failed at 1.7206.

Daily analysis

EURUSD bottomed exactly at the 200 day moving average at 1.1995/90. However I would not rely too heavily on this as support today. A break lower meets a buying opportunity at 1.1950/40. Longs need stops below 1.1925. A break lower is a medium term sell signal.

Gains are likely to be limited with first resistance at 1.2040/50. Further unexpected gains meet strong resistance at 1.2080/90.

USDCAD buy signal on the break above 9 month trend line & 200 week moving average resistance at 1.2180/1.2200 initially targets 1.2330/50. On further gains look for 1.2400/10.

Downside is expected to be limited with minor support at 1.2225/20 then better support at 1.2180/60. Longs need stops below 1.2145.

GBPCAD struggling to make a move. Not the best market to trade as other markets breakout. A break above yesterday’s high at 1.7206 should be a buy signal initially targeting 1.7240/60, perhaps as far as 1.7300/10.

Minor support at 1.7120/10 before 3 week trend line support at 1.7035/25. Longs need stops below 1.7015. A break lower to can target 1.6955/45.



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.

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