EUR/USD – USD/CAD
EURUSD we wrote: outlook negative so we are looking to sell in to a bounce. Minor resistance at 1.1800/10 but probably a better selling opportunity at 1.1830/40 if we continue higher.
Perfect! We topped exactly here & sold off to 1.1782 for a potential 50 pip profit on the day. Outlook remains negative so same levels apply for today.
USDCAD we wrote: I think there is a good chance that we bottomed out last week.
Now we have a double bottom buy signal & a strong recovery in to the end of the day. Outlook is positive so hold on to those longs.
Daily Analysis
EURUSD outlook negative so we are looking to sell in to a bounce again today. Minor resistance at 1.1800/10 being tested as I write, but probably a better selling opportunity at 1.1830/40 . Unlikely but a break higher meets strong resistance at 1.1870/80.
I think eventually we will turn lower targeting 1.1755/50 & 1.1730/20, perhaps as far as strong support at 1.1660/50 this week.
USDCAD outlook is positive after the buy signal in oversold conditions. Holding above first support at 1.3200/1.3180 targets 1.3240/50 . We should struggle here (& in fact it was missed by just 2 pips yesterday) but further gains target 1.3270/80 & 1.3320/30. A selling opportunity at 1.3360/70, with stops above 1.3390.
First support at 1.3200/1.3180. Obviously we need stops below the double bottom buy signal low at 1.3130 on our longs.
| Trends | |
| Weekly Outlook | Neutral |
| Daily Outlook | Neutral |
| Short Term Outlook | Neutral |
Chart
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