EUR/USD, USD/CAD, GBP/CAD

EURUSD collapsed through 1.1995/90 & 1.1950/40 for a medium term sell signal.

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.

Easy money as we shot higher by another 160 pips yesterday through the first target of 1.2330/50.

GBPCAD crawling above 5 week trend line resistance at 1.7170/80.

Daily analysis

EURUSD gains are likely to be limited with first resistance at 1.1940/50 & strong resistance at 1.1970/80. Shorts need stops above 1.2005.

Further losses are likely today with a break below 1.1890 targeting 1.1865/60 & 1.1820/10. A break below 1.1800 can target 1.1780/70 & 1.1740/30.

USDCAD longs have bagged up to 160 pips on the run to 1.2330/50. On further gains look for a test of the 100 day moving average at 1.2420/30. This is the best chance of a high for the day in overbought conditions. Shorts need stops above 1.2445. A weekly close above here is a buy signal for next week.

Downside is expected to be limited with minor support at 1.2325/15 & better support at 1.2290/80. Longs need stops below 1.2270. If we unexpectedly continue lower look for strong support at 1.2240/30.

GBPCAD struggling to make a move. Not the best market to trade as other markets breakout. A break above this week’s high at 1.7222 should be a buy signal initially targeting 1.7240/60, perhaps as far as 1.7300/10.

Minor support at 1.7170/60. Better support at 1.7140/30.

Chart

EURUSD

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.

Feed news

Latest Forex Analysis


Latest Forex Analysis

Editors’ Picks

EUR/USD extends gains beyond 1.1820 after US data miss

EUR/USD is trading near weekly highs above 1.1820, as the greenback eases with worse than anticipated data and ahead of the US Federal Reserve decision. US Durable Goods Orders missed estimates with +0.8% in June.

EUR/USD News

GBP/USD recaptures 1.38 as the dollar pares gains

GBP/USD is trading above 1.38, as the safe-haven dollar gains have faded away after a risk-off mood earlier in the day. The pound benefited from the drop in British covid cases. 

GBP/USD News

Gold battles $1,800 as USD lingers near highs

Gold prices loiter near the $1,800 mark for the past five trading sessions. The US dollar remains steady near the four-month high ahead of the Fed’s interest rate decision. The prices moved cautiously despite the general negative sentiments surrounding the greenback.

Gold News

Crypto markets bleed after Amazon denies rumors; uptrend intact

Bitcoin price is experiencing a pullback after rallying 38% to tag $40,000. Ethereum price promptly follows BTC as it eyes a retracement to the $2,018 support level.

Read more

FX: 10 things to watch this week

Taking a look at the economic calendar, it is set to be a busy week for the forex market. There’s a central bank rate decision, GDP, inflation and employment reports scheduled for release. A number of big tech companies have ...

Read more

Majors

Cryptocurrencies

Signatures