Analysis for May 5th, 2015
EURUSD, “Euro vs US Dollar”
Eurodollar is still being corrected between Super Trends. If the pair rebounds from the 3/8 level, the uptrend may continue. If later the price is able to stay above the 5/8 level, the next target for buyers will be at the 8/8 one.
As we can see at the H1 chart, the current correction resulted in “bearish cross” formed by Super Trends. However, the price is supported by the 6/8 level, which means that it may resume growing. I’m planning to increase my long position as soon as the market breaks the 8/8 level and stays above it.
USDCAD, “US Dollar vs Canadian Dollar”
Canadian Dollar has rebounded from the daily Super Trend and the 4/8 level. If later the price is able to stay below the 3/8 level, the next target for bears will be at the 0/8 one. After reaching it, the market may start a larger correction.
As we can see at the H1 chart, the price has rebounded from the 8/8 level and Super Trends have formed “bullish cross”. Probably, the pair may break yesterday’s low during the day. If the market is able to stay below the 3/8 level, it may continue falling towards the 0/8 one, which is the closest target.
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