Matt Simpson, CFTe, MSTA
CityIndex
We take a look at the daily charts of EUR/USD, USD/JPY and USD/CAD to highlight key levels and patterns.
EUR/USD Daily
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Euro's failure to close above 1.1500 on Friday warns of a bull-trap (and left a bearish hammer on the weekly chart).
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Resistance was found near the 200-day average.
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A break below 1.1437 confirms a 3-day bearish reversal and takes it further within its original range.
USD/JPY Daily
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A coiling pattern is emerging beneath the 50% retracement level.
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A downside break of 107.77 confirms a bearish continuation.
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A break above 109.09 suggests a deeper retracement is underway. The trend remains bearish whilst below 111.38.
USD/CAD Daily
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The Loonie is beginning to mean revert after an extended sell-off.
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Support was found just above the 100-day average.
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The lower trendline of the broken channel or the 38.2% retracement level are potential areas of resistance for bears to fade into, or bulls to target on lower timeframes.
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