Euro Dollar – EUR/USD broke its support level on last Friday which opened up the door for potential further losses in the coming days. Given that the long term trend is still bearish, traders may consider shorting this market when price pullback to the 1.1132–1.1068 resistance area. Price is likely going to continue to move lower in the coming days and as long as price remains below the 1.1132–1.1068 resistance area, traders may then continue look for shorting opportunity in this market.
Loonie Yen – We have a triangle chart pattern in CAD/JPY at the 98.42 support level. Price breakout away from the triangle chart pattern this morning showing that price may rally further up from here. Traders may consider buying into this market as we have a breakout in the direction of the overall bullish trend. If the bulls continue to gets into this market, price may potentially retest its 99.90 resistance level in the near term.
Pound Loonie – GBP/CAD is currently on its way back to the 1.8900 support level. Traders may consider buying into this market when price pullback to the 1.8900 support level as the trend is bullish at the moment. Ideally, waiting for price to rejects the 1.8900 support level or any other confirmation before going long will increase the odds of the trade. Traders may also look for buying opportunity on lower time frame when price pullback to the 1.8900 support level to fine tune the entry for better risk:reward.
Posted on 2015-05-26 06:30:00