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    Technical analysis and trading recommendation for USD against CAD & YEN for April 21, 2015

    It's another soft economic day in the US as well. Concerns over Greek issue added the new factor into the bearish view. The euro is likely to remain under pressure on the back of growing concerns about Greece as no agreements between Greece and its creditors had been reached. The Greek exit from the eurozone is the most likely scenario. The euro group of finance ministers meets this Friday on April 24. The 50Dsma lies at 97.00 and 20Dsma is seen at 98.00. Probably, the double bottom was placed at 96.17 and 96.33. At today's Asian session, the index faced strong resistance at 98.10 multi-resistance level at the four-hour chart. Bulls can extend their paw towards 98.25, 98.35, 98.55, and 98.70.


    The US dollar is trading at 119.27 on Tuesday's Asian session, gaining from 119.17 at the start of the day. The pair opened on a bullish bias extending its gains. We have been recommending buying on every dip with sl 118.00. The pair changed its direction from 118.54. Probably, the double bottom was formed between 118.33 and 118.54. The nearest resistance is seen at 119.60 20Dsma and 119.85 50Dsma. Bulls need it to close above 119.85 to regain their strength. We are bearish only below 118.00 with targets at 117.15, 115.50, and 114.50. We still recommend buying on dips. The weekly trading pattern framed between 119.75 and 118.00. Breakout is likely to provide further room to trade.


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    We used to recommend buying with sl 1.2350. Out sl was taken out. We change our view to sell with targets at 1.2100 and 1.1875. The pair made a low at 1.2088 and changed its direction. The pair has been forming minor base between 1.2180 and 1.2190 within last three days. The 100Dema was found at 1.2218. Parallel resistance is found at 1.2271 Friday's high, 1.2290 20Wsma and 1.2350 previous support bases. Until the price closes below 1.2350, the bearish view remains in play. In case if the price closes above 1.2290 and 1.2350 we reanalyze the charts.


    The parallel resistance seems at 1.2271. We recommend buying above 1.2275 with targets at 1.2290, 1.2320, and 1.2340. Strong resistance is seen at 1.2350. Until the price closes above 1.2350, use every rise to sell remains in play.


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    Uitgevoerd door, Analytische expert
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