USDCHF has just reached parity, this is usually an important level. Moreover USD has been running a little hot lately which makes a short term bounce possible. The target is around 0.997.
The AUDNZD cross might show some bearish tendencies over the next weeks to months. AUD is expected to decline slightly against the USD until the year end to around 0.68. At the same time NZDUSD could go up to 0.67 based on commodity prices. Both views are based on Westpac market commentary.
I trade the cross the avoid USD related fluctuations.
From a technical...
The Pair has broken its upwards sloping trendline and has been moving down since. The next strong Support is met at 1.76136 and next strong resistance is seen at 1.77389.
The Trend is still bearish but shorting right away provides a Risk/Return just below one. An Entry Order below the Resistance, say at around 1.77, will provide an opportunity to enter on short...
BCO is moving slightly bullish in broader upwards triangle formation. Today brings Canadian CPI and Retail sales which are expected below their last reported numbers both. There is no fundamental short pressure on BCO, so if the CPI release triggers some volatility it might just present the opportunity to enter long on BCO at a good price due to its correlation...
A Resistance on the daily level has been broken with yesterdays candle and some more upwards movement is likely to follow.
The RR Settings for this trade are nearly even, but it aligns well with the Trend.
The pair is heading north, if a rebound brings price temporarily back to 1.0144 there is a good risk/reward long opportunity. Target on the daily chart is just above 1.020.
Todays FOMC Statement is expected to bring some volatility. This is an opportunity to place a Limit entry near the next downside support at around 111.218. Target is resistance at around 111.783.
GBPCAD is slowly carving out the lower bound of a triangle formation. This provides opportunity to go long on Monday with a favourable RR. I will try to enter this trade when the resistance is tested on Monday and holds.
WHEATUSD is just about to relax from high levels which were reached in the cold season. The retracement of the down move of the past few days has been just below the support turned resistance at around 5.69-5.70. When price retraces to this level and the resistance proves to be valid this is an entry point to follow the higher timeframe downtrend at least until...
The EUR has taken heavy hits on Friday and dropped across the board. The outlook might be a negative one after all. But experience tells that there is most likely a temporary rebound before the way down continues. Trading the rebound requires good timing and picking the right pair. According to my model the best opportunity is in EUR/SGD. The Friday drop has...
Brent has been on the run lately and is about to hit a major resistance. Regardless whether it will break the resistance or not the market open might present a short term opportunity.
My model suggests that a short term reversal to around 66.42 presents a good opportunity to enter a long until the 67.8 line with favourable risk/reward. I will be using this entry...
