2019-11-11 • Updated
Trade idea
SELL 1.4640; TP 1.4590; SL 1.4655
EUR/CAD strengthened last week but ran into the resistance of the 100-day MA around 1.4675. It’s where the upper part of the range, within which it has been trading since the start of September, is. On the D1, the pair touched the upper Bollinger Band. With the Stochastic Oscillator trying to exit the overbought area and cross the signal line to the downside, the odds that the price will move down, at least to the middle of the range, are high. The trigger to sell may be on the decline below 1.4640 (Oct. 31 low). The target for selling lies at 1.4590 (50-day MA).
On the upside, a break above 1.4720 (Oct. 31 high) is needed to open the way up to 1.4860 (200-day MA).
During the Asian session on Wednesday, the USD/CAD pair rebounded after two days of losses, reaching around 1.3590. This uptick is fueled by a stronger US dollar and lower crude oil prices, which put pressure on the Canadian dollar. The decline in Western Texas Intermediate (WTI) oil prices to approximately $80.70 is attributed to...
Canadian retail sales showed a slight rebound in February, rising by 0.1% after a 0.3% drop in January. However, this failed to fully offset the steeper decline earlier in the year, suggesting a weakening momentum in consumer spending. The increase in February was driven by gains in sectors such as sporting goods, hobby retailers, and building materials. Despite the...
The New Zealand Dollar (NZD) is under pressure due to concerns about the country's economic growth, exacerbated by bearish technical indicators and the US Dollar's strength. Recent data showing negative growth in New Zealand, with GDP contracting by 0.1% in Q4 2024, suggests a recession. Despite this, the Reserve Bank of New Zealand (RBNZ) has not ...
Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...
Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...
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