SELL USDCAD at market 1.3394USDCAD has pushed deep into resistance and is overbought on RSI.
SELLING this pair with a STOP above recent high at 1.3416 could work out
Theforex
EURJPY headed higher?EURJPY is headed for 118.25 and from there we may head higher.If we don't bounce at 118.25 the E/J could be in trouble as a break under there open a possible move down to 113.
Each way bet on GBP/NZDWith the market base on the TDI across all time frames neutral and RSI within average range the immediate direction for GBPNZD is unclear. The mildly BULLISH structure remains intact and with a dovish RBNZD there's a fair chance we'll head higher. The 200 day sma on the DTF is the principle target at 1.7831 area and 1.7953 above that.
Trade idea
BUY on a return to 1.76.
SELL at 1.78
USDJPY looks weakUSDJPY should be soaring. A FED rate rise round the corner, good jobs number, a raft of positive economic releases - everything USD BULLISH but the BULLS are struggling.
Last Friday saw a shooting star red reversal candle and Monday is already down from the open.
From a technical standpoint a move down to support at 113.59 looks likely.
Trade idea.
SELL down to support at 113.59.
Above 114.72 the picture looks mildly more BULLISH.
EURCHF makes a move north but looks a SELL for nowEURCHF on the back of a hawkish ECB moved impressively away from 1.0624 support but now has hit serious resistance coming in from the daily 200sma and historical resistance.
RSI studies are nudging overbought.
To misquote the old Yazz song - the only way is down from here. Its almost inconceivable that EUR/CHF could break through the resistance above it at the first attempt although rule nothing out where the FX markets are concerned.
Next week will be interesting as the markets may take a more measured attitude to the prospect of an EUR rate hike and everyone will hanging on ECB President Draghi's every word on Monday at 13:30 looking for clues.
Any attempt by Draghi to pour cold water on a future rate hike will see the EUR reverse sharply.
Best advice for this market is to see where the EURO is after Draghi speaks and then make a decision.
Trade idea.
SHORT this market at open with a STOP above the high.
