The EURUSD continues to trade in a bullish market condition, I’m still long here and I think I will hold this trade until it reaches 1.5300ish. Today the market had a retracement, after the core CPI announcement, luckily it didn’t broke the short term support level. Still looking to add positions.
The USDCAD yesterday was in a bearish market condition, it broke the short term range for the downside but it came back up. So right now I have widened up the short term range and waiting again for the market to break either side of it 1.0356 – 1.0207. If the market breaks the ST resistance level, I will be looking for long trading opportunities. If the market breaks the support level I will be looking for short trading opportunities.
Looks like the USDCAD will head for parity. The market traded in a range for a few days, that’s the kind of behavior we usually see when the market reaches an important level. But right now, it looks like the USDCADis out of that range. Take a look at the next chart:
My Trading Plan:
As long as the USDCAD keeps trading below the 1.0268 I will be looking for short trading opportunities. All take profit orders will be set above the parity (strong support is expected around that zone).
Last week the USDCAD seemed that it would continue to trade in the range between 1.1067 and 1.0736, but earlier this week the USDCADstarted to break the long term support level, and frankly, I think it will continue to move down, at least until it hits the next support level. Please take a look at the next chart:
The USDCADis trading at an important long term resistance level around 1.1059. We need to wait for the market to make its move before we start looking for trading opportunities, so we have market the short term S&R levels, please take a look at the next chart:
Remember green lines are short term S&R lvls, while blue levels are long term S&R lvls.
My Trading Plan:
If the market starts to trade below the ST support level around 1.1036, I will start to look for short trading opportunities. The next long term support level is around 1.0811.
Right now, long trading opportunities are out of play.