USDCAD Trade Alert
We are looking at the USDCAD this morning.
Currency Trading
Long Term USDCAD Analysis Brief
Long Term Analysis Brief indicate USDCAD’s downward movement from 1.0055 extends to as low as 0.9824. Further decline could be seen after a minor consolidation, and next target would be at 0.9700 area. Resistance is at 0.9900, as long as this level holds, the downtrend will continue.
FOREX Market Analysis
Being contained by 1.0624 (Sep 14 high) resistance, AUDUSD pulls back from 1.0585, suggesting that a cycle top is being formed on 4-hour chart. Range trading between 1.0500 and 1.0585 would likely be seen in a couple of days. As long as the channel support holds, the fall would possibly be consolidation of the uptrend from 1.0287, and another rise to test 1.0624 resistance is still possible.
FOREX Market Analysis
USDCAD stays below a downward trend line on 4-hour chart, and remains in downtrend from 1.0055, and the fall extends to as low as 0.9844. Further decline could be expected after a minor consolidation, and next target would be at 0.9800 area. Initial resistance is at 0.9880, and the key resistance is located at the downward trend line, only a clear break above the trend line resistance could signal completion of the downtrend.
FOREX Market Analysis
AUDUSD is facing the support of the upward trend line on 4-hour chart, a clear break below the trend line support will indicate that the uptrend from 1.0287 has completed at 1.0515 already, then the following downward movement could bring price back to 1.0000 zone. On the upside, as long as the trend line support holds, the fall from 1.0515 could be treated as consolidation of the uptrend, and one more rise to 1.0550 area is still possible.
FOREX Market Analysis
AUDUSD stays above a upward trend line on 4-hour chart, and remains in uptrend from 1.0287. As long as the trend line support holds, the uptrend could be expected to continue, and further rise to 1.0550 area is still possible. On the downside, a clear break below the trend line support will suggest that a cycle top has been formed at 1.0515, and the uptrend has completed, then the following downward movement could bring price back to 1.0000 zone.
FOREX Market Analysis
EURUSD breaks below the lower line of the price channel on 4-hour chart, suggesting that a cycle top has been formed at 1.3125 and the uptrend from 1.2661 has completed. The pair is now in downtrend from 1.3125, further decline could be expected and next target would be at 1.2850-1.2900 area. Key resistance is at 1.3125, only break above this level could trigger another rise towards 1.3500.
FOREX Market Analysis
EURUSD may be forming a cycle top at 1.3125 on 4-hour chart. Range trading between 1.3000 and 1.3125 would likely be seen in a couple of days. Support is now located at the lower line of the price channel, as long as the channel support holds, the fall from 1.3125 could be treated as consolidation of the uptrend from 1.2661, one more rise towards 1.3500 is still possible after consolidation, only a clear break below the channel support could signal completion of the uptrend.
Currency Outlook
Traders start out the week with the U.S. dollar broadly lower against the major currency pairs. The moves comes on the hope the U.S. policymakers can reach a deal before the fiscal cliff deadline which in turn pushed sentiment toward risk appetite assets and away from the safety of the U.S. dollar.
Euro Heading Lower – How Play Currency
The Euro continues to be under pressure for the 8th straight session. As headlines hit the wires about Greece and Spain market participants look to move away from the risk appetite assets send money flowing out of the Euro and into the U.S. dollar. Playing the move Euro move