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3 FX Opportunities

ByMarketprog
Published 02/28/2014, 07:44 AM
Updated 07/09/2023, 06:32 AM
EUR/JPY
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EUR/CAD
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NZD/JPY
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EUR/JPY - Trying to rise

Hourly chart: The pair has seen quite the action as it was traded up and down within the narrow range, ultimately failing to break below 139. This resulted in a small double bottom, which was the source of the breakout after the european data was released.

We should see the currency pair reach the resistances at 141-141,2 and if it breaks through them then the next big goal would be to reach the 142,2 levels.

The moving averages are now below the price action, and we expect the 140 level to be a very strong support. These two factors combined should be enough to cause the pair to bounce In case the EUR/JPY sells of to this level.
<span class=EUR/JPY" title="EUR/JPY" height="277" width="464">

EUR/CAD - Conquering 1,53

4 Hour chart: After a long preparation the EUR/CAD pair finally broke through the 1,53 level. The target prices for this breakout are at 1,5410 and 1,5480.

If we want to see this move succeed then the 1,52 level must not be broken, but it would be even better for the momentum in case the 1,5270 level holds.
<span class=EUR/CAD" title="EUR/CAD" height="277" width="464">

NZD/JPY - Pressed higher

4 Hour chart: The currency pair seemed to be entangled with the 200 moving average, but it seems that it has overcome this burden.

The inverted head and shoulders chart pattern which was formed around 85,35 appears to be validated as well, since the NZD/JPY has broken above the neckline and is attempting to climb higher. The target price derived from this formation should bring us close to the previous highs, but there is a rather strong resistance at 86 which should offer a challenge.

In case this breakout is sold off below the neckline, or rather below 85 and the moving averages around it, then it should be categorized as a fake breakout, which could spark more selling.
<span class=NZD/JPY" title="NZD/JPY" height="277" width="464">

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