Daily Insight: USD/CAD Looking Weak At The Highs

Published 11/06/2014, 01:50 AM
Updated 08/22/2024, 06:01 PM
EUR/GBP
-
USD/CAD
-
NZD/JPY
-

Asia Roundup

UP NEXT:

Economic Events

TECHNICAL ANALYSIS:

USDCAD: Looking weak at the highs

USD/CAD

Whilst yesterday's bullish signal worked out quite well, we now find ourselves in a situation where we think the short-side may be the most opportunistic over the next few hours. The decline from the 1.147 highs was hard and fast and broke the prior swing low to suggest a change in trend, and price has since drifted up towards the 1.141 resistance zone to suggest a swing trade short to target 1.1338-40 support zone.

EURGBP: BoE vs ECB

EUR/GBP

The current intraday bullish run allows for a potential right shoulder to form as part of a Head & Shoulders pattern, to target the recent lows and beyond.

Due to both the BoE and ECB providing market action tonight we can expect volatility, hopefully we will also see a sustained direction.

NZDJPY: Correction not quite over (yet)

NZD/JPY


As long as we see a return to risk-on (and Indices continue their upwards trajectory) then NZDJPY is one to keep in your bullish watchlists.

The decline form the highs appears to be corrective , so is now a case of trying to identify the bottom of the correction and jumping back on board the bullish trend to take advantage of JPY weakness.

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2025 - Fusion Media Limited. All Rights Reserved.