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Trade Desk Thoughts:
Major Pair Outlook For Monday
Euro was the weakest of the majors in recent trade, declining a by more than 100 pips in the last session. Prices broke below the 1.4390 area, an important swing point over the last month of trading at the 20 day SMA. It is oversold into a long near-term trend, after moving only 40 pips last week. Favor long.
Cable dropped through support at the 50 and by the 100-day SMA areas, and formed a perfect 4 Hour chart pin-bar reversal pattern, long. The pound is expected continue its uptrend, ahead of a big week of economic release for the region, after moving 200 pips last week. Favor a straddle.
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Aussie formed ascending triangle pattern on the 4-hour chart; interpreted as a bullish pattern. The pair is trading in the 0.9250 area, near the support trend-line of the triangle formation. It is oversold into a long trend, after moving only 50 pips last week. Favor a straddle.
USD/CAD bounced higher in recent trade, countering an outlook that clearly lies to the downside on most time-frames. The pair is overbought in the near-term, into a short trend, ahead of the Bank of Canada rate decision on Tuesday. The pair moved 5 pips in total last week. Favor a straddle.
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