EU and USDCAD trading plan (23-03-2015)

1-EU trading plan.

Above 1,09 buy dips with a take profit level around 1,2.

On the monthly chart EUstarts to look like a bullish reversal from the 1,0675 strong monthly support that was tested thrice already (1997,1999 and 2002). Should that reversal really happens (we still have a full week to go in March), a natural resistance is the monthly SMA200 around 1,22 that was broken down but not retested yet.

EU MONTHLY CHART 1.

EU_M1

The resistance around 1,22 looks all the more interesting as it is also the 50 level for the Fib retracement of the bearish move that started on may 2014.

EU MONTHLY CHART 2.

EU_M2

Finally the H4 chart shows us that the 1,09 level  forms an obvious support. Should that level be broken down , we will allow thew pair to fall up to 1,08 where H4 SMA100 (in black) will meet H4 SMA200 (in cyan), before looking to be long again. Should that level give up too, we will expect the pair to go back to the 1,0675 monthly support and will watch price action there.

EU H4 CHART.

EU_H4

 

2-USDCAD trading plan.

Short  rallies under 1,28, towards weekly channel support around 1,235.

The weekly chart delivered a clear bearish signal with an engulfing candle that also forms a triple top. (see more about Engulfing Candlestick) We are also in a weekly range with a support at 1,235.

USDCAD weekly chart.

USDCAD_WEEKLY

On the H4 chart, the pair broke down all SMAs, the most important ones here being the H4SMA20 (cyan) and the H4 SMA200 (white) that were supportive and are now resistances. Another important place is the 23,6 Fib level of the bearish move from last Thursday. It stands at 1,253 and the chart proves it to be also a good support/resistance level.

Those are the places where we should look for short signals towards the weekly support at 1,235.

USDCAD H4 CHART.

USDCASD_H4

 

 

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