1-EU TRADING PLAN.
The euro is under strong pressure, and we will look to sell rallies up to 1,125 aiming ultimately at 0,99. Watch for 1,065 and 1,0 (parity) to eventually take profits and reload short after a possible consolidation.
On the monthly time frame, the euro is strongly breaking down the 61,8 FIBO LEVEL where it has been stuck for nearly a full month. (read about Fibonacci trading on our website) It is also making a new low. This moves potentially opens the door to the next support fib level around 0,99. Watch the 1,065 level on the road as it looks a good support/resistance level, and the 1,0 level (parity) for obvious reasons.
EU monthly chart.
On the daily, the pair broke down last low around 1,1 and nothing holds it from falling farther south. Wait for a pull back and a bearish signal before entering short, ideally a retest of the last daily low around 1,1 or even of the channel broken support around 1,125. The bearish move looks however very strong, and we do not know if the pair may will have the strength to consolidate that far.
EU DAILY CHART.
2-USDCAD TRADING PLAN.
The pair broke up a daily triangle resistance. It should resume now its bullish trend. Larger time frames indicate we are going up too, with one last resistance to pass at 1,2625.
On the daily, the loonies broke up a triangle resistance. The bullish candle is quite strong and we expect the up move to continue.
USDCAD DAILY CHART.
Mind however the weekly fib resistance at 1,2625. Should the pair reverses bearish at that level, which is unlikely, we will aim for the weekly support around 1,235 1,2375. We rather expect the 1,2625 level to be broken up and retested. This is why we will wait for a pull back before entering long.
USDCAD WEEKLY CHART.
3-AUDNZD TRADING PLAN.
AUDNZD broke down a monthly low and is retesting it. The bullish move looks however strong on shorter time frames, and we are expecting that pair to rise further.
On the daily the pair gave a bullish engulfing candle on Thursday and a nice continuation candle on Friday. It broke up last daily high around 1,045. that level was also the ADR resistance level and the pair retested it, before finally closing above that level -at 1,0475-.
The two daily candles are strong, and we are looking for that move to continue. This is why we will are willing to buy dips above the 1,04-1,035 level.
AUDNZD DAILY CHART.
We have however a note of concern on the monthly, as the pair is retesting a strong resistance zone at 1,05 1,06. Any strong bearish signal in that area will be a sign to protect and eventually close our long trade, and may be even to enter short.
But we are also reversing from 1,0255 last monthly low, and the NZD is under pressure, so we rather expect that pair to keep on rising on the short/middle term.
AUDNZD MONTHLY CHART.