Euro Yen & Canadian Dollar

Charts provided by Dynamic Traders. Data provided by Esignal via Advanced GET.

Good morning everyone,

I have added two different charts above today. The first is the USDCAD pair. As you can see, the push up is just below .786 fib so this may act as a resistance. This pair still has further movement to the upside but patience is the key here. Personally I will await to see if it hits 50% or if momentum continues to push this upwards.

The second chart is the EURJPY cross. I mentioned about the support yesterday which is where it is right now. I was asked yesterday if I would look to go short if this support is breached. The answer to that is no I would not as the overall trend is up and breaking this first support level would mean I would then be going against the main trend and that would be going against my trading strategy. If momentum continued to take this downwards then I would look to get in at an appropriate point with a limit order as long as I have a confluence and other supports are broken (which would give it momentum) but I would look at all this on the larger time frames and not the shorter ones as the larger time frame always dictates. With this cross I am going to wait until the end of the day to see the candle that is produced and decide from there if I will enter.

Unfortunately I was not at home to take any advantage of yesterdays 100 pip drop on the Australian USD cross. I know at least one of you did and had entered at .786 so had been waiting a day or two for the decline which finally came yesterday from 10am GMT.

Ok, best of luck to all of you for the rest of this week. I am away until Monday so that will be when my next update will be.

EURJPY

Good morning guys,

A quick note on the EURJPY cross. That has been trending up fo a while and if you draw a trend line from the lows starting at the beginning of the year as a support/stop loss then this would be possibly worth considering a long.

Please do your own analysis and if looking to take up a position then look for a suitable entry point.

Good luck.

Canadians

Charts courtesy of DT. Data provided by Reuters Data.


Both the charts are the daily USDCAD cross. As previously mentioned everything looks nice and in place for a 4-5.

The first chart shows a bounce up to .382 before doing a continuation and the overall picture shown by the second chart shows clusters for support. If we have a daily close beyond wave 1 then this is not a wave 4 as indicated by 1.618 and will still be a continuation of 3.

I mentioned a while back about shorting the AUDUSD and those that did would have made a nice profit within three days of me stating that as it moved down a couple of hundred pips. It is now retesting the highs again. From an aggressive stance this could be a possible short.

Good luck today.