Daily FX Training | Learn Forex with the Dynamic Traders: Keeping up with the Jones' (or not as the case may be)

Buongiorno Dynamic Traders,

Welcome to Thursday's analysis, it means for most people the weekend is close by (yea) but for currency traders the markets are soon to close (boo).

The EURCAD (mentioned on Monday) has persisted and managed to break through the resistance level which it was finding difficult to penetrate for the last few days. It has gone towards the 618 level, close to the figure and is having a breather. MACD divergence is apparent, this will still remain on my watchlist to enter when the time is right.
The CHFJPY mentioned on Sunday's post has broken down today and provided nice profits, I am now managing my second position.

Dow Jones

The DJI finished 427 points lower today.
I have shown the monthly, daily and 240 timeframes below. The monthly shows price has hit a key Fib reversal level. MACD is showing strength to the downside so in the longer term there may be further weakness to follow.

On the daily chart the support level and the figure at the 8000 level will act as key support for price. Opportunity lies when there is a definitive break of this level and ESLT with BOB can be used for a good entry.

The 240 chart however shows MACD convergence. Given that price is coming down to retest this psychological level we may see a pullback before we see the BOB.