Patient trading

Bonjour Commerçants Dynamiques,

True to its form the Cable very kindly reversed and generously provided over 400 pips to the upside today. In addition the Swissy yielded some healthy profits on the downside. Well done to those of you that have been able to take the opportunities as they present themselves.

EURCAD
Price has made attempts to break the resistance level multiple times but failed to break through decisively. Price has retraced half way from the previous move but not closed above it. The value index is currently acting as support, once breached it may provide a good entry point with other confluence of events. Looking at a much smaller timeframe you will be able to measure the movement and project entry and exit points with Fib ext. The keen eyes may spot a possible bearish flag.














EURNZD

The EURNZD has had steady strength to the upside until recently where it has tested the trendline twice previously and is currently trying it a third time. Price is currently close to the figure. This pair will be on my watchlist for a break of S/R/T.

On the slightly shorter 4 hour timeframe we are presented with a 123786, combined with MACD divergence. This would indicate that nothing moves in a straight line and therefore some pullback can be expected in the near future. Please do your own analysis before taking any positions.

Expect some volatility today as there are quite a few news items out today.

Commerce magnifique!

"The most beautiful thing we can experience is the mysterious. It is the source of all art and science." - Albert Einstein