Aggressive purchases were observed on USD/CAD during this week. The Canadian dollar has weakened against the US dollar by more than 175 points. The currency has reached the 1.3490-1.3525 key offer zone. I don’t exclude a correction on this pair after such a sharp increase in the nearest future. I’ll sell, if the price fixes below the 1.3460 local support. The goal is the 1.3400 round level.
The Canadian dollar hasn’t got through the 1.3460 local support. Te currency was traded in flat. It is testing the 1.3460 mark at the moment. I’m still waiting for a correction. I’ll sell the pair, if the price fixes below this level. Potential movement – to 1.3400.
The pound is flat during the latest sessions. The key range is 1.2770-1.2860. I’ll wait till the price leaves this zone.
I’ll sell GBP/USD, if the price fixes below 1.2770. It can move to the 1.2700 round level.
If it fixes above 1.2860, I’ll buy the pair. The nearest goal for taking profit is 1.2900.
Today’s data about retail sales in the UK can be a good cause for the market volatility.
An interesting technical pattern has appeared on AUD/USD. Today’s trading was opened with gap up. The pair has closed the morning gap and kept the 0.7545 “mirror” support. The MACD histogram is in the positive zone and is continuing to rise. The “Triangle” figure has formed on the market. I plan to buy it, if the price fixes above 0.7565. The goal for taking profit is 0.7590.
USD/JPY has opened with gap up (more than 140 points) today. The technical pattern is ambiguous for me at the moment. I’ve identified the following levels:
Support – 109.85
Resistance – 110.45
I plan to open positions after the price fixes above/below these levels.
In case of the breakthrough of the 110.45 level, I’ll buy USD/JPY. Potential movement - to 110.75-111.00.
I’ll sell it, if the price falls below the 109.85 local support. Potential movement - to 109.35.
The GBP/USD currency pair continues being flat. The key trading range is still 1.2770-1.2860. I plan to open deals if the price fixes above/below the boundaries of the trade corridor.
I’ll sell, if the price fixes below 1.2770. Potential movement - to the 1.2700 round level.
I’ll buy, if the price fixes above 1.2860. The goal for taking profit is 1.2900.
It seems to me that the currency can be flat until Friday, April 28. The quarterly data on GDP in Britain will be published on Friday.
An interesting technical pattern has appeared on the NZD/USD pair. The New Zealand dollar is testing the 0.6985 key support level. The MACD histogram has fixed in the negative zone, below the signal line. It indicates the sellers’ strength. I will sell NZD/USD after the breakthrough and retest of the 0.6985 mark. Potential movement - to 0.6940. This transaction can last for several days.
There are no important economic reports from the EU today. The speech of D. Trump will be in focus. He’ll tell the details of his tax reform.
The technical pattern on EUR/USD is ambiguous for me at the moment. A fairly strong reversal formation has appeared on the market (the divergence of the price and the MACD indicator). I’ll sell the pair, if the price fixes below the 1.0920 local support. Potential movement - to 1.0875-1.0840.
At the same time, I don’t exclude the further growth of EUR/USD. If the price fixes above 1.0950, I I’ll buy the pair. Potential movement - to the 1.1000 round level.
My yesterday’s expectations for NZD/USD have confirmed. The currency is trading near the strongest support at 0.6890 now. The MACD histogram indicates the sellers’ strength. I’m going to open deals in the current trend’s direction. I’ll sell it, if the price fixes below 06890. Affirmations and entry points will be found at small timeframes. A potential entry point may appear within a few days.
There is an increase in demand for the Canadian dollar at the moment. This happens due to the fact that the US doesn’t intend to leave the North American Free Trade Zone. A classic Price Action pattern, the “Outside Bar”, has formed at the H4 timeframe. I expect a correction for USD/CAD. I’ll sell, if the price fixes below 1.3525. Potential movement – to 1.3450. Confirmations and entry points to the market can be searched on younger timeframes.
EUR/USD. The ECB meeting will take place today. Prior to the press conference, there will probably be no strong trend movements. I plan to wait for the Central Bank’s decision. I’ve identified the following key levels:
Support - 1.0840, 1.0775
Resistance – 1.0950
I will look at how the price reacts to them.
There were aggressive sales on NZD/USD during the last week. The technical pattern is ambiguous for me at the moment. I have identified the key trading range: 0.6850-0.6890.
A strong reversal formation has formed on the market. The divergence of the price and the MACD histogram. I don’t exclude a corrective movement. I’ll buy, if the price fixes above the 0.6890 mark. The immediate goal for fixing profits is 0.6920.
I also don’t rule out a further drop of NZD/USD. The data on the US GDP will be published today. It can pressure the dynamics of this pair. I’ll sell NZD/USD, if the price fixe below 0.6850. Potential movement - to the 0.6800 round level.
USD/CAD failed to overcome the 1.3525 support level yesterday. It has triggered aggressive purchases in the second half of the day. 1.3665 acts as a local resistance. I’ll look for the entry points into long positions, if the price fixes above this mark. Potential movement - to 1.3700.
The Canadian dollar continues to lose ground against the US dollar. A negative dynamics on the “black gold” market pressures it. I plan opening deals in the current trend direction. I’ll buy USD/CAD, if the price fixes above 1.3745. Potential movement - to the 1.3800 round level.
A positive statistics on the New Zealand labor market was published today. It caused aggressive purchases during the Asian session. The currency is testing the 0.6930 mirror level at the moment. I’ll buy NZD/USD, if the price fixes above 0.6950. The goal for taking profit is 0.6975-0.7000.
The Fed expectedly kept the interest rate at the same level yesterday. The latest statistics from the US was rather weak. Nevertheless, the regulator said that the economy is stable. The probability of increasing the rate in June has significantly risen. The FedWatch Tool is at the 73.8% level at the moment.
The technical pattern on GBP/USD indicates the development of a corrective movement. The price has overcome the 1.2860 local support. I’ll sell the pair after the retest of this mark. The target level is 1.2800. The decrease of the MACD histogram is a confirmation signal for me.
I plan to open long positions on USD/CAD today. I’ll buy it, if the price fixes above the 1.3740 local resistance. Potential movement - to 1.3800. I’ll use the trailing stop for it and close this deal by parts.
The report on the US labor market is in the focus today. The majority of experts think that the market will recover. I’d like to remind that the previous data on the number of employed in the non-agricultural sector of the country was very weak.
I won’t open deals today and these are the key levels for EUR/USD:
support - 1.0935, 1.0885
resistance -1.0985
USD/JPY
support - 111.75, 111.000
resistance - 112.25, 113.00
I plan to watch how the price reacts to these marks. So, I’ll back to active trading on Monday. Wish you all nice profits!
In trading it’s far important that you do each day the equal. You need to comply with adamantly your trading plan. Your buying and selling plan is your enterprise. If you do not comply with your buying and selling plan in each single alternate, you do not want to change. In case you trade with subject you’ll succeed. In case you don’t trade with subject you may no longer prevail.