GBP/CAD as written Dec. 13: GBP/CAD trades from 1.6392 to 1.6767 or 1.6767 and 1.6892 to 1.7300’s. Today and one month later, GBP/CAD trades from 1.6468 to 1.6796 or 1.6796 to 1.6912 and 1.7095.
The larger range is located from 1.6146, 1.6468, 1.6796, 1.6912, and 1.7095.
Overall, GBP/CAD trades in a range from 1.6448 to 1.6796. At 1.6448, GBP/CAD’s price is oversold and low, while GBP/CAD becomes too high at 1.6796. Too high at 1.6796 informs GBP/CAD will struggle to break and sustain its price above 1.6796.
Any price below 1.6511 then longs to apply to target the range above 1.6581 to 1.6796. EUR/AUD as written DDec. 14 EUR/AUD averages are at 1.5543 and 1.5576, above and below at 1.5382 and 1.5364.
Today’s averages are 1.5381, 1.5407, 1.5469, 1.5598, and 1.5609. The best trade strategy is short high 1.5700s and low 1.5800s to target 1.5686.
As EUR/AUD fails to overbuy and oversold concepts, EUR/AUD’s price at 1.5400s and 1.5300s is too low and will fail to maintain lower levels as EUR/AUD must travel higher.
Overall, EUR/AUD must maintain the range from 1.5686 to 1.5400s and 1.5300s on a short-only strategy inside a 200 pip range. The far better trade is GBP/AUD as GBP/AUD dropped from the reported 1.7999 to 1.7700’s and 200 pips.
Not much is happening to EUR/AUD, while GBP/CAD is acceptable but nothing special.