USD/CAD Short In Profit On NAFTA Optimism

www.investing.com/analysis/usdcad-short-in-profit-on-nafta-optimism-200302792

By MyFXspot research | Apr 03, 2018 03:29PM ET

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The United States, Mexico and Canada have made significant advances on reworking the NAFTA and ministers will meet in the coming days to determine the scope to agree on the basics of a deal.

This is how MyFXspot.com trades today:

EUR/USD
Trading strategy: Buy
Open: 1.2220
Target: -
Stop-loss: 1.2140
Recommended size: 2.50 mini lots per $10,000 in your account
Short analysis: A squeeze down to the 30-day lower bollinger-band at 1.2215 is on the cards. We have placed a buy order at 1.2220.

GBP/USD
Trading strategy: Buy
Open: 1.4010
Target: -
Stop-loss: 1.3900
Recommended size: 1.36 mini lots per $10,000 in your account
Short analysis: The GBP/USD lifted away from the daily cloud top at 1.4014 both Friday and Monday. We can see bull cross on slow stochs and a pick-up in 14-day momentum.

USD/JPY
Trading strategy: Await signal
Open: -
Target: -
Stop-loss: -
Recommended size: -
Short analysis: The USD/JPY bulls are seeking a daily close back above the 30-day SMA, which currently is at 106.30. This would unmask the 30-day upper bolinger-band which is currently at 107.49. Fourteen-day momentum could well register positive reading at the end of this session, this would lead to a significant boost for bulls.

USD/CAD
Trading strategy: Short
Open: 1.2900
Target: 1.2600
Stop-loss: 1.3050
Recommended size: 1.72 mini lots per $10,000 in your account
Short analysis: Head and shoulders top formation is being confirmed by today's neckline break. Our short position is in good shape. The initial target for USD/CAD bears is the 50% fibo of this-year rally at 1.2687. We think a deeper fall is likely. The 61.8% is at 1.2584.

AUD/USD
Trading strategy: Buy
Open: 0.7660
Target: -
Stop-loss: 0.7555
Recommended size: 1.43 mini lots per $10,000 in your account
Short analysis: 0.7643 March and 2018 low is right at the weekly cloud base. The weekly cloud base has provided repeated support since Jan 2017, so a rebound from here is a possible scenario. We have placed a buy order at 0.7660.

EUR/GBP
Trading strategy: Await signal
Open: -
Target: -
Stop-loss: -
Recommended size: -
Short analysis: The EUR/GBP is testing 50% retrace of the recent 0.8668-0.8796 rally at 0.8732. Another important support level is 0.8734 (March 28 low).

Trading ideas by MyFXspot.com

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Comments (1)

Lubabalo Mtibe Apr 04, 2018 3:06AM ET

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USD/CAD Short In Profit On NAFTA Optimism

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