Trading strategies:
EUR/USD
Trading strategy: Await signal
Open: –
Target: –
Stop-loss: –
Recommended size: –
Short analysis: The monthly inverted hammer and falling monthly RSI are encouraging for EUR/USD bears. But yesterday’s and today’s recovery suggests that a corrective move is likely in the near term. The pair is trying to rise above 7-day ema now.
GBP/USD
Trading strategy: Await signal
Open: –
Target: –
Stop-loss: –
Recommended size: –
Short analysis: Daily cloud attraction has been a feature since mid-September. The GBP/USD found resistance at 1.3033, ahead of daily cloud top at 1.3055. Recent price extremes November 7’s 1.3176 and 1.2827 November 12 low, seen key. Would look to play the range with bullish momentum steering the bias towards longs.
USD/JPY
Trading strategy: Await signal
Open: –
Target: –
Stop-loss: –
Recommended size: –
Short analysis: Today’s USD sell-off made us cancel our bid at 112.95. We see increasing downside risk in the near term.
USD/CAD
Trading strategy: Short
Open: 1.3230
Target: 1.3120
Stop-loss: 1.3285
Recommended size: 3.61 mini lots per $10,000 in your account
Short analysis: The Canadian dollar edged higher against broadly weaker USD on Wednesday, extending its recovery from a nearly four-month low the day before as oil prices rebounded. The price of oil, one of Canada’s major exports, recouped some of the previous session’s slide on the growing prospect of OPEC and allied producers cutting output at a meeting next month.
AUD/USD
Trading strategy: Long
Open: 0.7220
Target: 0.7420
Stop-loss: 0.7120
Recommended size: 1.50 mini lots per $10,000 in your account
Short analysis: Our long remains but it’s back in black. We see encouraging signs though. The pair failed to break support near 0.7160. The ensuing bounce sees the pair back above the 55-DMA, daily cloud base and the November 12 high get pierced. Rising monthly RSI is also encouraging.
