The EUR/CAD has now broke below its 200 day SMA (was previously ‘hugging’) following a stronger read on CPI and Retail Sales this morning in Canada. Also, the H&S daily pattern is in play, which also targets levels 400 pips below current prices. Next meaningful support is near 1.4500 where the daily trend line is in play.
Blake Morrow
Chief Currency Strategist, Wizetrade
Disclaimer: I shorted the EUR/CAD following today’s data releases
I know it has been a week or two since and EDGE chart, and I apologize. However, this very low volatility environment is making it difficult to produce any “good chart” as the market just grinds back and fourth.
The AUD/USD has challenged resistance at .9410 and its previous broken trend line and tested the under belly of it today at the same level. This “confluence” may provide a reversal signal intraday.
Blake Morrow
Chief Currency Strategist, Wizetrade
Disclaimer: I have a short position from yesterday near the .9365 level. I will not carry the trade through Australia employment this evening.
Back on the 19th of May, we noticed a “double bottom” on the EUR/NZD. And now that chart is actually testing the neckline. Once that neckline (at 1.6100) breaks or we close above, we could get a move towards 1.6400. This pair will be tricky however, with the highly anticipated ECB meeting Thursday morning I have a feeling things could be a little “volatile” in the days leading up to the meeting.
Blake Morrow
Chief Currency Strategist, Wizetrade
The AUD/NZD broke out of its 6 month trading range today, suggesting a move to above 1.1300 in the coming weeks. 1.1330-50 represent a cluster of Fibonacci levels from the decline from late 2013 to early 2014, and also the decline from the high of 2013 to the low of 2014. 38% from the 2013 highs and 78% from the last move lower. In addition, the double bottom (or slightly higher low) and neckline break (today) suggest a move to above 1.1300 is likely and targets the cluster of Fib levels.
Buying dips to 1.0900 seems like a good long side set-up.
Blake Morrow
Chief Currency Strategist, Wizetrade
Disclaimer, I had established a long trade sub 1.0800 last week and have added to longs this morning.
Blake
The NZD/USD broke its 38% Fib support and multiple horizontal support points. The next logical support is at the 50% retracement level and also 50% Fibonacci support at .8415-20.
Blake Morrow
Chief Currency Strategist
Disclaimer: I have been short NZD/USD for last couple weeks.
USD/SEK bull flag formation, targets about 6.7500. Also, breakout of strong downtrend line and bounce off 200SMA on the daily chart.
Blake Morrow
Chief Currency Strategist, Wizetrade
After a near perfect “Gartley” pattern, the AUD/CAD is now in process of completing a Head and Shoulder’s pattern which is commonly seen as a reversal pattern after a strong uptrend. Current target is about .9925
Blake Morrow
Chief Currency Strategist, Wizetrade
The USD/JPY bounced off horizontal support, the 200 day SMA and also looks to create a very long wick daily hammer. I doubt this will change the course of the USD/JPY (meaning I believe it will move lower in weeks to come) but may be good for a bounce for the next 1-2 days.
Blake Morrow
Chief Currency Strategist, Wizetrade
The USD/CAD is breaking a downtrend line, which now opens up a move to retrace back towards the 1.1000 level. This is following a false breakdown and tweezer bottom at the monthly breakout point at 1.0850.
Blake Morrow
Chief Currency Strategist, Wizetrade
The EUR/NZD daily chart may have put in a double bottom at the daily 61.8% Fib retracement level. Even though a double bottom may not be clear until we get past the 1.6275 level, if the pair hits a 3 day high above the 1.5910 level we could see a move back above 1.6000.
Blake Morrow
Chief Currency Strategist, Wizetrade
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