EUR/USD Long Target Raised, USD/CAD Short Target Lowered
MyFXspot research | Aug 28, 2018 09:40AM ET
The United States and Mexico agreed to restructure NAFTA deal. The CAD rallied on the expectation that Canada would sign onto the deal. Our USD/CAD is in good shape now.
We have also raised our EUR/USD long target, given current bullish momentum on this pair.
This is how MyFXspot.com trades now:
EUR/USD
Trading strategy: Long
Open: 1.1610
Target: 1.1850 (raised from 1.1750)
Stop-loss: 1.1540
Recommended size: 2.86 mini lots per $10,000 in your account
Short analysis: We saw a close clear above the 55- day moving average and inside the daily cloud on Monday. The upward move is continued today. The nearest resistance is daily cloud top at 1.1752. However, given current bullish momentum we have raised our EUR/USD long target to 1.1850, just below June 14 high.
GBP/USD
Trading strategy: Long
Open: 1.2835
Target: 1.3110
Stop-loss: 1.2700
Recommended size: 1.48 mini lots per $10,000 in your account
Short analysis: The GBP/USD broke above the 7-day exponential moving average and is testing August 22 high. A close above 1.2936 would be a good signal for our bullish position.
USD/JPY
Trading strategy: Short
Open: 111.30
Target: 109.30
Stop-loss: 112.30
Recommended size: 1.67 mini lots per $10,000 in your account
Short analysis: Lack of bullish follow through after the August 23 rally inside the daily cloud. Price has failed to drive the advantage home and despite close proximity of the cloud top, 111.62, the market has adopted a sideways bias. We are short for 109.30. Close below 10-day and 55-day moving averages, 111.05 and 111.02 respectively, will put bears back in control.
USD/CAD
Trading strategy: Short
Open: 1.3065
Target: 1.2745 lowered from (1.2845)
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Stop-loss: 1.3175
Recommended size: 1.78 mini lots per $10,000 in your account
Short analysis: The USD/CAD broke below 100-day moving average (1.2988), which opens the way to May 11’s recent trend low at 1.2730. We have lowered our short’s target to 1.2745.
AUD/USD
Trading strategy: Await signal
Open: -
Target: -
Stop-loss: -
Recommended size: -
Short analysis: Daily RSI is biased up, the 10-day MA supports and a long lower wick forms on the monthly candle. Bull signs exist but the pair still struggles to make a clean break above the 21-day MA. The 55-day MA and daily cloud base loom and could help prevent further gains. Signals are mixed so we will stand aside for now.
EUR/GBP
Trading strategy: Await signal
Open: -
Target: -
Stop-loss: -
Recommended size: -
Short analysis: Profit taken on EUR/GBP long at 0.9050, earned: 115 pips, $317 per $10,000 in your account. Stoch's and RSI probe overbought territory. We will be looking to buy this pair again on dips. We see little resistance ahead of August 29 2017 high at 0.9307.
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