USDCAD SUSTAIN TRADING ABOVE THE MOVING AVERAGES: A BULLISH IMPLICAT

The Canadian dollar against the US Dollar has maintained a gradual uptrend as the pair continues to trade above and maintained support at the moving averages 20, 34 and 100 while RSI 14 week period remain in the bullish territory.

Intermediate resistance stands at 1.3590 with resistance at support 1.2961

As long as price action remains above the moving average, the trend is said to be in an uptrend. 

Strategy:

Long with stoploss placed at 1.3350 while a confirmation of bullish resumption would be seen when weekly candle closes above 1.3590 with target at 1.4000

EURJPY EYES UPTREND FROM KEY LEVELS

The Euro against the Yen rallied from 114.84 to a high of 125.80, thereafter went into a corrective range 125.80 – 122.50. The correction finds support at 75% Fibonacci retracement level of 123.06 while the MACD currently trades in the negative direction.

Yesterday’s trading session ended as a bullish hammer at the support a signal of impulse wave resumption. 

In the coming session, the currency pair is expected rally at the end of the day.

Strategy:

Long at the current market price with stoploss placed 122.35 with target armed at 126.50. A bullish confirmation is needed when price closed above 122.05. 

On the other hand, a daily close below 122.50 would triggered more sell to 120.35 while stop placed at 124.25