Prepared for extra foreign exchange performs?
I hope you’re searching for greenback setups as a result of EUR/USD and USD/CAD are buying and selling at key areas of curiosity!
Try their 1-hour charts:
In case you missed it, EUR/USD dropped like a rock a while in the course of January and didn’t come up for air till it discovered assist at 1.1120. That’s greater than a 300-pip transfer!
The euro is now flirting with the 1.1250 psychological degree that was a stable assist in December and which now traces up with the 50% Fibonacci retracement of final week’s downswing.
Merchants who take cues from the chart’s bearish divergence can begin loading up quick positions across the present ranges whereas aiming for January’s lows.
In case you consider that the upwsing will achieve momentum and bust EUR/USD by 1.1250, nonetheless, then you can too place lengthy trades above the 200 SMA and goal the 1.1375 and 1.1450 inflection factors.
Right here’s a easy development play for ya!
The greenback has been gaining pips in opposition to the Loonie since final week however has discovered resistance on the 1.2800 psychological deal with.
USD/CAD is now buying and selling at 1.2700, which is near the 38.2% Fibonacci retracement of the final upswing. What’s extra, it’s additionally close to the 1-hour chart’s 100 SMA and a trend line support that’s been round since final week!
Bulls who’re assured that SMA, Fib degree, and development line would maintain as assist should purchase at present ranges and purpose for the 1.2800 highs and even new 2022 highs for USD/CAD.
In case you’re not a fan of additional USD/CAD energy, although, then you can too place orders under the support zone that we’re watching. A transparent break under the development line can result in a retest of the 1.2650 assist or a go to to the 1.2550 space of curiosity.