On April 11 when last EUR/CAD was visited, the trade strategy was sell 1.5900 to target 1.5500’s then 1.5300’s. The warning was 1.4900’s would trade on a break of 1.5300’s. Severely overbought EUR/CAD from April 11 traded to 1.4900’s at the end of May.
From the May lows at 1.4900’s, EUR/CAD traded to 1.5500’s and now sits deeply overbought at lower 1.5400’s. EUR/CAD is heading right back to 1.4942 and 1.4905.
On the way, EUR/CAD must break 1.5374, 1.5314, 1.5080 and 1.5068 then home free to 1.4900’s.
The multi week strategy as was the trade status for EUR/AUD and EUR/NZD is sell any and all rallies and trade down to 1.4900’s. Any priice above 1.5433 becomes an added bonus. If Poloz at the BOC offers Wednesday a skyrocket EUR/CAD then a further benefit is again added.
GBP/AUD as was last addressed April 8 and traded at 1.8300’s stood just below resistance at 1.8696. The target then was 1.8200’s and 1.7900’s on a further break of 1.8127. GBP/AUD traded to 1.7399 by end June.
Current GBP/AUD at 1.7700’s remains a sell rally strategy as long as price remains below 1.8658 and 1.8665. At 1.7700’s, bottoms are located at 1.7442 and 1.7394.
Higher to target 1.8168 and 1.8270 must break 1.7757, 1.7826, 1.7856, 1.7919 and 1.8030. Most vital for higher as a shorter term strategy is located at 1.7826 to target 1.7900’s.
Overall, the more comfortable strategy is long from 1.7400’s and 1.7300’s to target 1.7700’s and 1.7826. GBP/AUD from last post remains on the problem currency pair list but the problem is uncertain direction as much resistance lies above and the Stats are clearly fighting upside V downside moves.
The clear strategy is found in short EUR/AUD as opposed to GBP/AUD.