Weekly Trades: EUR/USD, EUR/CAD, GBP/USD

Overall, GBP prices are low and depressed and off kilter to counterparts EUR, AUD and NZD. GBP/CAD is the defining currency pair to represent not only overall current market direction and the main currency market pairs, USD/CAD V GBP/USD. GBP/CAD informs it doesn’t have a clue to GBP nor USD/CAD direction and for weeks remained on the low rank and non trade able list of 20 + currency pairs. It adds to severely overbought and non trade able EUR/GBP.

Counterparts NZD/CAD contains a top 100 pip higher at 0.8800’s, AUD/CAD trades at target in 0.9300’s and EUR/CAD target at 1.4939. Until GBP/CAD corrects itself, EUR/CAD offers many future weekly shorts.

Weekly Trades

EUR/USD

Short 1.1294 and 1.1321 to target 1.1158.
Short below 1.1131 to target 1.1022
Long 1.1022 to target 1.1077
1.1158 to target 1.1212

GBP/USD

Long 1.2293 and 1.2278 to target 1.2483.
Long above 1.2514 to target 1.2608
Short 1.2608 to target 1.2545
short 1.2483 to target 1.2386

EUR/CAD

Short 1.5398 and 1.5416 to target 1.5231. Watch 1.5250.
Long 1.5231 to target 1.5305.

 

Brian Twomey

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