USDCAD, Close to net Long

The USDCAD recently broke an important resistance level (blue line at 1.1298) and it appears to have more bullish momentum, but trading long is not yet recommended, I would wait for the market to break the nearest short term resistance level (green line at 1.1359).



Wait for the market to break 1.1359 and start looking for long opportunities.

EURUSD: Short or Long?

The EURUSD could break the next short term support level and validate a Head and Shoulders formation, but there is another scenario, what if the market breaks the next short term resistance level? Well that should take it to previous highs. Take a look at the next chart:



If the market breaks above the short term resistance level around 1.3932, I will start looking for long opportunities, targeting the long term resistance level around 1.4329

If the market breaks below the short term support level around 1.3798, it will validate the Head and Shoulders pattern, and I will start looking for short opportunities, targeting the long term support level around 1.3433

AUDUSD – Longs in Play

For what’s left of the week, probably the best pair to trade right now would be the AUDUSD, it is trading in a range, trading above last session high, no clear resistance until .8200, in the previous days it was rejected from the main support zone…



Look for long opportunities, all targets will be placed below the main resistance level around .8200

USDCAD: Longs in Play

Earlier today, during the Asian and European sessions, the USDCAD broke a major resistance level around 1.1457, as long as the market continues to trade above this level, it should reach the next major resistance level around 1.1817. Right know we are trading at 1.1533 (close to 300 pips below the next resistance level):



As long as the USDCAD continues to trade above the main resistance level (1.1457), I will be looking for long opportunities targeting the next major resistance level around 1.1817