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Trading ideas: USD/CAD short in black after BoC decision

Written By Valeria Bednarik | 2018-07-11 08:47:00 GMT

We opened AUD/USD long on today's dip.

This is how MyFXspot.com trades now:

EUR/USD

Trading strategy: Long

Open: 1.1700

Target: 1.1830

Stop-loss: 1.1635

Recommended size: 2.50 mini lots per $10,000 in your account

Short analysis: EUR/USD once again broke below the daily cloud base, now at 1.1712, registering one of the biggest one-hour fall of July. A long lower shadow was left on Tuesday's candlestick line, indicative of a rejection of the downside. The scenario looks similar today. A daily close back above the cloud base will strengthen the market structure.

 

GBP/USD

Trading strategy: Long

Open: 1.3255

Target: 1.3415

Stop-loss: 1.3175

Recommended size: 1.88 mini lots per $10,000 in your account

Short analysis: The GBP/USD remains above the 7-day exponential moving average, which keeps the bull momentum intact. Key resistance level is daily high on July 9 at 1.3363, while key support is 1.3192.

 

USD/JPY

Trading strategy: Await signal

Open: -

Target: -

Stop-loss: -

Recommended size: -

Short analysis: USD/JPY is traded circa the 30-day upper bollinger-band (now at 111.24). This price action is indicative an overbought market. The risk is growing for a dip back to the 30-day MA now at 110.25. On the upside a major falling trend-line from 2015 comes in at 111.57, this provides a tough obstacle for medium-term bulls to overcome.

 

USD/CAD

Trading strategy: Short

Open: 1.3095

Target: 1.2905

Stop-loss: 1.3180

Recommended size: 2.31 mini lots per $10,000 in your account

Short analysis: We used recent uptick to get USD/CAD short. The Bank of Canada raised rates on Wednesday and said further gradual rate hikes will be warranted. The central bank used neutral language in its statement, which could disappoint investors who are looking for a "dovish hike" in the face of elevated trade uncertainty.

                                                                                                                     

AUD/USD

Trading strategy: Long

Open: 0.7415

Target: 0.7555

Stop-loss: 0.7345

Recommended size: 2.14 mini lots per $10,000 in your account

Short analysis: We used today’s fall to open a long position at 0.7415. Although, daily RSI is biased down now, monthly RSI rises and a bull hammer is near forming.

 

EUR/GBP

Trading strategy: Long

Open: 0.8820

Target: 0.8910

Stop-loss: 0.8775

Recommended size: 2.51 mini lots per $10,000 in your account

Short analysis: EUR/GBP gravitates towards the middle of the recent 0.8801-0.8902 range. The pair remains above the 7-day exponential moving average, which suggests bullish view has the upper hand.

Author

By Valeria Bednarik
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