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USD/CAD May Test The 500-week MA At 1.2440/10

USD/CAD May Test The 500-week MA At 1.2440/10

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  • AUD/USD holding first support at 7540/20 keeps us in a 2 month bull trend initially targeting 7630/40. Longs at 7540/20 stop below 7500. Just be aware that there is minor support at 7460/50. A break below 7435 is a sell signal.
  • EUR/USD continues lower as expected to test support at 1.0960/50. A break lower is a sell signal targeting the important 5 year trend line support at 1.0850/20. Longs need stops below 1.0780. Very minor resistance at 1.1000/10—shorts need stops above 1.1030. Strong resistance at 1.1140/60. Shorts need stops above 1.1185 today!! A break higher is a buy signal targeting very strong resistance at 1.1230/50. Shorts need stops above 1.1270.
  • USD/CAD may be about to test the 500 week moving average at 1.2440/10. Should be worth trying longs with a stop below 1.2370. First resistance again at 1.2530/50. Shorts need stops above 1.2565. A break higher targets a sell opportunity at 1.2600/20. Shorts need stops above 1.2640.