Finance 0

USD/CAD Short Advances On NAFTA Talks

By Kurt Osterberg · On April 3, 2018

The United States, Mexico, and Canada have made significant advances on reworking the North American Free Trade Agreement and ministers will meet in the coming days to determine the scope to agree on the basics of a deal, Mexico’s economy minister said.

This is how MyFXspot.com trades today:

EUR/USD

Trading strategy: Buy

Open: 1.2220

Target: –

Stop-loss: 1.2140

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

Short analysis: A squeeze down to the 30-day lower Bollinger-band at 1.2215 is on the cards. We have placed a buy order at 1.2220.

GBP/USD

Trading strategy: Buy

Open: 1.4010

Target: –

Stop-loss: 1.3900

Recommended size: 1.36 mini lots per $10,000 in your account

Short analysis: The GBP/USD lifted away from the daily cloud top at 1.4014 both Friday and Monday. We can see bull cross on slow stochs and a pick-up in 14-day momentum.

USD/JPY

Trading strategy: Await signal

Open: –

Target: –

Stop-loss: –

Recommended size: –

Short analysis: The USD/JPY bulls are seeking a daily close back above the 30-day SMA, which currently is at 106.30. This would unmask the 30-day upper bolinger-band which is currently at 107.49. Fourteen-day momentum could well register positive reading at the end of this session, this would lead to a significant boost for bulls.

USD/CAD

Trading strategy: Short

Open: 1.2900

Target: 1.2600

Stop-loss: 1.3050

Recommended size: 1.72 mini lots per $10,000 in your account

Short analysis: Head and shoulders top formation is being confirmed by today’s neckline break. Our short position is in good shape. The initial target for USD/CAD bears is the 50% fibo of this-year rally at 1.2687. We think a deeper fall is likely. The 61.8% is at 1.2584.

AUD/USD

Trading strategy: Buy

Open: 0.7660

Target: –

Stop-loss: 0.7555

Recommended size: 1.43 mini lots per $10,000 in your account

Short analysis: 0.7643 March and 2018 low is right at the weekly cloud base. The weekly cloud base has provided repeated support since Jan 2017, so a rebound from here is a possible scenario. We have placed a buy order at 0.7660.