USD/CAD:The decrease of the currency until the support level 0.9974 anticipated in the last session truly happened. EUR/JPY:An interesting resistance stopped the trend at 114.83, suggesting a reversing trend. The reversal may create an opportunity for a “Short” trade.
USD/CAD
Daily graph: http://www.real-forex.com/charts-daily/151010/CAD_DAILY_151010.JPG
One-Hour graph: http://www.real-forex.com/charts-daily/151010/CAD_1H_151010.JPG
The decrease of the currency until the support level 0.9974 anticipated in the last session truly happened.
On the daily graph, we can clearly see that the pair almost reached the level mentioned above. Once reached, because of the importance of the level, a reversing trend may occur, suggesting an opportunity to trade “Long”.
Potential trade
We suggest looking for an ascending configuration on one-hour graph. Such a configuration should appear after the pair will break the resistance level of 1.0075 upward. Order suggested:
· “Limit” order on “Long” position 10 pips above the resistance of 1.0075, meaning 1.0085.
· First level for a “Stop Loss” order on the last low appeared: 1.0026
EUR/JPY
Daily graph: http://www.real-forex.com/charts-daily/151010/EUR_JPY_DAILY_1510.JPG
After quite a long period of increase in the pair, a reversal happened last week. Please pay attention how important were the candles in the beginning of the decreasing process.
After four days downtrend oriented, a new uptrend occurred, however with small candles, compared to those appeared in the beginning of the decreasing process.
An interesting resistance stopped the trend at 114.83, suggesting a reversing trend. The reversal may create an opportunity for a “Short” trade.
Suggestion: A daily reversing candle or a descending configuration may confirm the reversal to start the transaction.
Have a profitable day!
Real Forex team 