Hey Guys, this is Nathan.
I know it’s been a while since we did our Analysis and I apologize for that. I also apologize that I am still not feeling well so I am resorting to a picture and text analysis rather than the standard video.
Any comments, thoughts, suggestions or questions are welcome.
The USD/CAD made a strong reversal signal today. Price looks like it wants to move lower for a re-test of one of the critical areas in recent history on the USD/CAD.
Be careful though, the USD/CAD could just be shaking people out for a continuation move to the upside. Both possibilities have some profit potential. If you are bearish based on today’s price action, keep on the steep up-move and draw a rough trend line on that steep move. It’s important that the line is broken before we can be confident in any bearish continuation beyond just one bar that we saw today.
The EUR/USD is still mainly a sideways market, but it is respecting the strong support and resistance zones that we’ve identified. Today was a pretty bullish move, but the Euro has not gained any ground in almost two weeks.
The Euro, yet again, is in a place that simply makes trading difficult. My recommendation is still to focus on other trading opportunities and markets.
Sticking with the focus of the USD being weak today, the GBP/USD is making a strong move to the bullish side; however, there looks to be very limited room for it to run with the 1.5200 area close by.
The EUR/GBP continues to reject the .8600 level. It has not yet made a continuation to the bottom of the sideways market to .8400 but it has not quit fighting 86 to this point. It’s not likely that it will last much longer before showing some continuation of that fight to the downside or just breaking through the .8600 zone.
Winner’s Edge Trading, as seen on: