The Market continues to chop and make trading from the intra-day perspective especially difficult. Today, we’ll take a look at a bit larger timeframes on two pairs to see if we can diagnose some possibilities. The first pair is the EUR/CAD. The Euro has been gaining ground for a long time creating an incredible 3,000+ pip Uptrend Right now, the EURCAD is in a small pullback giving us the opportunity to consider long positions back to recent highs. First, we must break the recent sideways move we have created: If the EUR/CAD is able to build above this recent sideways move and make a move to the upside, there is definitely 300 pips available. The next pair I would like to discuss is the AUD/NZD. Similar to the EUR/CAD we just discussed, the pair is in a pullback after a long downward move. The difference here is that there is huge potential to both sides. Even if the trend does not continue, the reversal potential is also very large: This is a situation where the Currency pair was in an intensive down trend and has now settled into a sideways market for several months. The highest probability is to the downside because the trend is bearish AND the next wave of the sideways move would be bearish as well. A 350 pip range gives us a lot of room to make good trades. On the other hand, the potential the upside is massive. If this pair has begun this range in order to fuel a move to the upside and change the trend, we will want to take note of it early on and take advantage of this new trend. Either way, there is a ton of potential as price is at a decision point. That’s all for today’s quick look at the Market. Comments, thoughts, opinions are welcome!
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