EURCAD Trade Setup for 7th January, 2014 (Tuesday)
I don't usually analyse this pair, however with some Ideas produced from some friends in my Live Analysis Room (#fxroom). I thought it would be beneficial for me to draw something on the chart so I can visualize whats in play ! I'll be looking at this closely as it is retesting the pivot. (Asian session)
Cheers
Howard
Hourly Chart
Outlook Trade opportunity
Short opportunity at a retest of the Weekly Pivot line, Targeting S1 Weekly Pivot
Risk Level - Medium
Tips -
Always take note of any economical news event on our provided calender below
USDJPY Forecast for 7th January, 2014 (Tuesday)
Daily Chart
- Our view still in place for a higher high
- After a pin bar from friday pointing bullish strength, we could argue we have a bearish engulfing, however zoom into the hourly chart below...
Hourly Chart
- Tested major support and physiological level (under 104) last night, and rebounded, seems to have completed a b-c leg, and should break upwards.
Outlook Trade opportunity
Long for this C-D leg with stops 103.850 - Targeting new highs at the 106 handle, and taking partial profit at recent highs. You can wait for confirmation to form a higher low before going on
Risk Level -Low - good reward risk ratio
Tips -
Always take note of any economical news event on our provided calender below
