Began my month of Trader Contest with two minor losses in EURCAD and EURGBP, and a 23 pips profit in EURJPY Short. The former hit my TP target after hunting my SL. The latter rushed to my SL and it was very brisk.
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Loonie testing 1.30 again
Since topping out above 50.0% retracement of the H1 2016 downswing, Loonie has been making lower highs and lower lows, compressing against the strong support area between 2009 high (1.3065) and the big figure at 1.30.
Break and hold below the area would target 1.28 initially and then 38.2% retracement of 2011 - 2016 uptrend. 2016 low is near 1.2450. If the area holds again, 200 DMA will be the initial resistance and then 1.32 - 1.325.
Break and hold below the area would target 1.28 initially and then 38.2% retracement of 2011 - 2016 uptrend. 2016 low is near 1.2450. If the area holds again, 200 DMA will be the initial resistance and then 1.32 - 1.325.
Kiwi still between 50 and 100 DMA
Kiwi has been contained between 50 DMA and 100 DMA for three weeks. It may look a bit heavy with lower highs and lower lows but what it has been carving out is a falling wedge which is generally a bullish pattern.
Strong support in 0.6700 - 0.6750 band (February highs, 100 DMA) has been holding well with 0.6650 - 0.6670 (late March low, 200 DMA) the next important area. Initial resistance at 0.6775 is followed by 0.6825 (April - May support/resistance line, 50 DMA).
Strong support in 0.6700 - 0.6750 band (February highs, 100 DMA) has been holding well with 0.6650 - 0.6670 (late March low, 200 DMA) the next important area. Initial resistance at 0.6775 is followed by 0.6825 (April - May support/resistance line, 50 DMA).
Swissie looks heavy but supported
Since peaking near 1.0325 in November, Swissie has been making lower highs. It has remained supported in the dips though with SNB no doubt playing its part.
0.98 is an important pivot that goes back several years. It is currently reinforced by 200 DMA. If this level gives way, 0.95 - 0.96 will come into focus. 50, 100 DMA and the parity level are defending the topside.
0.98 is an important pivot that goes back several years. It is currently reinforced by 200 DMA. If this level gives way, 0.95 - 0.96 will come into focus. 50, 100 DMA and the parity level are defending the topside.