To start this week off, we can expect to see some movement in the commodity currencies.
Monday is a heavy data day for the currency segment as we have CAD, AUD and NZD data releases. Often we see CAD data near the end of the week and AUD, NZD near the beginning.
My general outlook is that we should be expecting one more leg of strength in these currencies.
The EURCAD offering the clearest structure, is showing critical support levels slightly below current trading levels, where the USDCAD is already sitting on support.
My targets in AUDUSD are around the 9575 level, and have remained the same for the last few months. The outlook has not changed expecting one more leg to the upside. Last week we broke to new highs and retraced since. The EURAUD daily Head and Shoulders is still in play calling for another leg lower.
The NZDUSD is stalling out at resistance, forming reversal type candles. We might see some form of a retracement from these levels, however the broader outlook calls for a new high, inline with the heavily correlated AUDUSD and to follow suit with NZDCHF which has already broken significant resistance.
Monday is a heavy data day for the currency segment as we have CAD, AUD and NZD data releases. Often we see CAD data near the end of the week and AUD, NZD near the beginning.
My general outlook is that we should be expecting one more leg of strength in these currencies.
The EURCAD offering the clearest structure, is showing critical support levels slightly below current trading levels, where the USDCAD is already sitting on support.
My targets in AUDUSD are around the 9575 level, and have remained the same for the last few months. The outlook has not changed expecting one more leg to the upside. Last week we broke to new highs and retraced since. The EURAUD daily Head and Shoulders is still in play calling for another leg lower.
The NZDUSD is stalling out at resistance, forming reversal type candles. We might see some form of a retracement from these levels, however the broader outlook calls for a new high, inline with the heavily correlated AUDUSD and to follow suit with NZDCHF which has already broken significant resistance.
