Cabana Capitals Blog Market Insights Forex pairs- Expected directions for the day

Forex pairs- Expected directions for the day

EUR/CAD- Pair is seems very positive to buy as it has given us a valid breakout of previous swing’s high which is generating a strong signal. The expected targets are 1.5640 and 1.5700 and the stop loss would be below 1.5500 on hourly closing basis. The 1.5430 is a key support level followed by 1.5320 level whereas 1.5650 is a key resistance level followed by 1.5710 level.

Gold- Yellow metal is moving up but the momentum is too slow due to resistance zone. The 1790 is a key support level and 1820 level. An hourly closing above $1820 level will take it to upside till $1845 level at least on contrary an hourly closing below 1790 will take it to 1755 level at least. and a daily closing below $1750 level will open the way towards the $1700 level which is a psychological level.

USD/JPY-   Pair has shown buying from 106.65 level to 107.50 level with double bottom pattern and fresh buying will be above 107.50 level as we can see a 200 SMA line is lying over there on n4 hourly chart.  If we see a valid breakout of this level then the 108.50 and 109.80 level will be next arrival for bulls. On contrary a downside move below 105.90 level will take it downside to 105 and 104 level.



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