Yesterday’s EURCAD LONG post hit Target 1 (1.4620) later in the day as the trickle of news out of Europe improved and the US Oil price remained firmly below USD 50 for a short term net gain of 70 pips. Target 2 remains at the psychological 1.4700. Today’s Eurozone news is that Spanish unemployment dropped to 18.9% in Q3 from 20.0% in the second quarter. The improvement is more pronounced than expected, but levels remain high, especially among the under 25s which is also a social problem and one of the reason behind the rise in support for protest parties.
The EURAUD also looks interesting on the daily chart. Yesterday’s large wick on the candle to a 17 month intra-day low of 1.4126 was quickly bid up to close the day at 1.4255. The overnight rally to 1.4300 prompted a long position for a short term Target 1, a little over the rising 14 DATR (0.0140), at 1.4410. The Target 2 is a little north of the 38.2 Fibonacci level and 20 DMA at the psychological 1.4500. The RSI remains positive at 40 and rising, the short-term stochastics are positive and rising and the Parabolic SAR turn positive yesterday too.
Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding on how markets work.
Click HERE to register the next webinar will start in:
Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in FX and CFDs products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.