The USD/CAD pair fell during the bulk of the week, breaking below the
1.10 level. That of course is a negative sign, but we see support only
down to the 1.09 handle, so even though we’ve had a fairly negative
week, it would not surprise us at all to see support come back into the
marketplace in this general vicinity. Right now, we do not have a trade
signal at all but are paying attention to this next week as it could be
pivotal for our positioning in this market going forward.
The NZD/USD pair spent most of the week falling, but as it approached
the 0.85 level, found enough buyers to push the market back up. The
resulting candle is somewhat of a hammer, and it tells us that the
market is more than likely going to try to continue to go higher, and a
break of that high has this market looking for the 0.90 level given
enough time. The 0.85 level is now support as far as we can tell, and in
fact we considered it the “floor” of the market.
The GBP/USD pair fell during the week, but really didn’t have that wide
of the range. The 1.65 level below is still support as far as we can
tell, and as a result we think that this market will offer a buying
opportunity soon. Any supportive candle in that general vicinity has us
buying, but the question then remains whether or not we would even get
there? After all, the Friday candle was in fact a hammer, which of
course is a nice buying opportunity and signal as it were.
AUDUSD Fundamentals (based on dailyfx article)