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USDCAD and EURJPY at Key Levels

   

Welcome to this week’s Market Blast Technicals where we will look at AUDJPY, EURUSD, EURJPY, USDCAD,  USDMXN.

 

We looked at USDMXN yesterday from a fundamental standpoint and with technical analysis, we see this descending triangle which has just broken support.Screenshot 2020-07-28 at 09.12.09

We see a slight pullback this morning, based on news from the US Congress strengthening the USD, and we can add an oscillator to time our entry should we wish to trade the downtrend.

Last week we looked at USDCAD and we see that price action broke support and has now reached a new key level of support.Screenshot 2020-07-28 at 09.12.31

If we anticipate continued USD weakness and improved demand for crude, we could see price falling to pre-Coronavirus levels.Screenshot 2020-07-28 at 09.12.46

The Euro rally may have stalled and we see EURJPY, on the daily chart, at a key level of resistance which mirrors support from over one year ago.

To see the same levels on EURUSD we must use the weekly chart where price hit resistance 2 years ago and hit support 3 years ago.

We see JPY weakness on most pairs except USDJPY.

Screenshot 2020-07-28 at 09.12.56AUDJPY, for example, is still in an uptrend and is approaching a key level of resistance at 76.7 Yen.

Don’t forget to register for our next webinar, occurring today, on trading Economic News Events and you can find this on the Valutrades website under “Education”.

That’s all for now.  Happy trading with Valutrades and we will see you next week.

CFDs and FX are leveraged products and your capital may be at risk.

Disclaimer:

The information provided herein is for general informational and educational purposes only. It is not intended and should not be construed to constitute advice. If such information is acted upon by you then this should be solely at your discretion and Valutrades will not be held accountable in any way.

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