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Tues 30th May 2023 : Daily Currency Strength Analysis
Today we’re looking at Trading Setups in:
- CADJPY (Primary Focus Pair)
- EURGBP (Covered In Video)
- EURCAD (Covered In Video)
Primary Focus Pair: Trade Plan & Details
| CADJPY Long | Price | Pips +/- | R/R |
|---|---|---|---|
| Entry Price | 103.35 | ||
| Stop Loss | 102.90 | -45 Pips | |
| Profit 1 | 104.50 | +115 Pips | 1 : 2.56 |
| Profit 2 |
Details:
CADJPY could be forming a bullish trading opportunity.
CAD featured on our forex strength vs weakness tables as a strong currency, and JPY as a weak one.
Meaning our bias towards CADJPY is to buy on pullbacks.
As I write, price is currently forming an opportunity after a pullback.
On our higher time frames we can see CADJPY is trading above key resistance of 102.00.
This could lead to buyers targeting another level of resistance such as 104.50.
Our 4hr time frame shows price making higher highs and lows, and price is retesting previous highs.
On the H1 chart, price is finding support at previous lows and a 50 moving average.
This could be an area where buyers begin to get involved with this market again.
Technical Observations:
- CAD is S2 and JPY is W2 on the day traders table.
- Price is trending higher on the H4 time frame.
- Price is trading above the daily 200 moving average.
- Buyers could look to target key lows at 104.50.
- An opportunity could form if price holds above 50 moving average support.
Todays 9am (BST) Forex Strength Vs Weakness Tables:
