EURCAD - Short, Double Top High Test/Shooting Star, RSI/MACD divergence
Here are some more macro themes I am looking at for the longer term if they play out.
AUDUSD - A report last week showed that the Reserve Bank of Australia has allowed its FX reserves to grow significantly without balancing the inflows by buying Australian dollars, in a move likely aimed at weakening the Australian Dollar. Subsequently, the AUD has been held in a range and we can trade off these levels. Look for a bounce off as the central banks aim to hold the currency within a range or a potential break through if market speculators win the battle.
EURAUD - With the Swiss National Bank announcing that the percentage of Euros in held with them have dropped to 48% from 60%, many are suggesting that the SNB may be done selling Euros. This will be a positive for EURUSD but negative for alternative assets such as AUD. Combined with the issues facing the RBA we could see a strong rally in this currency.
Happy trading!
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