Follow us
Two Blokes Learn to Trade Online

3 pairs to watch – USDCAD, EURCHF, BTCUSD

3 pairs to watch – USDCAD, EURCHF, BTCUSD

USDCAD

A resurgence in the oil price has boosted the Canadian dollar in the past week with USDCAD trading down to its lowest level in more than two years. The market has now declined just shy of 10% since May and by several metrics is looking oversold. This isn’t to say that further declines aren’t possible but if the low of 1.2415 can hold then some sort of bounce may occur. Fib retracements taken from the high in May at 1.3784 have the 23.6% and 38.2% at 1.2737 and 1.2937 respectively. Should this low fail to hold things could get ugly and there may be a quick swoon lower.

Possible support: 1.2415, 1.2210, 1.1960

Possible resistance: 1.2575, 1.2737, 1.2937

EURCHF

There was a major break higher in the EURCHF this week and now the bulls appear very much in control of the tape. The slow recovery from the crash seen in January 2015 has gathered momentum with the latest move and there’s scope for the total decline to be recouped in the coming weeks and months. As long as price remains above 1.1120 then the latest break remains valid. The last week’s range was the biggest in more than two years so there could be larger than normal swings ahead.

Possible support: 1.1120, 1.0820, 1.0673

Possible resistance: 1.1395, 1.1500, 1.2017

BTCUSD

It could well be a historic week for Bitcoin as the cryptocurrency faces a potential hard fork on 1st August. From a technical perspective the market remains well supported with the gap lower to 1840 seen a fortnight ago being met with strong buying. The market remains not far from all-time highs but has stalled somewhat this week just shy of the peak. On a 4 hourly chart the market has just made a bullish cross of the 50 and 200 SMAs and if these stay in this orientation then further gains could well be ahead.

Possible support: 2575, 2455, 1840

Possible resistance: 2820, 2979, 3300

 

Two Blokes Trading

About the author, Two Blokes Trading

//Track outbounds