Trade setups for the week ahead – July 9, 2017

Last week’s economic figures continued to deliver strong figures on both the U.S. and Canadian front.

Summary of yesterday’s releases:

For the week ahead, my trade setups continue to remain on the technical side. In my last post, I mentioned the AUDUSD and NZDUSD as two pairs I would be watching as they are currently testing weekly levels. Those two will not be included in this set of chart setups I would be monitoring.

EURAUD: Bullish Breakout

After 11 days of selling off, this pair looks to resume the uptrend movement. Friday’s close ended in a down day, but it does provide a long entry opportunity in the near future especially as it retraces and holds up to original break-out level. This is better illustrated below on the 4-hour time-frame.

Since I missed the initial break-out move, I would have to aim for the retrace with my potential entry zone marked at the previous resistance at the 1.4591~ level.

EURCAD: Breaking Lower

Over on the EURCAD pair, we see another wave bearish sell-off. Keep in mind that Friday’s sell-off was also fundamentally driven given the strong Canadian employment figures. Depending on how next week’s open looks, it could be the perfect opportunity for a further sell-off.

GBPCAD: Breaking Lower

Similarly, GBPCAD also sold off given the stronger than expected Canadian figures. Although this downtrend isn’t nearly as strong, it also has a sell-off potential before testing the next daily support line. For now, it is the same idea to wait for market open before taking any short entries.

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