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Watch for Rejections at Support in EUR/CAD and NZD/JPY

Watch for Rejections at Support in EUR/CAD and NZD/JPY

Paul Robinson, Strategist

For intermediate-term fundamental and technical analysis on your favorite currencies and markets, check out the DailyFX 2Q Forecasts.

EUR/CAD Set-up

The strong decline in EUR/CAD is bringing into play a steady trend-line dating back to February 2017. In conjunction with the trend-line is the 200-day MA, adding weight to its importance. It is currently sneaking below the line at the time of this writing, but should we see a forceful rejection (ideally today), then it may offer an attractive spot to pick up a beaten down pair at support.

In the event of a strong rejection, stops upon entry should be placed sufficiently below the low of the rejection bar. A head is a trend-line off the March high to be mindful of, but with the broader support in place a move higher should find EUR/CAD overcoming it if the trade is to work out. 15462 & 15718 are the first price levels to contend with and will be initial targets. Longer-term, if momentum can pick up then this recent decline may turn out to be a pullback within the broader trend higher since February of last year.

Check out these 4 ideas for Building Confidence in Trading.

EUR/CAD Daily Chart (Watch price action at trend-line)

EUR/CAD daily chart, watch price action at trend-line

NZD/JPY Set-up

NZD/JPY is currently in the process of testing significant horizontal support extending back to a gap in late-2016. There have been strong rallies posted off the mid-75s, one in April 2017 and the other just this past March. A strong rejection (i.e. – key reversal, bullish engulfing candle) could have a counter-move trade set-up in play. Stops on longs will be best placed below the swing-low created, should one be created. The target will be the trend-line off the January peak.

In the event of a breakdown below support, look for continuation of the recent slide. We’ll look at such a situation should it become relevant in the weekly webinars held on Wednesday and Friday at 9 GMT time.

NZD/JPY Daily Chart (Strong Price Support)

NZD/JPY probing support, watching for strong turn in momentum

Resources for Forex & CFD Traders

Whether you are a new or experienced trader, we have several resources available to help you; indicator for tracking trader sentiment, quarterly trading forecasts, analytical and educational webinars held daily, trading guides to help you improve trading performance, and one specifically for those who are new to forex.

---Written by Paul Robinson, Market Analyst

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.