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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

2018-05-10 10:41:00
Paul Robinson, Strategist
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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

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---Written by Paul Robinson, Market Analyst

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