News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Wall Street
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Bearish
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • Gold is on course for a third consecutive weekly rise, which marks the first occasion since December. Get your $XAUUSD market update from @JMcQueenFX here:https://t.co/qXVm6dSCkD https://t.co/Y0tClx0Q7b
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.14%, while traders in EUR/USD are at opposite extremes with 69.34%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/QCLjR5fkOu
  • Indices Update: As of 18:00, these are your best and worst performers based on the London trading schedule: US 500: 1.13% Wall Street: 0.66% Germany 30: 0.04% FTSE 100: -0.01% France 40: -0.02% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/Swr0ndo7tu
  • $EURUSD is currently setting fresh intraday highs above the 1.2080 level, edging above the highs set earlier in the week to hit its highest level since early March. $EUR $USD https://t.co/wcARbp81Et
  • EUR/USD appears to be stuck in a narrow range as the European Central Bank (ECB) retains the current course for monetary policy. Get your $EURUSD market update from @DavidJSong here:https://t.co/UdgBEQ3MCi https://t.co/uwkNwc1Ikm
  • US Indices are stronger today, recovering from yesterday's selloff driven by capital gains tax headlines. DOW +0.68% SPX +1.17% NDX +1.53% RUT +1.49% $DIA $SPY $QQQ $IWM
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 93.02%, while traders in US 500 are at opposite extremes with 68.36%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/8OCSgtJeBx
  • there's a bullish channel in here the spans back to last year's q4 $EURJPY support side was tested this morning but bulls making a strong push back-above the 130 handle https://t.co/gHQtawE3BH https://t.co/3XU9kb72f5
  • $EURJPY has mostly been consolidating between the 129.50 and 130.50 levels in April, trading around its highest point since the fall of 2018. The pair hit a fresh multi year high just shy of the 131.00 level earlier this week. $EUR $JPY https://t.co/M9gO4rcOZh
  • Commodities Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.68% Gold: -0.42% Silver: -0.66% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/cHoZ7KZRDX
Can the Short Term EURCAD Trend Continue?

Can the Short Term EURCAD Trend Continue?

Walker England, Forex Trading Instructor

Article Summary: The EURCAD has advanced over 572 pips for the month of April. Today we will review market momentum and its potential for future scalping positions.

Finding currency pairs to scalp can be a difficult proposition. Traders normally look for pairs with strong trends, with enough market moment to push price in one specific direction. Today we will review how to identify a specific pair to trade using trend and momentum analysis. Let’s get started by look at an example using the EURCAD.

Below we can see a 4Hour chart of the EURCAD which will be used to help find our current market trend. For the month of April the EURCAD has already advanced as much as 572 pips. As the pair continues its advance, traders wanting to use the trend can continue to take new buy positions. However, before any new orders are put into play, traders will question if short term pricing is moving in the direction of the trend.

Learn Forex – EURCAD 4HR Trend

Can_the_Short_Term_EURCAD_Trend_Continue_body_Picture_2.png, Can the Short Term EURCAD Trend Continue?

(Created using FXCM’s Marketscope 2.0 charts)

EURCAD Building Blocks

After identifying the trend, a scalper’s next step is to identify short term momentum. This step is taken to avoid counter trend reversals all while identifying key technical levels for trading. Below we will find a 30 minute chart of the EURCAD. The graph has been divided into two separate compartments to isolate market momentum. The key to momentum analysis is to ensure that price for both blocks is heading in the same direction.

To begin our chart blocking, we need to identify a starting point on the graph. Block 1 has been created by identifying price movements from Sunday the 14th through Wednesday the 17th. Pictured below we can see during this time frame the EURCAD advanced over 208 pips. Block 2 also shows a continuation of our uptrend, as price again moved to a higher high at 1.3478. With both blocks creating higher highs this ensures that momentum is still heading in the direction of the primary trend.

Learn Forex – EURCAD Building Blocks

Can_the_Short_Term_EURCAD_Trend_Continue_body_Picture_1.png, Can the Short Term EURCAD Trend Continue?

(Created using FXCM’s Marketscope 2.0 charts)

With both building blocks confirming upward momentum in the direction of the trend, traders can look to continue scalping the EURCAD with the start of next week’s trading. One key level scalpers should monitor is the current the Block 2 low at 1.3351 displayed above. If this line of support collapses, traders should take this as a signal that our standing uptrend may be at an end

.

---Written by Walker England, Trading Instructor

To contact Walker, emailinstructor@dailyfx.com. Follow me on Twitter at @WEnglandFX.

To be added to Walker’s e-mail distribution list,CLICK HEREand enter in your email information

Are you looking for a scalping strategy for the FOREX market? Sign up for our free CCI trading course! CCI Training Course

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

DISCLOSURES