Weekly Snapshot | 7 – 11 May

EURUSD

Last week saw the 1.2070 level fail to hold EURUSD, with price managing to dip into the 1.1900 zone before slowing. While price remains under 1.2070, I favour the short side – with either a retest of 1.2070 from below (1) or short entries on a daily close below 1.1920 (2).

GBPUSD

Similarly, on GBPUSD we see price barely pausing at 1.3800 (1), now settled at 1.3540 (2). While price remains below 1.3800 on the daily timeframe, I favour short positions, either up at 1.3800 (with a bearish candle rejecting that level) or on a daily close below 1.3480.

XAUUSD

While the mighty Greenback has barely given the Euro and Pound a breather, gold looks to be holding its own, now trading above support at $1310. Could gold be leading the pack against the Dollar for the next few sessions?
I still prefer trades outside of this multi-month range: Longs on a daily close above $1355 and shorts on a daily close below $1310.

USDCAD

The Loonie has run up and hugged the 1.2900 level every day for the last eight or nine days in a row. This constant and unashamed flirting leads me to believe that price wants to break through, up to 1.3100. The best way to trade this likely move will be to wait until price closes above 1.2920 or so on the daily timeframe, and the ride it up. Conversely, should price start closing below the lows of this range, long bets are off.

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