The EUR/CAD (euro-Canadian dollar) has been declining for three straight days, a move that looks impressive on the chart as it plummets 2.8% from Monday's high. In reality, it's far less impressive, having a net downward move of only 0.6% from Friday's open.
Before today, all of this Sturm und Drang took place amid a pps bull signal. The slight bounce from today's new three-month-chart low leaves the price at its prior low point seen on April 23. So, all in all, much less than it seems.
As a trader, I doubt that I would take this signal. It's all to frothy. But, I'm running a mechanical study here. The stock is already trading entirely below the pps moving averages, so it qualifies for the Watchlist.
Reversal Levels
- C$1.3593, +2.7%
- C$1.3472, +1.7%
- C$1.3242 <== You are here.
- C$1.3237, -0.04%
- C$1.3217, -0.2%
The downside pivot is at $1.2988.
The NZD/USD pair shows a similar sharp decline from a short-term rise, although with a larger net decline. The kiwi-greenback pair is trading at a level around the low set on April 29.
Reveral Levels
- US$0.7325, +2.3%
- US$0.7161 <== You are here.
- US$0.7097, -0.9%
- US$0.7069, -1.3%
- US$0.7052, -1.5%
Martin Pring's detailed deconstruction of the economic cycle: What sorts stocks to look for at each stage of the recovery. A masterful analysis.
New to private trading? Here's a look at How to Become a Private Trader.
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