EUR/USD Long At 1.2220, USD/CAD Short In Good Shape

The USD dropped after a report showed the US economy in March created the fewest jobs in six months. The Canadian economy added more jobs than expected last month, driven by hiring in construction and a recovery in full-time positions. Our USD/CAD short is in good shape after the data.

This is how MyFXspot.com trades today:

EUR/USDTrading strategy: LongOpen: 1.2220Target: 1.2470Stop-loss: 1.2140Recommended size: 2.50 mini lots per $10,000 in your accountShort analysis: We opened EUR/USD long at 1.2220 yesterday. But the EUR/USD bulls remain under pressure. A close above the 14-day EMA (currently at 1.2301) would be an important bullish signal.

GBP/USDTrading strategy: LongOpen: 1.4010Target: 1.4270Stop-loss: 1.3900Recommended size: 1.36 mini lots per $10,000 in your accountShort analysis: The GBP/USD broke the 30-DMA on Thursday, now at 1.3979, but bears failed to register a daily close below. A daily close below would be needed to weaken the market structure further. But the GBP/USD rebounded after weaker-than-expected US NFP data. Our yesterday’s long at 1.4010 is already in profit. USD/JPYTrading strategy: Await signalOpen: -Target: -Stop-loss: -Recommended size: -Short analysis: The USD/JPY closed above an important resistance of 106.82 yesterday,38.2% retrace of the 110.40 to 104.56 (February to March) fall. But today’s US NFP changed the market picture. We are looking for stronger signals before opening a new position here. USD/CADTrading strategy: ShortOpen: 1.2900Target: 1.2600Stop-loss: 1.3050Recommended size: 1.72 mini lots per $10,000 in your accountShort analysis: USD/CAD short is in progress, supported by solid Canadian jobs report. We remain short with the target at 1.2600. AUD/USDTrading strategy: BuyOpen: 0.7660Target: 0.7880Stop-loss: 0.7555Recommended size: 1.43 mini lots per $10,000 in your accountShort analysis: The pair struggles to make new lows ahead of 0.7625/55 support. Daily RSI has perged on recent new lows while the trend line off 2016’s low and 76.4 Fib of 0.7501-0.8136 support as well. We went long at 0.7660. EUR/GBPTrading strategy: Await signalOpen: -Target: -Stop-loss: -Recommended size: -Short analysis: EUR/GBP bias remains on the downside, due to the recent failures above the 0.8782 Fibonacci level, 38.2% retrace of the 0.8968 to 0.8668 fall. Fourteen-day momentum remains negative, reinforcing the overall bearish market structure.

Trading ideas by MyFXspot.com

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