Trade ideas for May 27
Trading plan for April 25
As the geopolitical and trade tensions eased, the US dollar is continuing to rise. The currency is near March highs. However, the situation in markets is unstable.
The EUR/USD pair rebounded from the 100-day MA. For the further movement up, the pair needs to close above the pivot point at 1.2231. So the resistance will lie at 1.2265. However, on Wednesday, the upward movement may slow down as traders will anticipate the ECB meeting on April 26.
UK Public Sector Net Borrowing data was more positive than the forecast and managed to support the pound. GBP/USD did not reach the support at 1.3899 and turned around. The pair is trading near the pivot point. If GBP/USD closes above this level, it will signal an upward movement to the resistance at 1.4003. No important data for the pound is anticipated in next few days.
On Tuesday, the Canadian dollar managed to end a continued upward movement of the USD/CAD pair. The pair was near the resistance at 1.2870 and rebounded. The rise of oil supports the loonie. Today bears need to close the trade below 200-period Moving Average on H4 to continue the movement down. If bears are successful, the support will lie at 1.2676 and then at 1.2740.
As the geopolitical worries slowed down, USD/JPY is moving up, the pair reached the resistance at 109. If the pair closes above this level, it will move further to 109.46.
Thank you for your attention!