Today’s simple 2 MA trading strategy Forex analysis provides the technical outlook and setups for four pairs EURUSD, GBPUSD, USDJPY and USDCAD.
26 October, AtoZForex – Today’s agenda has not any major news. However, we recommend traders to be cautious during those times since there is a lot of uncertainty in the market.
Technical EURUSD analysis: Neutral-Bullish
From price action perspective today’s 2 MA trading strategy Forex analysis for EURUSD indicates bullish price development. Our yesterday pending order was triggered and we are in a loss of approximately -20pips. We can see from 1H chart that the pair developed bullish price action. However, we can expect the pair to retrace back to our entry level and close the position with no loss. Therefore, those who don’t want to risk further they can close now.
Technical GBPUSD analysis: Neutral-Bullish
According to my 2MA Forex strategy, we saw bullish price development for this pair. However, we can see from 1H chart the price didn’t manage to close above 100SMA. We expect the pair to continue downward and our short entry is at 1.2215.
Fx SELL @ 1.2215 With Stop Loss: 1.2273 and Take Profit: 1.2114
Technical USDJPY analysis: Bullish
From today’s USDJPY technical analysis we can expect the pair to continue upward. We can see from 1H chart the pair is trending above both 20SMA and 100SMA.We can expect the pair to retrace back to 100SMA at 104.12 level and continue upward.
Fx Pending BUY LIMIT @ 104.12 With Stop Loss: 103.55 and Take Profit: 104.95
Technical USDCAD analysis: Bullish
Lastly, for today’s USDCAD technical analysis we expect the pair to continue upward. We can see from 1H chart that the pair is trending above moving averages. However, we can expect the pair to retrace back to 100SMA at 1.3310 and continue upward. Therefore, traders need to be cautious today during Crude oil inventories later this evening.
Fx Pending BUY LIMIT @ 1.3315 With Stop Loss: 1.3255 and Take Profit : 1.3395
Think we missed something? Let us know in the comments section below.