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I will keep the second target at The Bank of Canada is expected to raise interest rates at its October monetary policy meeting by another 0. Canadian rates stood at 0. Governor Stephen Poloz has reiterated recently that the central bank is in a cycle of policy normalization and that they must not fall behind the inflation curve, hinting that rates may continue to go higher in pre-emptive moves. The CADJPY four-hour chart shows the pair trading above all three moving averages and edging back to the low of the September 13 bull candle at The daily CADJPY chart also shows the pair above all three moving averages, while the and day moving average broke above the day ma on August 27, a bullish market set-up.

The uptrend off the March 19 low at A break back above Fibonacci retracement levels offer support at To contact Nick , email him at nicholas. On September 27 th , the Euro experienced its largest decline against the US Dollar on the daily chart since August 10 th as it fell 0. This was largely in part due to increased Italian political jitters as the anti-establishment parties agreed on a budget proposal that is at odds with Eurozone fiscal rules.

Italian government bond yields rallied, signaling a rising premium for the associated risk. The proposal put together by the nationalist League and populist Five Star Movement could end up weighing against the Euro in the medium-term if the European Commission ends up approving the plan.

This is because other nearby nations, such as Greece, may question their leniency which could give more rise to economic nationalism at the expense of market financial stability. Political gridlock in Sweden is also a threat for EUR. Meanwhile, from a yield and fundamental perspective the US Dollar is at a clear advantage against its European counterpart. The Fed has just raised rates to a range of 2.

For the latter, rates may be left unchanged through the summer of while the former keeps hiking perhaps three times next year. The Euro has remained in a persistent consolidation mode against the US Dollar for the better part of the past four months or so.

The pair has broken under a near-term rising support line from September 10 th and it was an aggressive move. This now exposes a horizontal range of support between 1. With that in mind, entering short seems like the way to go to capitalize on what could be Euro weakness in the coming days and weeks. However, prices are under the ideal setup for a 3-to-1 risk-reward ratio at the time of this writing.

Using the logic of a daily close stop above 1. The target of this position is just above the August 15 th low at 1. We will be closely monitoring this setup which may change if the entry point is not reached. You may follow me on twitter ddubrovskyFX for updates to this trade setup. C heck out the IG Client Sentiment data to help you trade profitably. The USDJPY price has been strengthening for more than a month now and its advance has been gathering strength recently, suggesting there could be further gains on the way near-term.

If that too can be overcome, then the next target would be the high at Meanwhile, there is now strong support to the downside. First up is trendline support at Moreover, despite its recent gains, the pair is not yet overbought, with the day relative strength index still below The uptrend can be seen even more clearly on the one-hour chart below, which shows little sign of an imminent change of course. Whether you are a new or an experienced trader, at DailyFX we have many resources to help you: Feel free to contact me via the comments section below, via email at martin.

You can sign up for each of those session from the below link: Do you want to see how retail traders are currently trading the US Dollar?

As we wind down Q3, a number of viable FX themes remain across global markets. We looked for higher-low support above the At this stage, the prospect for continuation remains, and the challenge will be one of timing as prices currently remain near recently established highs.

Below, we look into another higher-low support zone in the pair that runs from This area gave us a quick iteration of support this morning before bulls were able to respond; but we may be able to continue to focus on the zone for another iteration of support. This could allow for stops below the Wednesday swing-low of Chart prepared by James Stanley. Well, the Euro finally did it.

The breakout did not come without struggle, however, as the resistance zone that runs from 1. Given the scope of potential for volatility, with a loaded economic calendar and a series of highly-pensive themes, chasing here does not seem prudent.

What could be more opportunistic, however, is waiting for that prior area of resistance to come into play as higher-low support. At this point, traders would want to look for another test of support, and this could be sought out in the area from that 1.

We looked at entries earlier in the month and then again last week, catching lower-high resistance in a zone that ran from. At this stage, the door appears open for continuation but traders will similarly want to wait for prices to pullback to a more amenable level. What if it all goes awry? What if we end up with a case of nasty risk aversion as we move towards the end of the quarter, and given the series of events that remains on the calendar this must be held as at least a possibility.

While we normally build an element of balance in these articles, each of the three above setups are largely looking for current themes to remain into quarter-end; so below I look at a setup that runs counter to that. If prices break-below this swing-low, the door re-opens to bearish strategies as Yen strength becomes interesting again.

This could open the door for down-side targets at Are you looking for longer-term analysis on the U. DailyFX offers a plethora of tools, indicators and resources to help traders. Contact and follow James on Twitter: The Australian Dollar has put in what by recent standards has been quite an impressive run of gains against the US Dollar since it bottomed out on the daily chart on September 9. Those gains have been fundamentally based in the man.

They have been rooted in investor hopes that full trade war between the US and China can be avoided and by more strong data out of Australia- notably in the fields of job creation and overall economic growth. The Official Cash Rate remains at the 1. US rates by contrast are widely expected to go up once more this week.

New Zealand remains an economy doing quite well, fundamentally but sticky inflation and crippled business confidence continue to dog the monthly data round. Once clear risk to this trade is that the Fed sounds less hawkish when it gives its monetary policy dispensation on Wednesday. In the short-term at least it might be best not to play for further falls much below the recent daily-chart low.

JPY weakness could become widespread as global risk sentiment looks to be on the upswing. On Friday, the Hong Kong Dollar saw the largest jump in 15 years while other Emerging Market Currencies and some commodities saw their best week since February. Point to Establish Long Exposure: Explore the trading platform with a free demo account. HL Markets is provided in association with IG. All trading involves risk. Losses can exceed deposits. Tax laws may change and are subject to individual circumstances.

In addition, any capital losses cannot be netted off against capital gains from other investments. Sharecast News - London stocks continue to nudge higher on Wednesday amid reports that Italy's government might make some concessions on its budget plans and in spite of falls for Tesco and market debutant Aston Martin.

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