The EUR/USD and USD/CAD at interesting technical levels

Trading FX is endlessly fascinating if you love looking at charts and trying to find patterns.
The 200 sma is the most significant moving average andis in my opinion a mandatory indicator on every chart.

Today on EURUSD the 200 day simple moving average  was missed by a mere 9 pips on the Weekly time frame.
On USD/CAD the 200 day sma was missed by just 24 pips.

 

The Daily RSI/TDI on USD/CAD is reading 16.1 and the Weekly 26.5.
The Daily RSI/TDI on EUR/USD is reading 73.6 and the Weekly is reading 76.4

So EUR/USD is increasingly overbought and USD/CAD is increasingly oversold.

Both these pairs are screaming out for a correction of some kind.

I’m already SHORT EUR/USD and LONG USD/CAD with STOPS above and below their respective 200 sma.s.

Risk/Reward is off the scale if these positions make progress.

 

 

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