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Andreas Zanin
Analysis | June 10, 2021

Trading scenarios: EUR/CAD, GBP/CAD, USD/ZAR & USD/CZK

In this article we are are looking at 4 x contrary swing trades EUR/CAD, GBP/CAD, USD/ZAR and USD/CZK…

Logic of the Trades

The trades are all contrary to the market view so if they are triggered then we would expect follow through as speculators are hit on stop. There all breakout trades at levels we think will in our view confirm reversals

In terms of the CAD we see it as the most overbought major which was noted in our post on Monday – we are looking for the CAD to fall on the USD and all other majors in the short term. We think GBP/CAD and EUR/CAD are attractive risk to reward long trades. Key levels of support and resistance to watch below:

 

The USD has been under pressure but we are looking for a posisble short covering rally if CPI data out on Thursday comes in above forecast. USD/ZAR and USD/CZK are two of the most overbought currencies against the USD and both trades offer good risk to reward in our view.

 

 

Research provided by LearnCurrencyTradingOnline.com

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