Daily directional bias is good, the wave is smooth, established and respected.
Single time frame DB and crude at resistance makes this a higher risk trade, would take a smaller entry.
Weekly has no wave directional bias
Monthly the trend has been up, however the wave is not smooth established or respected - I like a short with a target at the monthly uptrend line
EURNZD & EURAUD which also have valid set ups due to the crude driver which is currently keeping CAD stronger than AUD and NZD, need to exercise caution as this doesn't have multiple time frame DB like the other 2 pairs, also crude is at monthly resistance - this could give the entry on this pair but a rejection from support without a retest and break though would tank this set up. A pullback in crude could also validate set ups on EA and EN.
EUR weakness driver is the vaccine rollout not being as good as UK, Australia, US and Canada - a change in that could effect this trade
CAD driver is crude strength - a change in the current narrative to a risk off out look and weaker economic recovery could prevent it breaking resistance.
Single time frame DB and crude at resistance makes this a higher risk trade, would take a smaller entry.
Weekly has no wave directional bias
Monthly the trend has been up, however the wave is not smooth established or respected - I like a short with a target at the monthly uptrend line
EURNZD & EURAUD which also have valid set ups due to the crude driver which is currently keeping CAD stronger than AUD and NZD, need to exercise caution as this doesn't have multiple time frame DB like the other 2 pairs, also crude is at monthly resistance - this could give the entry on this pair but a rejection from support without a retest and break though would tank this set up. A pullback in crude could also validate set ups on EA and EN.
EUR weakness driver is the vaccine rollout not being as good as UK, Australia, US and Canada - a change in that could effect this trade
CAD driver is crude strength - a change in the current narrative to a risk off out look and weaker economic recovery could prevent it breaking resistance.
Trade active:
Entry triggered 7/4/21
entry 1.49519
entry 1.49519
Comment:
Waited for entry at 34 ema rather than the 13 ema - however when it set up at the 13ema the narrative was different, EUR was still weak it was the crude price dropping that gave the entry - where as on the 34ema entry we are seeing euro strength and also Cad weakness.