EUR/USD

Trading strategy: Long

Open: 1.2220

Target: 1.2470

Stop-loss: 1.2300 (raised from 1.2140)

Recommended size: 2.50 mini lots per $10,000 in your account

Short analysis: RSIs are biased up while the daily cloud top and the converging 10, 21 and 55-day SMAs lend support. We remain long for 1.2470, just below March high.

GBP/USD

Trading strategy: Buy

Open: 1.4140

Stop-loss: 1.4010

Recommended size: 1.54 mini lots per $10,000 in your account

Short analysis: Today’s GBP/USD fall was stopped by the 14-day exponential moving average and a daily low was just above our bid order. Price action suggests, however, that a corrective move may be even deeper in the days ahead. We have lowered our bid to 1.4140.

USD/JPY

Trading strategy: Short

Open: 107.20

Target: 104.50

Stop-loss: 108.20

Recommended size: 1.61 mini lots per $10,000 in your account

Short analysis: The USD/JPY continues to be supported by the 55-day SMA. On the other hand, the pair did not manage to break above the resistance at 107.61, daily high on April 16. The USD/JPY signals are mixed.

USD/CAD

Trading strategy: Sell

Open: 1.2580

Target: 1.2320

Stop-loss: 1.2710

Recommended size: 1.45 mini lots per $10,000 in your account

Short analysis: The USD/CAD rallied on dovish BoC rate hold and we used that rally to open a short position. Long upper wick supports our view. The target is 1.2320.

AUD/USD

Trading strategy: Long

Open: 0.7660

Target: 0.7880

Stop-loss: 0.7700 (raised from 0.7555)

Recommended size: 1.43 mini lots per $10,000 in your account

Short analysis: RSIs are biased up and consolidation of recent gains persist. Those suggest higher levels are due.

EUR/GBP

Trading strategy: Long

Open: 0.8650

Target: 0.8760

Stop-loss: 0.8650 (raised from 0.8595)

Recommended size: 1.91 mini lots per $10,000 in your account

Short analysis: Our yesterday’s EUR/GBP long looks very good after British weaker-than-expected inflation data. Daily RSI is biased up and we think that upward move will be continued in the coming days.