FxWirePro: USD/JPY catches bid ahead of BoJ meeting 
FxWirePro: GBP/USD climbs above 1.34 after BoE's relatively hawkish cut 
FxWirePro: GBP/NZD retreats slightly but trend is still bullish 
GBPJPY Rockets Post-BOJ Hike: Bullish Surge to 210 in Sight – Buy Dips Targeting 212 
NZDJPY Whipsaws After BoJ Hike: Buy-the-Dip Setup Above 89 With Eyes on 92 
NZDJPY: Sell the Rallies as Bears Guard 90–91 Resistance Zone 
FxWirePro: EUR/NZD uptrend loses steam but outlook still bullish 
FxWirePro: USD/CNY neutral in the near-term, scope for downward resumption 
FxWirePro: GBP/AUD runs out of steam but maintains bullish outlook 
Aussie-Yen Holds Firm Post-BOJ Rate Boost: Intraday Bullish Momentum Intact 
AUD/JPY Stalls Ahead of BOJ Decision: Sell on Rallies as Bearish Bias Holds Below 103.70 
FxWirePro: USD/JPY firms as Japanese Yen weakens after BoJ rate hike 
FxWirePro: USD/CAD downtrend slows, but bearish sentiment remains 
EURJPY Surges Post-BOJ Hike: Bullish Momentum Builds – Buy Dips Targeting 185 
GBP/JPY Surges Post-BoE Cut: Bullish Momentum Eyes 210 as Support Holds at 207.80 
FxWirePro: AUD/USD bulls struggle to hold on US CPI induced gains 
FxWirePro: USD/ZAR neutral in the near-term, scope for downward resumption 
Although EURCAD bulls jump above DMAs, the stiff resistance is observed at 1.5214 levels. Moreover, prevailing upswings are not backed by momentum confirmation (refer daily chart), rallies are shrugging off shooting star occurrence at 1.5128 levels on weekly plotting.
If bulls manage to break-out this level, then we could foresee more rallies upto the next stiff resistance at 1.5292 levels.
On a broader perspective, Major trend spikes through rising channel, shooting star pops-up at channel resistance followed by dips, and hammer at channel support (refer weekly plotting), both leading and lagging indicators signal faded strength. You could very well observe as and when the prices touched channel baseline and top line, the price pattern behaves in an adverse way.
Both RSI and stochastic curves are showing the downward convergence to the price slumps (monthly). This indicates the lingering bearish sentiments. The lagging indicators have been indecisive but slightly bearish bias.
Hence, for today, contemplating above technical rationale, at spot reference: 1.5203 levels, buying tunnel spreads are advocated with upper strikes at 1.5225 levels (i.e. about northward 22 pips from the spot level) and lower strikes at 1.5150 levels, the strategy would likely fetch us handsome yields with magnified effects as the underlying spot FX keeps dipping but remains above lower strikes on expiration.
On a long-term trading perspective, bid options with upper strikes at 1.5585 and lower strikes at 1.4797 levels. If the spot rate of the underlying spot FX never hits any of the barrier levels at during the course of the option tenure, option holder receives a fixed payout, else, option matures worthless.
Currency Strength Index: FxWirePro's hourly EUR spot index is flashing at 85 (which is bullish), while hourly CAD spot index was at -66 (bearish) at 13:09 GMT. For more details on the index, please refer below weblink:
