FxWirePro: EUR/ AUD dips below 1.6400 level, focus on near term support 
NZDJPY Retreats on Yen Strength – Bearish Setup Targets 90 After Hitting 92.75 Low 
All Major JPY Pairs Hit Extreme Bearish Score of -100: USDJPY, EURJPY, GBPJPY, AUDJPY, NZDJPY & CADJPY Flash Maximum Weakness 
Nikkei Surges Past 65,000 on Suspected Yen Weakness: Tech Giants Like Advantest and NEC Lead Explosive Gains 
AUDJPY Volatile After Massive Sell-Off: Sell Rallies at 113, Targeting 110 as Bearish Momentum Surges 
FxWirePro- Major Pair levels and bias summary 
FxWirePro: GBP/AUD bears maintain upper hand 
US Magnificent 7 Stocks Trend Score: Amazon & Microsoft Hit Extreme Bullish (+100) as Meta Drops to -100 — Key Resistance & Support Watchlist 
NZDJPY Bears Stay in Command: Sell Rallies at 92.72-75 Targeting 90 as All EMAs Flash Red 
FxWirePro- Major Crypto levels and bias summary 
FxWirePro: GBP/NZD remains weak, eyes 38.2%fib support 
JPY Currency Meter Signals: NZDJPY Bullish (+25) vs CHFJPY (-100) – These Pairs Could Move Next 
FxWirePro: NZD/USD consolidates overnight gains, but loses momentum 
FxWirePro: USD/CNY dips to hit three year low,scope for further downside 
FxWirePro: AUD/USD cedes early gains ,outlook bearish 
Major European Indices Score Extremely Bullish: DAX Eyes 26000, CAC Targets 8600, FTSE100 at 11000 – Key Levels to Watch 
FxWirePro: AUD/USD gains some ground but outlook is bearish 
Technical Chart and Candlestick Patterns: USDCAD forms hanging man followed by 3-black crow patterns at 1.3637 and 1.3370 levels respectively (refer daily chart).
While both leading oscillators (RSI and Stochastic curves) show downward convergence to indicate the strength in downtrend and the intensified selling momentum. To substantiate this selling sentiment, MACD’s bearish crossover also indicates downswings to prolong further.
These bearish patterns coupled with intensified bearish momentum nudge the current price way below DMAs (i.e. the straight 5th week low) to signal the extreme weakness of this pair.
On a broader perspective, the intermediate trend spikes through ascending channel pattern, bearish engulfing pattern pops-up at channel resistance (at 1.3370 levels) to take the price slides below 7EMAs (refer monthly plotting).
For now, more slumps likely on the overbought pressures as both the momentum oscillators, on this timeframe, show downward convergence to the prevailing price slumps.
Trade Tips: On daily trading grounds, at spot reference: 1.3278 levels, we advocate constructing tunnel spread, using upper strikes at 1.3303 and lower strikes at 1.3229 levels. The strategy is likely to fetch leveraged yields as long as the underlying price keeps dipping but remains above lower strikes on the expiration.
Alternatively,ahead of BoC monetary policy that is scheduled for this week, contemplating above technical rationale, we advocate initiating shorts in EURCAD futures contracts of Jan’19 delivery as further downside risks are foreseen and simultaneously, longs in futures of Mar’19 delivery for the major uptrend. Thereby, one can directionally position in their FX exposures. Thedirectional implementation of the same trading theme by further allow for a correlation-induced discount in the options trading also if you choose strikes appropriately.
Currency Strength Index: FxWirePro's hourly CAD spot index is flashing at 61 (which is bullish), while hourly USD spot index was at -118 (bearish) at 12:03 GMT.
For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex
