Momentum Scorecard: Euro Looks to Outperform versus CAD, USD

| 17 juli, 2013 | 0 kommentarer

Momentum_Scorecard_Euro_Looks_to_Outperform_versus_CAD_USD_body_Picture_1.png, Momentum Scorecard: Euro Looks to Outperform versus CAD, USD

Want to add the Moving Average Dashboard to your charts?

Download it free on FXCMApps.com.

TREND IN FOCUS: EURCAD (D1)

Momentum_Scorecard_Euro_Looks_to_Outperform_versus_CAD_USD_body_x0000_i1028.png, Momentum Scorecard: Euro Looks to Outperform versus CAD, USD

The EURCAD is tied for the strongest momentum score at today’s benchmark, tied with the CHFJPY and the EURJPY at +3.14.

– Overall, the Euro has momentum firmly in its favor, with four crosses with scores greater than +2.50 (EURCAD, EURGBP, EURJPY, and EURUSD).

– The recent tag of the 55-SMA just above C$1.3400 served as the springboard for price to accelerate back to the descending trendline off of the June 24 and July 2 highs, today at 1.3670; a recent test and failure at the same trendline occurred on July 14.

– The daily Slow Stochastics (5,3,3) remain in a strong uptrend the past week; although relative to the most recent bearish crossover, the indicator is stronger relative to price (bearish divergence).

– Accordingly, either a breakout through 1.3670 into 1.3800/20 is necessary to clear divergence; or failure should occur to clear the technical incongruity, which could see price back to 1.3520 (61.8% Fib June 2011 high August 2012 low).

Read more: Chinese GDP Sets Table for Improved Risk Amid CPI Data from EZ, UK, US

*Trend definitions: “uptrend” is defined as 8-MA21-MA55-MA; “downtrend” is defined as 8-MA21-MA55-MA; a “trendless” market occurs when continuity is absent.

*Scoring methodology: there are seven time frames, ascending from m15 (15-minutes) to W1 (one-week). In ascending order, each pair is assigned a value from -7 to +7 based on the trend apparent on the specified time frame (I.E. a m15 uptrend equals +1, whereas a H1 downtrend equals -3). If neither an uptrend nor downtrend is present, the trendless timeframe receives a score of 0. These points are totaled and the average is reported on the right. The strongest uptrend would achieve a score of +4.00, while the strongest downtrend would achieve a score of -4.00.

— Written by Christopher Vecchio, Currency Analyst

To contact Christopher Vecchio, e-mail [email protected]

Follow him on Twitter at @CVecchioFX

To be added to Christopher’s e-mail distribution list, please fill out this form

Taggar: ,

Kategori: Analys från DailyFX

Om skribenten ()

DailyFX från FXCM ger dig dagligen färska tekniska analyser på valuta och råvaror. FXCM är en ledande handelsplattform för trading av finansiella tillgångar med kraftfulla verktyg för alla sorters handel.

Lämna ett svar

E-postadressen publiceras inte. Obligatoriska fält är märkta *