During the day on Thursday, the ECB is taking center stage, due to the fact that they have an interest rate announcement and of course the press conference it follows. With this, it’s probably best to avoid the Euro in general, but there are plenty of trades out there that could be interesting.
USD/CAD
Simply put, this is a market that has a clear resistance barrier in the form of the 1.35 level. If we can break above there, the market is ripe for call buying. As far as buying puts, it’s a bit difficult to do as there is more than enough support below to keep this market fairly choppy.
Gold falls
While gold markets fell, the reality is that we are approaching a significant support barrier as we are getting close to the top of the ascending triangle that had recently sent this market higher. We are looking for some type of bounce or supportive candle in order to serve buying calls as the longer-term trend should still remain very positive.
DAX gives hints of next move
The DAX broke higher during the course of the session on Wednesday, and as a result it looks as if we are ready to go higher overall. The ECB of course could have a massive influence on this, so if we can break above the top of the shooting star from last week, which is essentially the €9900 level, we believe that the DAX will continue to go higher.
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