USDCAD have bottomed so far at 1.1288

Daily Forecast - 21 November 2014

USDCAD

USDCAD have bottomed so far at 1.1288 so 1.1290/1.1288 is key to direction today. Be ready to go with a break lower to target 1.1275 then good support at 1.1260/55. Try longs with stops below 1.1240. On an unexpected break lower use trend line support at 1.1220 as another buying opportunity.

Immediate resistance at 1.1305/10 but above here is more positive for today & targets resistance at 1.1330/35. This is absolutely key to next weeks direction. If we can make a break and close above here tonight, this is very positive for next week. Above here today we should quickly target this week's high at 1.1360/65. If we continue higher look for a test of strong resistance at 1.1385/90.

USDJPY

USDJPY hit our targets of 118.55/60 &118.85/90. We topped exactly here at 118.96. A break above 119.05 today triggers further gains to 119.40/45 & perhaps as far as 119.85/90. However a good chance of a high for the day here.

We do have good support at 117.75 today but longs may be wise to stop out below 117.60 as a break lower risks a slide as far as 117.10/05. This should be an excellent buying opportunity with a low for the day expected. Buy into long positions with a stop below 116.80. Just be aware that in the unlikely event of further weakness we could target 116.45/40 for an excellent buying opportunity.

Silver Futures December contract

Silver same levels apply for today with immediate resistance at 1618/20 then 1635/45 with a high for the day expected. Just bear in mind only a weekly close above 1645 tonight is positive for next week. Try shorts with stops above 1655. However be ready to go with a break above 1665 as this is a positive buy signal & targets 1702/1710.

Support at 1595/90 is the key to the downside & could hold initially at least. Below 1590 today however should target 1580/77 then good support at 1565/61. A good chance of a low for the day here and should be worth buying into longs with a stop below 1550. Just be aware that a break lower again would target 1535.

Copper Futures December contract

Copper is stuck in a range from 2.990/2.985 up to 3.050/3.060. We can only trade this range while we wait for a breakout. Just be aware that we have some support at 3.025/3.020 and below here at 3.001/000. We must be ready for a breakout when it comes and any longs at the bottom of the range today will need a stop below 2.980. Be ready to jump into shorts on a break lower look for a target of November lows at 2.965. This is likely to hold the downside initially but just be aware that any further losses into the end of November could test October lows at 2.952.

Try shorts at the upper end of the range at 3.050/3.060 but with stops above 3.070. Be ready then for a test of strong trendline resistance at 3.077. This is another selling opportunity with a stop above 3.083.

Dax December contract

Dax big challenge again today is the 200 day moving average at 9508/10 & we have struggled just below here all week. It oversold worth trying shorts with stops above 9535. A break & WEEKLY CLOSE ABOVE HERE is obviously a positive signal in to next week and we should go on to target resistance at 9560/70. If we continue higher look for 9590/95.

Our first support level today is at 9430/25 once again but below here targets 9380/75 for another buying opportunity. Try longs again today with a stop below 9350. A break lower however is more negative for today and should target 9325 then 9280. Just be aware that we have very strong short term support at 9255/45 this week for a buying opportunity.

E Mini Nasdaq December contract

E-Mini Nasdaq same levels apply for today with November highs at 4248/49 the key to direction of course. Watch for a high for the day again but if we continue higher today look for 4254 & 4270/75.

There is a strong chance that we will failed to beat 4248/49 two leave a very small negative double top pattern in place. This will trigger profit-taking and a break of immediate support at 4239/38 is likely to trigger a move down to 4228/25. Any further losses meet excellent support at 4205/4201. Again a low for the day is expected. Try longs with stops below 4190. However be ready to jump into shorts on a break as this is a negative short-term signal and we could quickly target 4180/78. If we continue lower look for good support at 4170/4168 for a buying opportunity with stops below 4161.

Gold December Contract

Gold will need to hold above 1193 & beat 1197 for a chance to retest our selling opportunity at 1202/04. Try shorts with stops above 1208. However if we see a break higher today. We could quickly target the next resistance at 1213/14. A high for the day is expected here so try shorts with a stop above 1218.

Immediate support at 1187/86 could hold the downside initially this morning but below here better support at 1178/76 is a buying opportunity, with a stop below 1172. However be ready to go with a break lower as the daily chart is not that positive and we will should then quickly target 1168/1167. If this does not hold a move lower look for a buying opportunity at 1160/1159 with a stop below 1155.