Daily Forecast - 17 November 2017
EURUSD & USDCAD Spot
EURUSD holding below 1.1785/95 & just above the target of 1.1750/45. If we continue lower look for a buying opportunity at 1.1720/10, with stops below 1.1690.
Minor resistance at 1.7090/99. Bulls must beat 1.1810 to get back in control targeting 1.1833/36 & 1.1853/58. On further gains we could top at strong resistance at 1.1880/90.
USDCAD hit the next target of 1.2760/70 as we look for 1.2785 before minor resistance at 1.2810/20. We should struggle here initially but no reason we cannot reach 1.2853/57 eventually First support at 1.2725/15 to try longs with stops below 1.2685. A break below the November low at 1.2662 risks a slide to 1.2645/40 before a buying opportunity at 1.2590/80.
AUDUSD & NZDUSD Spot
AUDUSD bottomed exactly at the target & important 10 month trend line support at 7575/65 exactly as predicted & is holding but trades sideways with no recovery. Longs STILL too risky in the 2 month bear trend despite oversold conditions & further losses test the far more important 500 dma & Fibonacci support at 7540/30. Try longs with stops below 7500. Outlook negative for today with first resistance at 7617/20 then a selling opportunity at 7645/49, with stops above 7670.
NZDUSD holding below 6900/10 re-targets 6847/43 before the 6820/16 low for profit taking on all remaining shorts (in case we remain in a sideways trend). Eventually this is likely to break however for a sell signal targeting 6770/60 & 6720/10. First resistance at 6905/15 could hold a rally but look for a selling opportunity at 6960/70. Stops above 6990. An unexpected break above 7000 however acts as a short term buy signal targeting 7040 & 7065/70.
The contents of our reports are intended to be understood by professional users who are fully aware of the inherent risks in Forex, Futures, Options, Stocks and Bonds trading. INFORMATION PROVIDED WITHIN THIS MATERIAL SHOULD NOT BE CONSTRUED AS ADVICE AND IS PROVIDED FOR INFORMATION AND EDUCATION PURPOSES ONLY.
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