EURUSD holding below 1.1785/95 & just above the target of 1.1750/45

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.