Daily Fib 22 November 2013

By | November 22, 2013

Technical Analysis

From yesterday’s Fib, holding the key 1.3420/00 area proved to be pivotal. EURUSD has risen to test 1.3489, 50% retracement of the leg down from Nov 19 high, and should now look to test 1.3500/10.

Support and resistance can be seen at

  • R7: 1.3700
  • R6: 1.3627/50 61.8% Oct high to Nov low and former support
  • R5: 1.3600
  • R4: 1.3564/78 50% Oct high to Nov low and Nov high
  • R3: 1.3540 78.6% Nov 19 high to Nov 21 low
  • R2: 1.3510 61.8% Nov 19 high to Nov 21 low
  • R1: 1.3490 50% Nov 19 high to Nov 21 low
  • S1: 1.3420/00 38.2% Jul low to Oct high, former resistance through Aug and 61.8% Nov low to Nov high
  • S2: 1.3350
  • S3: 1.3300/3290 Nov low and 50% Jul low to Oct high
  • S4: 1.3165 61.8% Jul low to Oct high
  • S5: 1.3100 Sept low
  • S6: 1.3000 78.6% Jul low to Oct high and low of 15 Jul

Through 1.3500/10 should resume the bullish theme for a look at the recent highs at 1.3580. Failure to recapture 1.3500, however, will be seen as bearish and paves the way for a revisit of 1.3420.

Events of the Day

  • 0700: Germany Q3 GDP
  • 0830: ECB President Draghi speaking [plane permitting!]
  • 0900: Germany Nov IFO Business Climate Index
  • 0900: Italy Sept Retail Sales
  • 1200: Extraordinary Meeting of Eurogroup Finance Ministers
  • 1200: Germany Merkel and Greek Samaras Press Conference
  • 1340: Kansas City Fed Pres George speaking
  • 1400: Belgium Nov BNB Business Survey
  • 1715: Fed Res Gov Tarullo speaking

Trade Ideas and Strategies

Yesterday’s trade ideas resulted in the following:

  1. AUDNZD H1 trade idea: long above 1.1297, stop below 1.1256 and targeting 1.1358: stopped out
  2. AUDNZD H1 trade idea: long above 1.1289, stop below 1.1254 and targeting 1.1342. Another chance to enter for those that missed yesterday’s alert: stopped out

Today

The following trade ideas have been identified using the simple moving average strategy described in Strategies:

  • NZDJPY H1 trade idea: short below 82.88, stop above 83.22 and targeting 82.38: target met