Daily Fib 18 November 2013

By | November 18, 2013

Technical Analysis

EURUSD remained in a 33 pip range overnight, 1.3474 – 1.3507 and is currently trading at 1.3496.  Immediate support and resistance levels are as follows:

  • R3: 1.3626/50 61.8% Oct high to Nov low and former support
  • R2: 1.3550/60 Nov  high and 50% Oct high to Nov low
  • R1: 1.3500 Immediate resistance at 38.2% Oct high to Nov low
  • S1:  1.3426
  • S2: 1.3400
  • S3: 1.3376/60

An upside break through 1.3550 is needed to continue the bullish theme whereas through 1.3420 to the downside alleviates the bullish pressure and brings 1.3400/3360 into play.

Events of the Day

  • 0900: EMU Sept current account
  • 1000: EMU Sept trade balance
  • 1400: US Sept Treasury int’l capital system
  • 1500: US Nov NAHB index

Trade Ideas and Strategies

Not much in the way of momentum in EURUSD at the moment but AUDCHF looks interesting:

AUDCHF H1 trade idea: long above 0.8599, stop below 0.8551 and targeting 0.8671