Daily Fib 19 November 2013

By | November 19, 2013

Technical Analysis

EURUSD spent most of yesterday above key 1.3500 but still immediately capped by 1.3550 overhead:

  • R4: 1.3700
  • R3: 1.3626/50 61.8% Oct high to Nov low and former support
  • R2: 1.3600
  • R1: 1.3550/60 Nov  high and 50% Oct high to Nov low
  • S1: 1.3500 Immediate support
  • S2:  1.3450
  • S3: 1.3420
  • S4: 1.3390

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 1.3400/3350 into play.  Beneath 1.3350 opens the path to the November lows at 1.3300

Events of the Day

  • 0800: ECB Nowotny speaking
  • 0830: ECB Praet speaking
  • 0900: Italy Sept industial orders
  • 1000: Germany Nov ZEW survey
  • 1000: EMU Sept construction output
  • 1300: Bundesbank Dombrel speaking
  • 1330: US Q3-13 Employment Cost Index
  • 1915: Chicago Fed Reserve Bank Evans speaking
  • 2000: Obama remarks on the economy
  • 0000: Fed Reserve Bank Bernanke speaking

Trade Ideas and Strategies

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

  1. AUDCHF H1 trade idea: long above 0.8588, stop below 0.8557 and targeting 0.8634
  2. AUDNZD H1 trade idea: long above 1.1297, stop below 1.1256 and targeting 1.1358
  3. GBPAUD H1 trade idea: short below 1.7118, stop above 1.7184 and targeting 1.7019
  4. USDJPY H1 trade idea: short below 99.48, stop above 99.92 and targeting 98.82