News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Bullish
Oil - US Crude
Mixed
Wall Street
Mixed
Gold
Bullish
GBP/USD
Bearish
USD/JPY
Mixed
More View more
Real Time News
  • Looking for a new way to trade reversals? One of the most used reversal candle patterns is known as the Harami. Like most candlestick formation patterns, the Harami tells a story about sentiment in the market. Get better with trading reversals here: https://t.co/rfwUWJfbz9 https://t.co/rChAkNqPL2
  • Long wick candles are recurrent within the forex market. This makes understanding the meaning behind these candles invaluable to any trader to comprehend the market dynamics during a specific period. Learn about the importance of extended wicks here: https://t.co/SIpslvhX0J https://t.co/jVxcE1QUBs
  • Safe haven stocks also allow traders to diversify their portfolio and reduce risk. Learn if safe-haven stocks are made for you here: https://t.co/MTc4tUDD6c https://t.co/DOQ6tyzep9
  • Knowing how to accurately value a stock enables traders to identify and take advantage of opportunities in the stock market. Find out the difference between a stock's market and intrinsic value, and the importance of the two here: https://t.co/QszmdZFxlk https://t.co/WQLZ1X7gIY
  • but the next major point in my view to monitor will be 52.76 - at least in the short term.
  • #Brent having broken above the pre-OPEC drop off at 45.51 is a huge deal considering it failed to crack resistance there in August (leading to the invalidation of "uptrend 2") and the psychological significance of that level https://t.co/LkEyRxFhnq
  • The New Zealand Dollar looks poised to extend its push higher against its haven-associated counterparts on robust economic data and a less dovish stance from the RBNZ. Get your $NZD market update from @DanielGMoss here:https://t.co/vytr4OR1Jy https://t.co/ZcxEUWIm8O
  • It seems the markets are riding high, but risk is always lurking around the corner. Consider your escape plan before you find yourself in collapsing market. What are the top havens for different conditions in 2020? Find out from @JohnKicklighter here: https://t.co/1oeXWEsJkb https://t.co/x8uyOHLtgE
  • The Swiss Franc may continue higher against the US Dollar as technical pressure favors USD/CHF bears..Get your $USDCHF market update from @FxWestwater here:https://t.co/yqJbbhAWiu https://t.co/CaMR0Vqd1m
  • The US Dollar lost ground to most ASEAN currencies as Emerging Market assets climbed despite US economic woes. USD/INR is eyeing third-quarter Indian GDP at the end of the week. Get your market update from @ddubrovskyFX here:https://t.co/urDN2b5Nwd https://t.co/toSDbVZCSi
EUR/USD, AUD/USD & USD/CAD Technical Setups- Election Levels

EUR/USD, AUD/USD & USD/CAD Technical Setups- Election Levels

2020-11-02 19:44:00
Michael Boutros, Strategist
Share:

Near-term Technical Outlook: Trade Setups on EUR/USD, AUD/USD & USD/CAD

  • Technical charts on trade setup we’ve been tracking in EUR/USD, AUD/USD &USD/CAD
  • Euro testing key support near September lows
  • Aussie at critical yearly open support zone
  • USD/CAD breakout stalls – support into 1.32
Advertisement

An update on technical setups we've been tracking inEuro, Aussie & Loonie. These are the targets and invalidation levels that matter heading into the US Presidential Elections and key central bank rate decisions this week.Review my latest Strategy Webinar for an in-depth breakdown of thesetrade setups and more.

Starts in:
Live now:
Nov 30
( 13:11 GMT )
Live Weekly Strategy Webinars on Mondays at 12:30GMT
Weekly Scalping Webinar
Register for webinar
Join now
Webinar has ended

Euro Price Chart – EUR/USD 120min

Euro Price Chart - EUR/USD 120min - Euro vs US Dollar Trade Outlook - Technical Forecast

Chart Prepared by Michael Boutros, Technical Strategist; EUR/USD on Tradingview

In last week’s Euro Price Outlook we highlighted, “Key resistance / bearish invalidation remains steady at 1.1853/59– a region defined by the 100% extension of the late-September advance and the 61.8% Fibonacci retracement of the September range.” EUR/USD continued to respect this zone on a close basis with price briefly registering a high at 1.1880 before turning lower into the close of October.

Bottom line: That decline is now testing a key support zone at the October 2018 high / 61.8% extension at 1.16.21/33. Initial resistance now back at the 1.17-handle backed closely by the October open at 1.1719- both regions of interest for possible topside exhaustion IF reached. Bearish invalidation now lowered to 1.1786. A break lower from here exposes the lower parallel, currently near 1.1580 with critical confluence support eyed at 1.1482/99.Review my latest Euro Weekly Price Outlook for a look at the longer-term GBP/USD technical trade levels.

EUR Forecast
EUR Forecast
Recommended by Michael Boutros
Download Our Latest Quarterly Euro Price Forecasts!
Get My Guide

Euro Trader Sentiment – EUR/USD Price Chart

Euro Trader Sentiment - EUR/USD Price Chart - Euro vs US Dollar Trade Outlook - Technical Forecast
  • A summary of IG Client Sentiment shows traders are net-short EUR/USD - the ratio stands at -1.04 (49.10% of traders are long) – neutral reading
  • Long positions are22.39% higher than yesterday and 61.17% higher from last week
  • Short positions are12.96% higher than yesterday and 33.96% lower from last week
  • We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests EUR/USD prices may continue to rise. Yet traders are less net-short than yesterday and compared with last week. Recent changes in sentiment warn that the current EUR/USD price trend may soon reverse lower despite the fact traders remain net-short.
EUR/USD BULLISH
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily -28% 5% -5%
Weekly -15% 12% 5%
Learn how shifts in Euro retail positioning impact trend
Get My Guide

Australian Dollar Price Chart - AUD/USD Daily

Australian Dollar Price Chart - AUD/USD Daily - Aussie Trade Outlook - Technical Forecast

Chart Prepared by Michael Boutros, Technical Strategist; AUD/USD on Tradingview

In my most recent Australian Dollar Technical Price Outlook we noted that AUD/USD, “carving the weekly opening-range just below the monthly open / downtrend resistance – look to the breakout for guidance,” with the broader risk for a deeper setback while below the September trendline. An outside-day reversal off monthly open resistance at 7160 last week takes Aussie back into key support here at 7016/42- looking for infection off this threshold heading into the elections with a break / close below needed to keep the short-bias viable heading deeper into November. Subsequent support objectives at 6963 and the 100% extension at 6835.

Bottom line: Aussie is testing a major support inflection zone here with the broader September downtrend still in play while below 7160. Review my latest Aussie Weekly Price Outlook for a look at the longer-term AUD/USD technical trade levels.

AUD Forecast
AUD Forecast
Recommended by Michael Boutros
Download Our Latest Quarterly Aussie Price Forecasts!
Get My Guide

Canadian Dollar Price Chart - USD/CAD 120min

Canadian Dollar Price Chart - USD/CAD 120min - US Dollar vs Canadian Dollar Trade Outlook - Technical Forecast

Chart Prepared by Michael Boutros, Technical Strategist; USD/CAD on Tradingview

In my latest Canadian Dollar Price Outlook we noted that USD/CAD was approaching, “critical support at 1.3046/56. Ultimately, we’re looking for basing this week with a breach above this formation needed to shift the focus higher again in the US Dollar.” The decline never reached that threshold with USD/CAD turning off the 78.6% retracement at 1.3085 into the close of October trade. The recovery failed last week at confluence resistance at 1.3375/82 and the focus is on this pullback heading into a heavy week of event risk.

Bottom line:Support rests at the lower parallel / 61.8% retracement at 1.3199- look for a reaction there IF reached with a close below 1.3156/62 ultimately needed to mark resumption of the broader downtrend. Weekly open resistance at 1.3313 with a breach higher keeping the focus on 1.3450. Review my latest Canadian Dollar Weekly Price Outlook for a closer look at the longer-term USD/CAD technical trading levels.

For a complete breakdown of Michael’s trading strategy, review his Foundations of Technical Analysis series on Building a Trading Strategy

-Written by Michael Boutros, Currency Strategist with DailyFX

Follow Michaelon Twitter @MBForex

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES