Here are our signal directions and price ranges for your consideration. These are your guides for your own research to help you identify opportunities. We recommend including fundamentals into your research and to keep up to date with breaking news that may impact the direction of your trades. Good luck and have a great day.
A gauge of global stocks headed for the highest level in more than two months and the dollar weakened significantly on Thursday after the Fed Reserve meeting minutes showed support for tapering interest rate increases.
Oil falls as the European Union considers a higher-than-expected price cap on Russian crude and signs of a global slowdown increases
Gold rises on back of Fed reserve minutes
Europe's top two economies, France and Germany contract as bloc already in recession. French composite PMI fell to a 21-month low and German activity gauge improves but still in negative territory.
Major currencies making huge gains against the greenback due to dollar weakness today, expect further gains if DXY continues to weaken
Watch out for choppy price action due to the US market being closed.
ECB publishes account of its October policy meeting
US stock and bond markets are closed for Thanksgiving holiday
USD/JPY: Intraday Bearish
On the 4-hour chart the price is bearish and is below the Ichimoku cloud.
Overnight the price has rejected the 141.00 level and is now heading towards the first support at 138.65.
If bearish momentum continues, expect the price to retest 137.71, if it breaks through this it will find new support around 136.23
Alternatively, if it does not break 137.71, it may rebound to 141.07.
Look for the DXY to weaken for further downside.
Price is currently at 138.76 at time of writing.
Short positions below 140.13 with targets 138.65, 137.71, 136.23
Above 140.13 long positions with targets 141.07, 142.55, 143.49
EUR/USD: Intraday Bullish
On the 4-hour chart the price is bullish and is above the Ichimoku cloud and has broken the ascending trendline.
If bullish momentum continues, the price may continue to turn up and test the 1.0543 resistance level.
Alternatively, the price may drop back to the first support at 1.0325
The price is at 1.0442 at time of writing.
Above 1.0366 long positions with targets 1.0434, 1.0475, 1.0543
Short positions below 1.0366 with targets 1.0325, 1.0257, 1.0216
GBP/USD: Intraday Bullish
On the 4-hour the price is bullish and is above the Ichimoku cloud. The price has broken through 1.1900 territory and is heading towards first resistance level at around 1.2133. If it breaks through this is may hit the second resistance line at around 1.2211, where the previous high sits
Alternatively, the price may head back down to the first support level at 1.1925
The price is currently at 1.2099 at time of writing
Long positions above 1.2003 with targets, 1.2133, 1.2211, 1.2341
Below 1.2003 short positions with targets 1.1925, 1.1795, 1.1717
USD/CHF Intraday Bearish
On the 4-hour chart the price is crossing below the Ichimoku cloud
If bearish momentum continues, the price may hit the second support at 0.9332 and then head towards the third support at 0.9252
Alternatively, the price may head back to the first resistance at 0.9504
The price is currently at 0.9347 at time of writing.
Short positions below 0.9458 with targets 0.9378, 0.9332, 0.9252
Long positions above 0.9458 with targets 0.9504, 0.9584, 0.9630
XAU/USD: Intraday short-term bullish
On the 4-hour chart price is descending and breaking the Ichimoku cloud. However, we are seeing some short-term bullish momentum due to the weakening of the DXY.
If bullish momentum continues, the price mat retest the 1760.00 resistance and previous high.
Alternatively, if the price drops, we expect it to retest the first support at 1749.18 a drop below this may trigger a further drop to the 1748.77
Price is currently at 1755.81 at time of writing.
Short positions below 1752.80, with targets 1749.18, 1748.77, 1745.15
Long positions above 1752.80, with targets 1753.21, 1756.83, 1757.24
AUD/USD: Intraday Bullish
On the 4-hour chart, the price is bullish and above the Ichimoku cloud and has broken the key resistance level at 0.6721
We expect the price to continue to head towards 0.6808, if it breaks through this, it may retest the 0.6877 resistance level
Alternatively, the price could head back down to retest the first support at 0.6665
Price is currently at 0.6765 at time of writing.
Long positions above 0.6702 with targets 0.6771, 0.6808, 0.6877
Below 0.6702 short positions with targets 0.6665, 0.6596, 0.6559
NZD/USD: Intraday Bullish
On the 4-hour chart the price is bullish and is above the Ichimoku cloud. If bullish momentum continues, expect price to head to the first resistance at 0.6287 and then 0.6329
Alternatively, the price may retrace back down to the first support at 0.6167
The price is at 0.6258 at time of writing
Long positions above 0.6209 with targets 0.6287, 0.6329, 0.6407
Below 0.6209 short positions with targets 0.6167, 0.6089, 0.6047
USD/CAD: Intraday Bearish
On the 4-hour chart the overall direction is bearish. If bearish momentum continues, the price may break the first support at 1.3319 if it breaks this it may head towards the second support at 1.3284
Alternatively, the price could head back up to retest the first resistance level at 134.15
Price is currently at 1.3334 at time of writing
Below 1.3380 short positions with targets 1.3319, 1.3284, 1.3223
Long positions above 1.3380 with targets 1.3415, 1.3476, 1.3511
Crude Oil WTI Futures: Intraday Bearish
On the 4-hour, the overall bias is bearish. However, the price is currently consolidating around 77.90. The RSI is mixed and calls for caution
If bearish momentum continues the price may head to the first support at 77.64. Alternatively, if bullish momentum kicks in, the price may head back up to retest the 80.00 previous Fibonacci extension line sits.
Price is currently at 77.87 at time of writing.
Long positions above 77.82 with targets 78.11, 78.29, 78.58
Below 77.82 short positions with targets 77.64, 77.35, 77.17
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