[email protected]
+44 7862 068336
Open Live Account Open Demo Account Client Login Partners Login Download MT4 Contact Us
cfm-footer-logo-whitecfm-footer-logo-whitecfm-footer-logo-whitecfm-footer-logo-white
  • About Us
    • CF Merchants
    • Why Choose Us
    • Registering Bodies
    • Security of Funds
    • Legal Documents
  • Trading
    • Products
      • Forex
      • Commodities
      • CFDs
      • INDICES
      • Cryptocurrencies
    • Platform
      • META TRADER 4
    • Pricing
      • Product Knowledge
      • Trading Hours
      • Execution Policy
      • Expiration of CFD’s
  • Accounts
    • Accounts Comparison
    • Islamic Accounts
    • Deposit & Withdrawals
  • Research & Education
    • CFM Academy
      • What is Forex?
      • E-Book
      • Forex Glossary
    • News
      • Forex News
      • Crypto News
      • Education News
    • Market
      • Economic Calendar
      • Market Analysis
  • Promotions
    • 50% Deposit Bonus
  • Partnership
  • Contact Us
✕
  • Home
  • Company News
  • EUR/USD seen within 1.1840-1.1890 very near term
GOLD Idea
November 20, 2020
USD/CAD flirts with 1.3040 horizontal support
November 24, 2020
Published by CF Merchants on November 23, 2020
Categories
  • Company News
  • Market Analysis
Tags

EURUSD

EUR/USD broke the 1.1800 and 1.1850 resistance levels, but it seems to be facing a crucial hurdle. However, the bulls are facing an uphill task near the 1.1900 resistance zone. The recent high was formed near 1.1891 before the pair corrected lower. On the downside, there are many important supports, starting with 1.1850. There is also a key bullish trend line forming with support near 1.1840 on the same chart. If there is a downside break below the trend line support, the pair could test the 1.1800 support. The 100 simple moving average (red, 4-hours) and the 200 simple moving average (green, 4-hours) are also near 1.1795 to act as a strong support. Any further losses may perhaps lead EUR/USD towards the 1.1750 support zone.

GBPUSD

Sustained trading beyond 1.3315/20 area, including the highs marked since September 03, restricts the immediate upside ahead of highlighting the yearly top surrounding 1.3480/85. On the contrary, 10-day SMA near 1.3240 offers immediate support to watch during the quote’s pullback moves.

USDJPY

The USD/JPY pair has found sellers around 104.00 in the last two trading days, and technical readings suggest that a new leg lower is coming. In the daily chart, the pair is developing below firmly bearish moving averages, as technical indicators consolidate within negative levels. In the shorter-term, and according to the 4-hour chart, the risk is also skewed to the downside, as a bearish 20 SMA provides resistance, accelerating its slump below the larger ones. Technical indicators develop below their midlines but lack directional strength.

AUDUSD

AUD/USD remains neutral for sideway trading below 0.7339 temporary top. Further rise is in favor with 0.7221 support intact. Consolidation pattern from 0.7413 should have completed with three waves to 0.6991. Above 0.7339 will target a test on 0.7413 first. On the downside, break of 0.7221 minor support would likely extend the consolidation pattern from 0.7413 with another falling leg.

USDCAD

USD/CAD remains neutral at this point. Above 1.3172 will extend the rebound from 1.2928. But near term outlook will remain bearish as long as 1.3389 resistance holds. On the downside, break of 1.3034 minor support will bring retest of 1.2928 temporary low.

WTI

Inspired by vaccine news, WTI crude oil prices closed at a 11-week high of US$ 42.46. The price appeared to have broken above an immediate resistance at US$ 42.00 and may have opened the door for further upside potential towards US$ 43.80 – a key resistance.

XAUUSD

The Technical Indicator shows that the XAU/USD pair is defending the powerful support at $1871, which is the convergence of the previous low on the four-hour, Fibonacci 38.2% one-week and Bollinger Band one-hour Middle. Buyers will then aim for the confluence of the Fibonacci 61.8% one-week and Pivot Point one-day R1 at $1882. However, the Pivot Point one-day R2 at $1891 remains the level to beat for the bulls. To the downside, acceptance below the abovementioned $1871 support could open floors for a test of $1864. That level is the meeting point of the Fibonacci 23.6% one-week and Bollinger Band one-hour Lower. The previous month low of $1860 will be next on the sellers’ radars. A sharp drop towards the intersection of the previous week low and Pivot Point one-day S2 at $1852/50 cannot be ruled if the bears extend control below the $1860 level.

Share
1
CF Merchants
CF Merchants

Related posts

May 7, 2021

Dollar under pressure as U.S. payrolls data could spur more risk-taking


Read more
May 6, 2021

Dollar holds near two-week high, U.S. jobs data eyed for Fed clues


Read more
May 5, 2021

Asia Shares Subdued By Tech Retreat, U.s. Futures Steady


Read more

Leave a Reply Cancel reply

You must be logged in to post a comment.

[email protected]
[email protected]
+44 7862 068336

    Legal: CF Merchants is the trading name of Commodity and Forex Merchants registered and regulated in many Jurisdictions. CF Merchants Limited is regulated with license number 24535/2018, at Suite 305, Griffith Corporate Center, P. O. Box 1510, Beachmont, Kingstown, Saint Vincent and the Grenadines as an International Broker Company under the company act of Saint Vincent & the Grenadines. The objects of the Company are all subject matters not forbidden by International Business Companies (Amendments and Consolidation) Act, Chapter 149 of the Revised Laws of Saint Vincent and Grenadines 2009, in particular but not exclusively all commercial, financial, lending, borrowing, trading, service activities and the participation in other enterprises as well to provide brokerage, training and managed account services in currencies, commodities, indexes and leveraged financial instruments.
    Commodity and Forex Merchants Limited is authorized under license number 1092420 by the Companies House, Cardiff, United Kingdom on 21st August 2017.

    High Risk Investment Warning: Margin FX are leveraged products that carry an extraordinary level of risk to your funds. Trading is not suitable for everyone and may result in you losing significantly more than your investments and therefore, you should not speculate with capital that you cannot afford to lose. You should consider whether you understand how this work and whether you can afford to take the high risk of losing your money. All the trading related information on this website is general in nature and does not take into account your or your client’s personal intentions, financial conditions and needs. We encourage you to seek independent advice if necessary. It is the responsibility of the client to ascertain whether he/she is allowed to use the services of the CF Merchants based on the legal requirements in his/her country of residence. Please read full Risk Disclaimer for more details.

    Regional Restrictions: CF Merchants (SV) Ltd does not provide services and accept applications from the residents of certain countries, such as United States of America, Canada, Israel, North Korea and Saint Vincent & The Grenadines. The statistics on this website is not directed at residents in any country or jurisdiction where such distribution or use would be contradictory to local law or regulation.

    © 2011-2020 CF Merchants Ltd.

    • Terms & Conditions
    • Privacy Policy
    • Fraud Warning
    • Risk Disclosure
    • AML Policy
    • Client Agreement
    • IB Agreement
    • Power of Attorney