Video

Kim Cramer Larsson
Areas covered in this webinar by Saxo Bank technical analyst Kim Cramer Larsson include EURUSD, USDJPY, GBPUSD, EURGBP, gold, silver, S&P 500, the Nasdaq, the Dax, the FTSE and the Dow Jones.
Day trade
Trade view / 27 October 2016 at 7:44 GMT

Scope for a mild rally to sell into in EURUSD

Analyst / PIA First
United Kingdom
Instrument: EURUSD
Price target:
Market price:
Background

USD Index – Daily chart highlights spikes in both direction (indecision) as we hold close to the 99.00 level. We have US durable goods this afternoon so could see some directional bias in the US dollar. The medium-term outlook remains firmly bullish so we only look to buy into dips (or breaks).
USD Index
Source: Saxo Bank  

I have just updated the charts on the AUDUSD and USDCAD trade view. We could see some mild USD corrections from wedge support (AUDUSD) and the 161.8% extension at 1.3411 (USDCAD). 

Going to look at EURUSD and the prime level to sell into rallies. 

EURUSD

Monthly – We have had a long and hard eighteen months of consolidation. The bias is still bearish with May posting an Outside Month. Long-term target is on parity (1.0000 – Fibonacci confluence area) and 0.9490 (channel base).
EURUSD M
Source: Saxo Bank 

Weekly – Holds within a triangle formation that has a bias to break lower. Nothing to indicate the selloff is coming to an end. 
EURUSD W
Source: Saxo Bank  

Daily – For the last four day’s spikes can be seen in both directions we are assessed to be in the 5th wave lower (Elliott Wave). This can be the hardest of the waves to predict. 
EURUSD D
Source: Saxo Bank  

Intraday (one hour) – Rejected gains close to the 50% pullback level of 1.0946. However, with other USD pairs (AUDUSD and USDCAD) highlighting scope for a dollar correction, there is scope for buying this morning. We have bespoke resistance at 1.0948-62 and this is our zone to get short. With a stop above 1.0990, this offer a good medium-term bear play. 
EURUSD 1
Source: Saxo Bank  

Management and risk description

Parameters

Entry: selling at the 1.0948-62 zone

Stop: above 1.0990

Target: 1.0826 (1-2 sessions) 1.0660 (2-3 weeks)

— Edited by Clare MacCarthy

Non-independent investment research disclaimer applies. Read more
3y
Rofhiwa Thomoli Rofhiwa Thomoli
Ian , Great potential to sell AUDCAD at current resistance levels. It comes with good rewards for medium term and intra-day
3y
Ian Coleman - First 4 Trading Ian Coleman - First 4 Trading
will take a look ... thanks vvv much. Not one I normally focus on
3y
ValeriyKZ ValeriyKZ
Ian, USDSEK is updating tops for last six years, how you think its already for short?
3y
Rofhiwa Thomoli Rofhiwa Thomoli
Ian, AUDCAD is now on Profit if you're on the position. It completed 38% Fibonacci retracement. I'm jumping off.
3y
Andrew Perkins Andrew Perkins
Hi Ian just got back home closed most of trade last night with limited internet and trades worth getting into with a little trading time left
3y
AlexF AlexF
Lets see Googl,Bidu,Amazon, FSLR all reporting now, Im long all of them but with a huge short on nasdaq which is in the money nicely
3y
AlexF AlexF
amazon huge miss

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