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Trader, analyst and instructor with a 6-year experience

Trading plan for Nov. 11

EUR/USD touched the 1.2500 on the wave of short-covering, but failed to overcome this resistance for now. Technically, we see more space for a bullish retracement (major resistance lies at 1.2650), but the move should be confirmed by a daily fix above 1.2500. There are no data releases on the euro zone’s schedule on Tuesday. French banks will be closed for a holiday.

Daily RSI still looks supportive for the pair, but it looks like GBP/USD lacks bullish momentum. No data of high importance will be released tomorrow, though economists expect some positive developments from the UK on Wednesday. Support is at 1.5800. Resistance is at 1.5910 and $1.5950 ahead of 1.6000. The medium term outlook remains negative, but we are not in a hurry to sell. A decline below 1.5870 will confirm a top on H1.

USD/JPY found support at 113.85. Resistance lies at 114.70 and 115.00. Technically below the latter the risk of correction down to 113 will remain. US markets will be closed due to bank holiday, and trading may be volatile in the environment of low liquidity, though there will be not so many reasons for fluctuations. Watch the release of Japanese current account surplus – a lower reading’s expected and this may give bulls some strength.

AUD/USD is testing the short-term resistance line to the upside, but remains capped by the 0.8680 resistance for now. The current market structure is contradictive, so we recommend waiting for the Australian NAB Business Confidence index and HPI tonight at 00:30 GMT. Major support lies at 0.8640 and 0.8600. 

 

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