Daily Technical Analysis: AUDCAD Approaching Supply Zone!
ZFX - Today's technical analysis will focus on Forex, Indices, Cryptocurrencies (LTCUSD) and American Stocks (Toyota). Also, at the end of the article there is an AUDCAD trading idea (signal) that might be an insight for you.
Every afternoon in the London session, ZFX provides a technical analysis or outlook in the form of a video, don't forget to check the analysis video.
So how about today's Pre-London Analysis?
Before you start trading, you need to do some analysis first. Here's a little summary of today's market outlook (23/12/2021) brought to you by ZFX Analysts:
XAUUSD Technical Analysis - Commodities
XAUUSD (Gold) closed bullish yesterday after a retest at the key level area. Currently, it's still stuck at the 200 MA on H4 and will face the previous resistance at 1811. There will be 2 main scenarios; buy when the price breaks and retests above the resistance or sell at the neckline break if the price forms a double top.
LTCUSD Technical Analysis - Cryptocurrency
LTCUSD managed to break the down-trendline on H4 and started to form a bullish structure. Indeed, LTC is still in a ranging area but there is a possibility that LTC could bounce off the up-trendline to make a higher low and move further up towards the resistance around 167.
Toyota Motor Corporation Technical Analysis - American Stock
Toyota Motor Corporation (TM) shares appear to have many gaps. However, it can still be seen that this automotive stock is forming a bullish structure within the rising wedge pattern on the daily timeframe. TM can possibly go down again towards the support as well as the uptrendline around 177 to move up to the resistance at 188.
Trading Idea - AUDCAD (Sell Limit)
Order: Sell Limit
Stop Loss: 0.93850
Target 1: 0.92400 (50% + BE)
Target 2: 0.91500 (25%)
Target 3: 0.90000(25%)
Risk total: 1-2% Equity (Medium Risk Setup)
Reason: Bearish + Down-trendline structure of high timeframe + daily supply zone
Risk Warning: The above content is for reference only, and does not represent ZFX’s position. ZFX does not assume any form of loss caused by any trading operations carried out in accordance with this article. Please be firm in your thinking and do the corresponding risk control.
ZFX (Zeal Capital Market) is an FCA & FSA licensed online Forex & CFD broker providing more than 100 products for Forex, commodities, stock indices, and share CFDs. Open a trading account with min. USD 50 deposit and download our MT4 trading platform now!