Daily Technical Analysis: ETH Still Weak!
ZFX Indonesia – Today's technical analysis will focus on forex, indices, American stocks, and cryptocurrencies. Also, at the end of the article there is a trading idea (signal) for CADCHF 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 (04/01/2022) from ZFX Analysts:
XAUUSD Technical Analysis - Commodities
Gold fell yesterday after crossing the resistance at 1812. XAUUSD is currently at the key level at 1800 and remains bullish as long as it doesn't cross the support at 1787 area. However, if its daily low candle can be passed, it will be very easy for it to fall to 1787.
ETHUSD Technical Analysis - Cryptocurrency
ETHUSD is still in a bearish tone by continuing to form a lower high and lower low structure. The previous daily candle also closed bullish, leaving a bottom-wick ready to be filled. Now, if the H4 support at 3,737 fails to hold down, then Ethereum could touch 3,600.
NFLX Technical Analysis - American Stocks
Netflix shares bounced into a bearish trend in the medium term after breaking the trendline and support at $630. NFLX also continued to fall and continued to form lower highs. It is very likely that it will continue to fall, past the swing low at $585 and touching the stronger support at $571.
Trading Idea - CADCHF (Buy Limit)
Order: Buy Limit
Stop Loss: 0.71235
Target 1: 0.72150 (50% + BE)
Target 2: 0.72500 (25%)
Target 3: 0.73185 (25%)
Risk total: 1-2% Equity (Medium Risk Setup)
Reason: Bullish structure, break and retest, confluence key level and up-trendline.
Disclaimer: Trading ideas by this website are provided as general market information for educational purposes. There is a risk of losing money in trading. Past performance is not necessarily indicative of future results.
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.
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