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Market Outlook
Daily Technical Analysis: EURCAD Breaking Out Daily Resistance!

Daily Technical Analysis: EURCAD Breaking Out Daily Resistance!

21-12-2021 08:57

ZFX  – Today's daily analysis will focus on Forex, Indices, Cryptocurrencies (ETHUSD) and American Stocks (Meta). Also, at the end of the article there is a EURCAD 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 (21/12/2021) from ZFX Analysts:

XAUUSD Technical Analysis - Commodities

XAUUSD Technical Analysis
Graph taken from TradingView

XAUUSD (Gold) retraces after the breakout, but again penetrated the previous key level. Now it seems likely to be bearish in the short term and provide a clean chance to buy above 1811.

ETHUSD Technical Analysis - Cryptocurrency

ETHUSD Technical Analysis
Graph taken from TradingView

ETHUSD is in a downtrend, but managed to break out of the down-trendline. After the breakout, the next target for ETH is at a small resistance of 4100, or higher in the 4500 area as a stronger resistance.

Meta Technical Analysis - American Stocks

FB Technical Analysis
Graph taken from TradingView

Meta stocks seem to be ranging with a bearish tendency, indicated by daily movements around the 50, 100, and 200 MA lines. Meanwhile, the trendline drawn from the all-time-high seems to hold back the gains from FB stocks. There is a possibility that Meta stock will retest to the next support in the 308 area.

Trading Idea - EURCAD (Buy Limit)

EURCAD Technical Analysis
Graph taken from TradingView

Order: Buy Limit
Entry: 1.45140
Stop Loss: 1.44100
Target 1:  1.46450 (50% + BE)
Target 2: 1.48560 (25%)
Target 3: 1.50000 (25%)
Risk total: 1-2% Equity (Medium Risk Setup)
Reason: Breakout resistance, anticipate retest + clean traffic

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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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