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Market Outlook
Forex Technical Analysis: EURCAD Swing Sell? - Zeal Capital Market

Forex Technical Analysis: EURCAD Swing Sell?

13-12-2021 10:36

ZFX – Today’s daily analysis will be focused on Forex, Indices, Cryptocurrencies (Ethereum), and American Stocks (Tesla). Also, at the end, we share with you a trading idea (signal) that could be a good insight for you!

Every morning during the London session, ZFX publishes a technical analysis or outlook in the form of a video. Check it out here.

So, How Does the Pre-New York Analysis Look Like Today?

Before you start trading, you have to do an analysis first. So, here is the summary of the market outlook for today (13/12/2021) brought to you by our beloved ZFX Analysts:

XAUUSD Technical Analysis – Commodities

XAUUSD (Gold) is seen to be bullish after the CPI data release last Friday, as per the expectation for it to rise from the support level. At the time of this writing, gold looks like it’s trying to break through the resistance at $1791.

However, since today’s Monday, the start of the week and when the market it opened, it looks like it’s going to go through a lot of difficulties to get past this resistance.

ETHUSD Technical Analysis – Cryptocurrency

ETHUSD reached its support target based on our analysis last Friday. Today, it’s at the ranging area between levels 3864 and 4159 before finally continuing its trend.

Today, we can expect for ETH to range for the whole day.

Tesla Technical Analysis – American Stocks

Tesla closed bullishly after bouncing off the support area. Right now, it can possibly go through another bounce towards the next resistance level at $1072.

Trading Idea – EURCAD (Sell Limit)

Order: Sell Limit
Entry: 1.44951
Stop Loss: 1.45633
Target 1: 1.44000 (50% + BE)
Target 2: 1.42500 (25%)
Target 3: 1.41788 (25%)
Risk total: 1-2% Equity (Medium Risk Setup)
Reason: QM H4, Expected to Reject Resistance Trendline.

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 Forexcommoditiesstock indices, and share CFDsOpen a trading account with min. USD 50 deposit and download our MT4 trading platform now!