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FX trading levels for the end of November

Jason Sen

As we head into the end of November we have significant trading levels to watch in the major US dollar pairs.

AUD/USD is holding 11 pips above important support at 7185/75. Therefore try long positions here with stops below 7160. A break lower is a sell signal targeting 7140, 7125/20 and perhaps as far as 7090/85.

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If we hold above this key support level we target 7215 before strong resistance at 7255/65. Short positions worked here earlier in the week but I think they are too risky now on the next test. A break higher, however, is a buy signal targeting 7300 and 7330/40.

NZD/USD is currently trading sideways-to-lower in what I think is a bull flag. This means we will eventually break higher to re-target 6860/70. We have key upper trendline resistance at 6800/10 but a break higher is a buy signal targeting strong resistance at 6860/70. Try short positions with stops above 6900.

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Failure to beat 6800/10 keeps us in the bull flag formation and risks a slide to 6750/40. Try long positions with stops below 6725.

USD/JPY and USD/CAD

USD/JPY beat resistance at 113.00 for a buy signal this week, targeting minor resistance at 113.50/60 and 113.75/80. The outlook remains positive into the end of the week as we look for a test of the November high at 114.10/20 for profit-taking on all longs. Expect very strong resistance at 114.45/55 with a good chance of a high for the week if we make it this far.

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We have minor support today at 113.60/55, then better support at 113.30/20 could hold the downside if tested. Long positions here need stops below 113.00.

USD/CAD held strong support at 1.3190/80 as expected this week and shot higher to re-test last week’s high at 1.3310/20. Strong resistance at 1.3355/65 is likely to hold at this stage, if tested today. Short positions need stops above 1.3385. A break higher is a buy signal.

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There is the risk of a double top after we tested last week’s high, which acts as a sell signal today targeting 1.3270/60 and support at 1.3230/20. A break below 1.3190 is another sell signal into the end of the week.

Jason Sen

Technical Analyst & Trader

For more information and trading education visit InterTrader

The content of this article is the personal opinion of the author and not InterTrader. You should under no circumstances consider the information and comments provided as an offer or solicitation to invest. This is not investment advice. The information provided is believed to be accurate at the date the information is produced.

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