2 December Daily Forex trading tips, will NFP follow yesterday’s disappointing USA Employment data? Will this data be a show stopper for a December FED rate hike? Are traders USD bullish or bearish? Let’s not forget that the Canadian unemployment data, will the Loonie be under pressure?
2 December, AtoZForex – A brief summary look at the day ahead, with insights into the Daily Forex trading tips. On the economic calendar today there are five (5) remaining high impact data news events. There is no (0) high impact news non-data based events.
AtoZforex Hint: Do not trade on a single news event, look at the total picture when news releases are at similar times.
2 December Daily Forex Trading Tips
# 1 EURUSD – 2 December Daily Forex Trading Tips
Fundamentals – The main pressure for the EUR will be primarily from the Sunday Italian referendum.
Economic side – Canadian and USA economic data could impact the EUR.
Technicals – On the daily chart, daily 20sma and 100sma are bearish. No change in outlook for this pair. Current price is range bound between 1.0685 and1.0520 levels. Price touched 1.0685 level earlier today. If this level is broken, price could target the weekly resistance level of 1.0805-07 level. The next possible target at the Daily resistance level of 1.0851. A sustained downside move to happen, price clearly needs to break and re-test the strong weekly support of 1.0520 level.
Intraday (H1 chart) – Hourly 20sma is bullish, while 100sma appears flat. Price broke through the 20sma, with price sandwiched between the two sma’s. Price tested the support of 1.0620 level and turned bullish yesterday. Today price tested and respected the 1.0685 resistance level. Price could re-test the 1.0585 support level later today.
#2 GBPUSD – 2 December Daily Forex Trading Tips
Fundamentals – Any news related to Brexit negotiations will impact GBP and at the moment the stronger driver is political rather than technical.
Economic side- Canadian and USA economic data could impact the GBP.
Technicals – Price is sandwiched between the daily 20sma and 100sma, the pair continues to trade in a narrow range. Our outlook remains unchanged, with long-term bearish bias. MACD is flat and on neutral line. RSI is point up and above the 50 level. Possible price action target would be the daily upside resistance levels of 1.2792 and 1.2860. If the 1.2860 price is breached and remains above this level, the next daily resistance level of 1.3367 could be tested. On the down side price there is a strong daily support of 1.1850. A break below and re-test of the 1.1846 level would support a further bearish move.
Intraday (H1 chart) – The hourly 20sma is flat and 100sma is bullish; MACD is sloping down and in positive territory; RSI is pointing down, above the 50 level. The 1.2557 resistance level was taken out yesterday. After price tested the 1.2675, price dropped from this level. Price is range bound between the the 1.2675 and 1.2557 levels. A clear break of this range would determine the direction for this pair.
#3 USDCAD – 2 December Daily Forex Trading Tips
Fundamentals – Due to correlation between the CAD and oil, if there is any news regarding oil, would impact the CAD.
Economic side- Traders can expect the Loonie to be impacted by the Canadian and USA economic data today.
Technicals – The weekly resistance level of 1.3455 is held as price sharply dropped from this level. Bullish price action has waned. Unless, the 1.3585 resistance level is broken, this would indicate start of a possible upward move. The daily 20sma is down and 100sma is bullish on the Daily chart; MACD is pointing down and above the neutral level. RSI is pointing down and below the 50 level. Yesterday’s 1.3310 support level was easily achieved and any further downside move would encounter several strong support levels at 1.3266, 1.3150 and 1.3065.
Intraday (H1 chart) -Yesterday price tested the 1.3452-56 resistance level and turned bearish, after breaching several minor support levels. Price easily reached the 1.3400 level and continued to the 1.3285 level. The hourly 20sma and 100sma are sloping down; MACD pointing up and in negative territory; RSI is point up and below the 50 level. On the upside price could test the 1.3350-55 resistance levels. On the downside price could move to 1.3260-55 support levels.
#4 AUDUSD – 2 December Daily Forex Trading Tips
Fundamentals – Currently, nothing clear to impact this pair.
Economic side– Overnight we had positive economic retail sales data. However, USA economic data may impact the Aussie today.
Technicals – Yesterday price bounced off the 0.7385 resistance level. A break above the 0.7441 would target the next daily resistance, at the 0.7505 level. The next target would be the weekly level at 0.7532. Both the daily 20sma and 100sma are bearish on the Daily chart. MACD is flat and below the neutral level; RSI is sloping up and below the 50 level. For further downside movement, a clear break below the 0.7385 resistance level and price consolidating away would support a start of a bearish move.
Intraday (H1 chart) – the hourly 20sma is up; 100sma is down; with 20sma below 100sma; MACD is flat in positive territory; RSI pointing down, above the 50 level. The 0.7420 resistance level is being tested and seems to be holding. If price breaks above the 0.7432 level, then price could test the 0.7442 level. A break above 0.7450 would target the next level at 0.7490. On the downside a break below the 0.7400 would target 0.7385 level and a test of the 0.7365-0.7360 support levels cannot be ruled out.
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