Morning Brief, Nov 19 – Top Forex Trade Setups on Monday

Posted Monday, November 19, 2018 by
Arslan Butt • 2 min read
  • The Greenback eased slightly against other major currencies after Federal Reserve officials showed caution over the global growth outlook.
  • The economic calendar remains light in the absence of any top-tier events.
  • Watch out quick trade ideas on GBP/USD and USD/CAD today.

GBP/USD – Brexit News Keeps the Market Vulnerable

The British Pound remains unchanged at the beginning of what could be a volatile week. The market failed to produce any latest update on more MP resignations and Theresa May’s leadership, hence keeping the Sterling steady but vulnerable.

GBP/USD – Technical Outlook
On the 4 hour chart, the GBP/USD is trading bearish after testing a strong resistance level at $1.2900. For the moment, the pair is trading near $1.2825 and it may face an immediate resistance near $1.2950 and $1.3045, along with a support near $1.2750.

Daily Technical Levels

Support Resistance
1.2675 1.3024
1.2525 1.3223
1.2176 1.3572
Key Trading Level: 1.2874

GBP/USD – Trade Plan
Today, the idea is to stay bearish below $1.2845 with a stop above $1.2875 and a take profit of $1.2750.

USD/CAD – Upward Trendline Offers a Swing Trade

The commodity currency strengthened against the Greenback despite a strong bearish rally in crude oil. Most of the bearish trend in the USD/CAD was caused by a weakness in the dollar. The technical side of the market seems to offer a potentially profitable trade setup.

  • On the 4 hour chart, the USD/CAD is holding above a bullish trendline which is extending strong support near $1.3140.
  • The pair is consolidating in a narrow trading range of $1.3140 – $1.3165. The odds of a bullish breakout remains higher.

Daily Technical Levels
Support Resistance
1.3122 1.3182
1.3095 1.3215
1.3035 1.3275
Key Trading Level: 1.3155

USD/CAD – Trade Plan
Keeping the technicals in mind, team FX leaders has opened a long-term forex trading signal on USD/CAD. The signal is to stay bullish above 1.3146 with a stop below 1.3125 and take profit at 1.3200.

Good luck and stay tuned for more updates!

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