Daily Trade Ideas:     18/12/18 2:00 AEST

GBPUSD approaching resistance, potential reversal!

GBPUSD is approaching our first resistance at 1.2684 (100% Fibonacci extension, 23.6% Fibonacci retracement , horizontal overlap resistance) where a potential reversal might occur below this level pushing price down to our major support at 1.2525 (76.4% Fibonacci retracement, horizontal swing low support).

Stochastic (21, 5, 3) is approaching our resistance where we might see a potential reversal below this level.

CADCHF approaching support, potential bounce!

CADCHF is approaching our first support at 0.7366 (horizontal swing low support, 100% Fibonacci extension x2) where a strong bounce might occur above this level pushing price up to our major resistance at 0.7461 (100% Fibonacci extension, 50% Fibonacci retracement, horizontal overlap resistance).

Stochastic (55,5,3) is also approaching support and we might see a corresponding bounce in price.

easyMarkets - Dealer Insights


Anthony
Darvall

Tony has been a FX analyst for 10 years in the Sydney EasyMarkets Dealing Room, His ability to clearly communicate advanced forex Trade Ideas to retail clients and financial media is built on strong understanding of what factors are driving the markets. Key experience in Australian Dollar and Japanese...
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