Daily Trading Analysis 17.11.2022

Technical & Fundamental analysis

Trading Analysis of GBP/CAD Today's FX highlight will be the UK's Autumn Statement. Given that the UK's bond market has largely regained its composure from the sell-off in September, analysts at ING struggle to see what upside there is for the Sterling today. Our Analysis: While the price is above 1.5580, follow the recommendations below: Time frame: D1 Recommendation: long position Entry point: 1.5883 Take Profit 1: 1.6000 Take Profit 2: 1.6200 Alternative scenario: If level 1.5580 is broken-down, follow the recommendations below Time frame: D1 Recommendation: short position Entry point: 1.5580 Take profit 1: 1.5340 Take Profit 2: 1.5160 Learn More Trading Analysis of EUR/CAD ECB: Another upward surprise seems necessary to keep the 75 bps hiking pace going. Our Analysis: As long as the price is above 1.3700 follow the recommendations below: Time frame: D1 Recommendation: long position Entry point: 1.3838 Take Profit 1: 1.4000 Take Profit 2: 1.4200 Alternative scenario: If the level of 1.3700 is broken-down, follow the recommendations below:  Time frame: D1 Recommendation: short position Entry point: 1.3700 Take profit 1: 1.3570 Take Profit 2: 1.3400 Learn More Fundamental Trading Analysis of XAU/USD As the saying goes, you can't have one without the other. A rally in gold is necessarily accompanied by a sell-off in the U.S. dollar and/or bonds. Our Analysis: As long as the price is above 1725.00, follow the recommendations below: Time frame: D1 Recommendation: long position Entry point: 1766.05 Take Profit 1: 1810.00 Take Profit 2: 1880.00 Alternative scenario: If the level of 1725.00 is broken-down, follow the recommendations below: Time frame: D1 Recommendation: short position Entry point: 1725.00 Take Profit 1: 1725.00 Take Profit 2: 1680.00 Learn More Risk Warning: Forex and CFD trading carry a high degree of risk. As such they may not be suitable for all investors. Investors should ensure they fully understand the risks associated with CFD trading before deciding to trade. Investors may choose to seek independent advice and should not risk more than they are prepared to lose.

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