Technical analysis of NZD/USD for September 22, 2017
Overview:
- The NZD/USD pair faces resistance at 0.7350, while strong resistance is seen at 0.7400 (today). Support is found at 0.7297 and 0.7273 levels.
- Today, the NZD/USD pair continues to move downwards from 0.7350 level. The pair could fall from 0.7350 level to the first support around 0.7297.
- In consequence, if the NZD/USD pair will break support at 0.7297, this level will turn into resistance today. In the H1 time frame, the 0.7331 level is expected to act as minor resistance.
- Hence, we expect the NZD/USD pair to continue moving in the bearish trend from 0.7297 level towards the target at 0.7297.
- In the long term, if the pair succeeds in passing through 0.7297 level , the market will indicate the bearish opportunity below 0.7297 level in order to reach the second target at 0.7273.
- On the other hand, the 0.7273 mark remains a significant support zone. Thus, the trend will probably rebound again from 0.7273 level as long as this level is not breached. in overall, we still prefer the bullish scenario above the area of 0.7273.
Technical analysis of USD/CHF for September 22, 2017
Overview:
- The current price is seen at 0.9674 which represents a key level today. The USD/CHF pair will continue rising from the level of 0.9674 in the long term. It should be noted that the support is established at the level of 0.9674 which represents the daily pivot point on the H1 chart. The price is likely to form a double bottom in the same time frame. Accordingly, the USD/CHF pair is showing signs of strength following a breakout of the highest level of 0.9743. So, buy above the level of 0.9743 with the first target at 0.9790 in order to test the daily resistance 2. Also, it should be noted that the level of 0.9790 is a good place to take profits. Moreover, the RSI is still signaling that the trend is upward as it remains strong above the moving average (100). This suggests that the pair will probably go up in coming hours. If the trend is able to break the level of 0.9790, then the market will call for a strong bullish market towards the objective of 0.9828 today. However, if a breakout happens at 0.9620, this scenario may be invalidated.
Intraday technical levels and trading recommendations for EUR/USD for September 22, 2017
Monthly Outlook
In January 2015, the EUR/USD pair moved below the major demand levels near 1.2050-1.2100 (multiple previous bottoms set in July 2012 and June 2010). Hence, a long-term bearish target was projected toward 0.9450.
In March 2015, EUR/USD bears challenged the monthly demand level around 1.0500, which had been previously reached in August 1997.
In the longer term, the level of 0.9450 remains a projected target if any monthly candlestick achieves bearish closure below the depicted monthly demand level of 1.0500.
However, the EUR/USD pair has been trapped within the depicted consolidation range (1.0500-1.1450) until the current bullish breakout was executed above 1.1450.
The current bullish breakout above 1.1450 allows a quick bullish advance towards 1.2100 where price action should be watched for evident bearish rejection and a valid SELL Entry.
Daily Outlook
In January 2017, the previous downtrend reversed when the Head and Shoulders pattern was established around 1.0500. Since then, evident bullish momentum has been expressed on the chart.
As anticipated, the ongoing bullish momentum allowed the EUR/USD pair to pursue further bullish advance towards 1.1415-1.1520 (Previous Daily Supply-Zone).
The daily supply zone failed to pause the ongoing bullish momentum. Instead, evident bullish breakout is being witnessed on the chart. The next Supply level to meet the pair is located around 1.2100 (Level of previous multiple bottoms) where bearish rejection and a valid SELL entry can be anticipated.
On the other hand, if bearish pullback persists below 1.1800 (the depicted uptrend line) and 1.1700, a quick bearish decline should be expected towards the price zone of 1.1415-1.1520 where BUY entries can be offered.
NZD/USD Intraday technical levels and trading recommendations for September 22, 2017
Daily Outlook
In February 2017, the depicted short-term downtrend was initiated around the depicted supply zone (0.7310-0.7380).
However, a recent bullish breakout above the downtrend line took place on May 22. Since then, the market has been bullish as depicted on the chart.
The price zone of 0.7150-0.7230 (Key-Zone) stood as a temporary resistance zone until a bullish breakout was expressed above 0.7230.
This resulted in a quick bullish advance towards the next supply zone around 0.7310-0.7380 which was temporarily breached to the upside.
Recent bearish pullback was executed towards the price zone of 0.7310-0.7380 (newly-established demand-zone) which failed to offer enough bullish support for the NZD/USD pair.
Re-consolidation below the price level of 0.7300 enhances the bearish side of the market. This brings the NZD/USD pair again towards 0.7230-0.7150 (Key-Zone) where recent weak bullish recovery was manifested earlier in September.
An atypical Head and Shoulders pattern is being expressed on the depicted chart indicating high probability of bearish reversal.
The current price levels of 0.7320-0.7350 can be watched for a valid SELL entry if enough bearish rejection is expressed.
Breakdown of the neckline 0.7150 confirms the reversal pattern. Expected bearish targets are located around 0.7050, 0.6925 and eventually 0.6800.
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