2017-10-05
In Asia, Japan today will not release any Economic Data, but the US will release some Economic Data, such as Natural Gas Storage, Factory Orders m/m, Trade Balance, Unemployment Claims, and Challenger Job Cuts y/y. So, there is a probability the USD/JPY will move with low to medium volatility during this day.
TODAY'S TECHNICAL LEVEL:
Resistance. 3: 113.31.
Resistance. 2: 113.09.
Resistance. 1: 112.87.
Support. 1: 112.60.
Support. 2: 112.38.
Support. 3: 112.16.
Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Technical analysis of EUR/USD for Oct 05, 2017
2017-10-05
When the European market opens, some Economic Data will be released, such as ECB Monetary Policy Meeting Accounts, French 10-y Bond Auction, Spanish 10-y Bond Auction, and Retail PMI. The US will release the Economic Data, too, such as Natural Gas Storage, Factory Orders m/m, Trade Balance, Unemployment Claims, and Challenger Job Cuts y/y, so, amid the reports, EUR/USD will move in a low to medium volatility during this day.
TODAY'S TECHNICAL LEVEL:
Breakout BUY Level: 1.1812.
Strong Resistance:1.1805.
Original Resistance: 1.1794.
Inner Sell Area: 1.1783.
Target Inner Area: 1.1755.
Inner Buy Area: 1.1727.
Original Support: 1.1716.
Strong Support: 1.1705.
Breakout SELL Level: 1.1698.
Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Technical analysis of NZD/USD for October 05, 2017
2017-10-05
Our first target which we predicted in yesterday's analysis has been hit, capped by a downward trend line. The technical outlook of the pair is negative as the price has been capped by a bearish trend line since October 4. The 20-period moving average crossed below the 50-period one. The relative strength index is bearish and is calling for a further downside.
Therefore, below 0.7175, look for a new test with targets at 0.7125 and 0.7105 in extension.
The black line is showing the pivot point. Currently, the price is above the pivot point, which indicates long positions. If it remains below the pivot point, it will indicate short positions. The red lines are showing the support levels and the green line is indicating the resistance levels. These levels can be used to enter and exit trades.
Resistance levels: 0.7190, 0.7205, and 0.7245
Support levels: 0.7125, 0.7105, and 0.7070
Technical analysis of GBP/JPY for October 05, 2017
2017-10-05
The pair is under pressure below the key resistance at 149.60. The relative strength index has been capped by a declining trend line since October 4. The British pound rebounded after a two-day decline, as the IHS Markit/CIPS Purchasing Managers' Index rose to 53.6 in September from 53.2 in August.
Therefore, as long as 149.60 is not broken, look for a further decline to 148.55. A break below this level would trigger another decline to 148.15.
Alternatively, if the price moves in the direction opposite to the forecast, a long position is recommended above 149.60 with the target at 149.90.
Strategy: SELL, Stop Loss: 149.60, Take Profit: 148.55
Chart Explanation: the black line shows the pivot point. The price above the pivot point indicates long positions; and when it is below the pivot points, it indicates short positions. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.
Resistance levels: 149.90, 150.25 and 151.00
Support levels: 148.55, 148.15, and 147.75
Technical analysis of USD/CHF for October 05, 2017
2017-10-05
USD/CHF is expected to trade with a bullish outlook. The pair made a rebound and broke above its 20-period and 50-period averages. In addition, the 50-period moving average is turning up. The relative strength index is bullish, calling for a further upside.
The U.S. dollar lacked momentum in either direction as investors are alert to U.S. President Donald Trump's nomination for the Federal Reserve chair in the coming weeks. They were also cautious ahead of the official September jobs report due Friday. The ICE Dollar Index edged down to 93.45 from 93.56 Tuesday.
To conclude, as long as above 0.9730 holds on the downside, look for a new advance with targets at 0.9785 and 0.9805 in extension.
Chart Explanation: The black line shows the pivot point. The present price above the pivot point indicates a bullish position, and the price below the pivot points indicates a short position. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.
Strategy: SELL, Stop Loss: 0.9745, Take Profit: 0.9700
Resistance levels: 0.9785, 0.9805, and 0.9845
Support levels: 0.9710, 0.9685, and 0.9625
Technical analysis of USD/JPY for October 05, 2017
2017-10-05
USD/JPY is expected to trade with a bullish bias above 112.50. The pair posted a rebound from 112.30 (the low of Oct. 4) and broke above its 20-period and 50-period moving averages. The relative strength index is above its neutrality level at 50 and lacks downward momentum.
To conclude, as long as 112.50 is not broken, look for a further rebound with targets at 113.20 and 113.50 in extension.
Alternatively, if the price moves in the opposite direction, a short position is recommended below 112.50 with a target at 112.30.
Chart Explanation: The black line shows the pivot point. The current price above the pivot point indicates a bullish position, while the price below the pivot point is a signal for a short position. The red lines show the support levels and the green line indicates the resistance level. These levels can be used to enter and exit trades.
Strategy: SELL, Stop Loss: 112.50, Take Profit: 113.20
Resistance levels: 113.20, 113.50 and 113.75 Support Levels: 112.30, 112.05, 111.75
Technical analysis of gold for October 05, 2017
2017-10-05
Gold price broke out of the downward sloping triangle pattern as we expected given the signs from the bullish divergence in the RSI.
However the bounce was not as strong as we expected, mainly because of the strength in the Dollar and mainly in the USDJPY.
Black line - resistance (broken)
Gold price is trading above the black resistance trend line but below the Kumo (cloud). Price remains in a bearish trend as we have not seen a sequence of higher highs and higher lows yet and the previous high at $1,290 remains intact. This is the most important short-term resistance now. Breaking above could push Gold towards $1,300 and higher. Support is at $1,268.
Black line - resistance (broken)
Gold price is trading above the black resistance trend line but below the Kumo (cloud). Price remains in a bearish trend as we have not seen a sequence of higher highs and higher lows yet and the previous high at $1,290 remains intact. This is the most important short-term resistance now. Breaking above could push Gold towards $1,300 and higher. Support is at $1,268.
Breaking below support will open the way for a push lower towards $1,260-50. On a daily basis as shown above, the RSI is diverging and our longer-term view remains bullish and we still consider this pullback as a buying opportunity for the next move above $1,400.
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