2017-10-02
USD/CHF is expected to trade with a bullish bias above 0.9675. The pair is trading above its key support at 0.9675, which is expected to limit any downside room. In addition, the 50-period moving average is turning up, and now acts as a support role. Even though a continuation of the consolidation cannot be ruled out at the current stage, its extent should be limited.
As long as 0.9675 holds on the downside, look for further advance to 0.9745 and 0.9765 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: BUY, Stop Loss: 0.9675, Take Profit: 0.9745
Resistance levels: 0.9745, 0.9765, and 0.9790
Support levels: 0.9650, 0.9630, and 0.9600
Intraday technical levels and trading recommendations for EUR/USD for October 2, 2017
2017-10-02
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 the current bearish breakout 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.
Trade Recommendations
Bullish pullback towards the price zone of 1.1835-1.1850 (the backside of the broken uptrend line) should be considered for a valid SELL entry.
S/L should be placed above 1.1950.
NZD/USD Intraday technical levels and trading recommendations for October 2, 2017
2017-10-02
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.
Technical analysis of USD/JPY for October 02, 2017
2017-10-02
USD/JPY is expected to trade with a bullish outlook. The pair is trading above its rising 50-period moving average, which plays a support role and maintains the bullish bias. The relative strength index lacks downward momentum. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
The U.S. Commerce Department reported that personal income grew 0.2% on month in August (as expected) and personal spending was up 0.1% (as expected). Market News International posted its Chicago PMI at 65.2 in September (vs. 58.7 expected, 58.9 in August). And the University of Michigan posted its consumer sentiment index at 95.1 for September (vs, 95.3 previously estimated, 96.8 in August).
To sum up, as long as 112.40 holds on the downside, look for a further advance to 113.25 and even to 113.50 in extension.
Alternatively, if the price moves in the opposite direction, a short position is recommended below 112.40 with a target at 112.20.
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: BUY, Stop Loss: 112.40, Take Profit: 113.25
Resistance levels: 113.25, 113.50 and 114.00 Support Levels: 112.20, 112.00, 111.50
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