2017-11-01
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 allowed a quick bullish advance towards 1.2100 where recent evidence of bearish rejection was expressed (Note the previous Monthly candlestick of September).
Daily Outlook
In January 2017, the previous downtrend was reversed when the Inverted 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, the evident bullish breakout was expressed towards the price level of 1.2100 where the depicted Head and Shoulders reversal pattern was expressed.
If the recent bearish breakout persists below 1.1700 (Neckline of the reversal pattern), a quick bearish decline should be expected towards the price zone of 1.1415-1.1520 (Initial targets for the depicted H&S pattern).
A bearish target for the depicted Head and Shoulders pattern extends towards 1.1350 if enough bearish pressure is applied against the mentioned zone (1.1415-1.1520).
Trade Recommendations
Price action should be watched around the price zone of 1.1415-1.1520 if further bearish movement below 1.1600 is expressed.
NZD/USD Intraday technical levels and trading recommendations for November 1, 2017
2017-11-01
Daily Outlook
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.
This resulted in a quick bullish advance towards next price zones around 0.7150-0.7230 (Key-Zone) and 0.7310-0.7380 which was temporarily breached to the upside.
The 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 enhanced the bearish side of the market. This brought the NZD/USD pair again towards 0.7230-0.7150 (Key-Zone) which failed to pause the ongoing bearish momentum.
An atypical Head and Shoulders pattern was expressed on the depicted chart indicating a high probability of bearish reversal as long as bearish persistence below the neckline 0.7150 is maintained.
As expected, the price level of 0.7050 failed to offer enough bullish support for the NZD/USD pair. That's why the further bearish decline should be expected towards 0.6800 (Reversal pattern bearish target).
On the other hand, if the recent low (0.6817) remains defended by the bulls, a bullish pullback and a short-term BUY entry can be expected during this week's consolidations.
The next DEMAND level to meet the pair is located around 0.6710 that may be visited if enough bearish pressure is applied below 0.6800.
Technical analysis of NZD/USD for November 01, 2017
2017-11-01
Overview:
The NZD/USD pair rebounded from the level of 0.6818 in the long term. It should be noted that the support is established at the level of 0.6818 which represents the daily support 1t on the H4 chart. The NZD/USD pair is showing signs of force following a breakout of the highest price of 0.6968. The price was in a bullish channel since this morning. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market. The NZD/USD pair continues to move upwards from the level of 0.6818. As long as the trend is above the price of 0.6818, the market is still in an uptrend. In addition, the trend is still strong above the moving average (MA100). The NZD/USD pair didn't make any significant movements last two days. The market is indicating a bullish opportunity above the mentioned support levels. The bullish outlook remains valid as long as the 100 EMA heads for the upside. Therefore, strong support will be found around the spot of 0.6818 providing a clear signal to buy with a target seen at 0.6968. If the trend breaks the first resistance at 0.6968, the pair will move upwards continuing the bullish trend development to the level of 0.7207 in order to test the daily resistance 2. It should be noted that the major resistance is seen at 0.7207 today. On the other hand, it would also be wise to consider where to place a stop loss; this should be set below the second support of 0.6700.
Technical analysis of USD/JPY for November 01, 2017
2017-11-01
USD/JPY is expected to trade with bullish outlook. The pair is trading above its rising 20-period and 50-period moving averages, which play support roles and maintain the upside bias. The relative strength index is above its neutrality level at 50.
Hence, as long as 113.55 holds on the downside, look for the continuation of rebound with targets at 114.25 and 114.45 in extension.
Alternatively, if the price moves in the opposite direction, a short position is recommended below 113.55 with a target at 113.35.
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: 113.65, Take Profit: 112.95
Resistance levels: 114.25, 114.75 and 114.90 Support Levels: 113.25, 113.15, 112.70
Get Bonus No Deposite in your Trading Account now and add this currency pair to your forex portfolio, enjoy your trading with us!
No comments:
Post a Comment