2017-11-10
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, 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).
Bearish target for the depicted Head and Shoulders pattern extends towards 1.1350. However, to pursue towards the mentioned target level, significant bearish pressure is needed to be applied against the mentioned zone (1.1415-1.1520).
Trade Recommendations
Price action should be watched around the price zone of 1.1520-1.1415 for evident bullish recovery and a possible short-term BUY entry.
NZD/USD Intraday technical levels and trading recommendations for November 10, 2017
2017-11-10
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.
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 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, further bearish decline was expected towards 0.6800 (Reversal pattern bearish target).
If the recent low (0.6817) remains defended by the bulls, a bullish pullback can be expected towards 0.7050 if the current bullish pullback persists above 0.6970 ( Intraday Key-level ).
Trade recommendations:
A valid SELL entry can be offered around the price level of 0.7050 S/L should be placed above 0.7100. T/P levels to be placed at 0.6970, 0.6900 and 0.6830
Technical analysis of USD/CHF for November 10, 2017
2017-11-10
Overview:
Yetserday, the trend of USD/CHF pair movement was controversial as it took place in a narrow sideways channel, the market showed signs of instability. Amid the previous events, the price is still moving between the levels of 0.9938 and 1.0037. Also, the daily resistance and support are seen at the levels of 1.0037 and 0.9938 respectively. Therefore, it is recommended to be cautious while placing orders in this area. So, we need to wait until the sideways channel has completed. Last month, the market moved from its bottom at 0.9938 and continued to rise towards the top of 1.0037. Today, in the one-hour chart, the current rise will remain within a framework of correction. However, if the pair fails to pass through the level of 1.0037, the market will indicate a bearish opportunity below the strong resistance level of 1.0037 (the level of 1.0037 coincides with the double top too). Since there is nothing new in this market, it is not bullish yet. Sell deals are recommended below the level of 1.0037 with the first target at 1.0037. If the trend breaks the support level of 1.0037, the pair is likely to move downwards continuing the development of a bearish trend to the level 0.9885 in order to test the daily support 2 on the H4 chart.
Technical analysis of NZD/USD for November 10, 2017
2017-11-10
Overview:
The NZD/USD pair tested the level of 0.6933 on the H1 chart. This pair will probably continue to move upwards from the level of 0.6933. However, the first resistance level is seen at 0.6963 followed by 0.6981 and 0.7003, while the weekly support 1 is seen at 0.6889 (major support this week). According to the previous events, the NZD/USD pair is still moving between the levels of 0.6933 and 0.7003. Furthermore, if the trend is able to break out the first resistance level at 0.6963, we could see the pair climbing towards the resistance levels of 0.6981 and 0.7003. Therefore, buy above the level of 0.6933 (major support) with the first target at 0.6981 in order to test the daily resistance 2 and further to 0.7003. Also, it should be noted that the level of 0.7003 is a good place to take profit on the H1 chart. On the other hand, in case a reversal takes place and the NZD/USD pair breaks through the support level of 0.6933, a further decline to 0.6862 can occur which would indicate a bearish market. On the whole, we are still looking for a strong bullish market as long as the trend is above the price of 0.6933.
Analysis of EUR/USD for November 10, 2017
2017-11-10
Recently, the EUR/USD pair has been trading upwards. The price tested the level of 1.1662. According to the 15M timeframe, I found a fake breakout of yesterday's high at the price of 1.1655, which is a sign that buying looks risky today. I also found a confirmation of a fake breakout in the background, which is a sign that there is weakness. Watch for potential selling opportunities. Downward targets are set at the price of 1.1609 (FR 50%), 1.1596 (FR 61.8%) and 1.1578 (FR 78.6%).
Resistance levels:
R1: 1.1669
R2: 1.1697
R3: 1.1738
Support levels:
S1: 1.1600
S2: 1.1558
S3: 1.1530
Trading recommendations for today: watch for potential selling opportunities.
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