2017-11-22
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 provided that bullish pullback persists above 0.6970 ( Intraday Key-level ). Otherwise, further bearish decline would be expected towards 0.6680.
Intraday technical levels and trading recommendations for EUR/USD for November 22, 2017
2017-11-22
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).
The bearish target for the depicted Head and Shoulders pattern extends towards 1.1350. However, to pursue towards the mentioned target level, a significant bearish pressure is needed to be applied against the mentioned zone (1.1415-1.1520).
However, recent price action around the price zone of 1.1520-1.1415 indicated evident bullish recovery. This hinders further bearish decline as long as the recent low around 1.1550 remains unbroken.
Trade Recommendations
On the other hand, the current price levels around 1.1850 should be watched for a possible short-term SELL entry. ( Note the shooting-star daily candlestick of Wednesday).
S/L should be placed above 1.1900. T/P levels to be located at 1.1700, 1.1590 and 1.1500.
Technical analysis of USD/CHF for November 22, 2017
2017-11-22
USD/CHF is expected to trade with a bullish bias above 0.9875. Despite a pullback made by the pair posting from 0.9945 (highs of November 16 and 21), a support base at 0.9900 has formed and has allowed for a temporary stabilization. Even though a continuation of consolidation cannot be ruled out, its extent should be limited.
Hence, as long as 0.9875 is not broken, look for a rebound to 0.9940 and even to 0.9960 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: 0.9875, Take Profit: 0.9940
Resistance levels: 0.9940, 0.9960, and 0.9980
Support levels: 0.9850, 0.9830, and 0.9800
Technical analysis of NZD/USD for November 22, 2017
2017-11-22
Overview:
The NZD/USD didn't make significant movement yesterday. There are no changes in my technical outlook. The bias remains bearish in nearest term testing 0.6070 or lower. The NZD/USD pair hit the new low at the level of 0.6779. Today, the NZD/USD pair probably will continue to move downwards from the level of 0.6800. Last week, the pair dropped from the level of 0.6800 to the bottom around 0.6779. Today, the first resistance level is seen at 0.6800 followed by 0.6943, while daily support 1 is seen at 0.6779. According to the previous events, the NZD/USD pair is still moving between the levels of 0.6800 and 0.6703; for that, we expect a range of 97 pips (0.6800 - 0.6703). If the NZD/USD pair fails to break through the resistance level of 0.6800, the market will decline further to 0.6779 again. This would suggest a bearish market because the RSI indicator is still in a positive area and does not show any trend-reversal signs. The pair is expected to drop lower towards at least 0.6703 with a view to testing the daily pivot point. On the contrary, if a breakout takes place at the resistance level of 0.6943, then this scenario may become invalidated.
Technical analysis of USD/CHF for November 22, 2017
2017-11-22
Overview:
Right now the price is moving around the spot of 0.9910 and 0.9870. There are no changes in my technical outlook because the markets seem stable. The USD/CHF faces a minor resistance at the level of 0.9910, while the strong resistance is seen at 0.9966.
Support levels are found at the 0.9870 and 0.9782. Today, the USD/CHF pair continues to move downwards from 0.9910. The pair could fall from 0.9910 level to the first support around 0.9870. In consequence, if the USD/CHF pair breaks support at 0.9870, this level will turn into resistance today.
In the H4 time frame, the 0.9910 level is expected to act as minor resistance.
We expect the USD/CHF pair to continue moving in the bearish trend from 0.9910 level towards the target at 0.9870. In the long term, if the pair succeeds in passing through 0.9870 level, the market will indicate the bearish opportunity below 0.9870 level in order to reach the second target at 0.9782.
On the other hand, the 0.9782 mark remains a significant support zone. We still prefer the bullish scenario above the area of 0.9870. The trend will probably rebound again from 0.9782 as long as this level is not breached.
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