2017-11-29
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).
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
The current price levels around 1.1900-1.1950 should be watched for a possible short-term SELL entry if the current signs of bearish rejection are maintained.
S/L should be placed above 1.2030. T/P levels to be located at 1.1850, 1.1700 and 1.1590.
NZD/USD Intraday technical levels and trading recommendations for November 29, 2017
2017-11-29
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.
Trade recommendations:
If the recent bullish pullback persists towards 0.7050, a valid SELL entry can be offered around there.
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 29, 2017
2017-11-29
Overview:
The pivot point is seen at the point of 0.9831 today. Last time, the USD/CHF pair fell from the level of 0.9870 towards 0.9800. Today, the pivot point of the USD/CHF pair is seen at the price of 0.9831. It should be noted that the currently price is seen at the daily pivot. Volatility is very high for that the USD/CHF pair is still moving between 0.9831 and 0.9783 in coming hours. Furthermore, the price has been set below the strong resistance at the levels of 0.9831 and 0.9870, which coincides with the 38.2% and 50% Fibonacci retracement level respectively. Additionally, the price is in a bearish channel now. Amid the previous events, the pair is still in a downtrend.
From this point, the USD/CHF pair is continuing in a bearish trend from the new resistance of 0.9831. Thereupon, the price spot of 0.9831 remains a significant resistance zone. Therefore, a possibility that the USD/CHF pair will have downside momentum is rather convincing and the structure of a fall does not look corrective. In order to indicate a bearish opportunity below 0.9831, sell below 0.9831 with the first targets at 0.9783 and 0.9743. However, the stop loss should be set above the level of 0.9900.
Technical analysis of NZD/USD for November 29, 2017
2017-11-29
Technical analysis of NZD/USD for November 29, 2017
2017-11-29
Overview:
The NZD/USD pair is still trading in the uptrend from the support levels of 0.6830 and 0.6880. Currently, the price is in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market.
As the price is still above the moving average (100), immediate support is seen at 0.6880, which coincides with a golden ratio (23.6% of Fibonacci). Consequently, the first support is set at the level of 0.6880. So, the market is likely to show signs of a bullish trend around the spot of 0.6880. In other words, buy orders are recommended above the golden ratio (0.6880) with the first target at the level of 0.6993.
Furthermore, if the trend is able to breakout through the first resistance level of 0.6993. We should see the pair climbing towards the next resistance (0.7043) to test it. On the other hand, the stop loss should be set below the second support of 0.6833.
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