2017-11-27
Our first targets which we predicted in the previous analysis has been hit. The pair remains under pressure below the key resistance at 0.9825, which should limit any upward attempts.
Both the 20-period and 50-period moving averages are turning down, and should continue to push the prices lower. Last but not least, the relative strength index lacks upward momentum.
In which case, as long as 0.9825 is not surpassed, likely decline to 0.9765 and 0.9735 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.
In which case, as long as 0.9825 is not surpassed, likely decline to 0.9765 and 0.9735 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: SELL, Stop Loss: 0.9825, Take Profit: 0.9765
Resistance levels: 0.9845, 0.9870, and 0.9900
Support levels: 0.9765, 0.9735, and 0.9700
Technical analysis of USD/JPY for November 27, 2017
2017-11-27
USD/JPY is expected to trade with a bearish outlook. The pair has continued to grind lower after marking a low of 111.04 last Thursday (November 23).
Strategy: SELL, Stop Loss: 0.9825, Take Profit: 0.9765
Resistance levels: 0.9845, 0.9870, and 0.9900
Support levels: 0.9765, 0.9735, and 0.9700
Technical analysis of USD/JPY for November 27, 2017
2017-11-27
USD/JPY is expected to trade with a bearish outlook. The pair has continued to grind lower after marking a low of 111.04 last Thursday (November 23).
Currently, as shown on a 30-minute chart, it is supported by the ascending 20-period moving average, which stays below the 50-period one.
Meanwhile, the relative strength index sink below the neutrality level of 50, showing a lack of upward momentum for the pair.
As the intraday outlook has turned bearish, the pair is expected to work its way back to 110.80 on the downside. Key support is located at 111.70,
Alternatively, if the price moves in the opposite direction, a long position is recommended above 111.65 with a target at 111.95.
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.
As the intraday outlook has turned bearish, the pair is expected to work its way back to 110.80 on the downside. Key support is located at 111.70,
Alternatively, if the price moves in the opposite direction, a long position is recommended above 111.65 with a target at 111.95.
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: 111.70, Take Profit: 110.80
Resistance levels: 111.95, 112.40 and 112.70 Support Levels: 110.80, 110.65, 110.30
Intraday technical levels and trading recommendations for EUR/USD for November 27, 2017
2017-11-27
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 signs of bearish rejection are expressed.
S/L should be placed above 1.2030. T/P levels to be located at 1.1850, 1.1700 and 1.1590.
Technical analysis of GBP/USD for November 27, 2017
2017-11-27
Strategy: SELL, Stop Loss: 111.70, Take Profit: 110.80
Resistance levels: 111.95, 112.40 and 112.70 Support Levels: 110.80, 110.65, 110.30
Intraday technical levels and trading recommendations for EUR/USD for November 27, 2017
2017-11-27
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 signs of bearish rejection are expressed.
S/L should be placed above 1.2030. T/P levels to be located at 1.1850, 1.1700 and 1.1590.
Technical analysis of GBP/USD for November 27, 2017
2017-11-27
Overview:
The GBP/USD pair is still trading upwards above the levels of 1.3017 and 1.3200. The first support level is currently seen at 1.3017. The trend is still set above the level of 1.3017 and 1.3200 for that the price is moving in a bullish channel now.
Furthermore, the price has been set above the strong support at the level of 1.3017, which coincides with the 61.8% Fibonacci retracement level. This support has been rejected three times confirming the veracity of an uptrend.
According to the previous events, we expect the GBP/USD pair to trade between 1.3100 and 1.3655. So, the support is seen at 1.3017, while daily resistance is found at 1.3298. Therefore, the market is likely to show signs of a bullish trend around the spot of 1.3017/1.3200.
In other words, buy orders are recommended above the zone of 1.30171.3200 with the first target at the level of 1.3298; and continue towards 1.3655 in coming days. On the other hand, if the GBP/USD pair fails to break through the resistance level of 1.3298 today, the market will decline further to 1.2820.
NZD/USD Intraday technical levels and trading recommendations for November 27, 2017
2017-11-27
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 EUR/USD for November 27, 2017
2017-11-27
NZD/USD Intraday technical levels and trading recommendations for November 27, 2017
2017-11-27
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 EUR/USD for November 27, 2017
2017-11-27
Overview:
The EUR/USD pair broke resistance which turned to strong support at the level of 1.1908. However, the major support is seen at the price of 1.1870. The level of 1.1870 coincides with the ratio of 78.6% of Fibonacci, which is expected to act as major support today.
The Relative Strength Index (RSI) is considered overbought because it is above 70. The RSI is still signaling that the trend is upward as it is still strong above the moving average (100). This suggests the pair will probably go up in coming hours.
Accordingly, the market is likely to show signs of a bullish trend. In other words, buy orders are recommended above 1.1908 with the first target at the level of 1.1953. From this point, the pair is likely to begin an ascending movement to the point of 1.2014 and further to the level of 1.2053.
The level of 1.2053 will act as strong resistance. On the other hand, if a breakout happens at the support level of 1.1870, then this scenario may become invalidated.
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