2017-11-21
Overview:
The NZD/USD pair (Kiwi) has 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 test the daily pivot point. On the contrary, if a breakout takes place at the resistance level of 0.6943 (the double top), then this scenario may become invalidated.
Technical analysis of USD/CHF for November 21, 2017
2017-11-21
Overview:
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. Hence, 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. Thus, the trend will probably rebound again from 0.9782 as long as this level is not breached. Overall, we still prefer the bullish scenario above the area of 0.9870.
Technical analysis of NZD/USD for November 21, 2017
2017-11-21
NZD/USD is expected to trade with a bullish outlook above 0.6780. The pair stands firmly above its horizontal support at 0.6780, which has formed and has allowed for a temporary stabilization. The relative strength index is mixed, but lacks downward momentum. Therefore, even though a consolidation cannot be ruled out at the current stage, its extent should be limited.
As long as 0.6780 is not broken, likely advance to 0.6840 and 0.6860 in extension.
The black line shows the pivot point. Currently, the price is above the pivot point, which indicates long positions. If it remains below the pivot point, it will indicate short positions. The red lines are showing the support levels and the green line is indicating the resistance levels. These levels can be used to enter and exit trades.
Resistance levels: 0.6840, 0.6860, and 0.6900
Support levels: 0.6755, 0.6730, and 0.6695
Technical analysis of GBP/JPY for November 21, 2017
2017-11-21
GBP/JPY is expected to trade with bullish outlook. The pair formed an intraday "V-bottom" pattern, and now stands above its 50-period moving average, which is turning up. The relative strength index has broken above a falling trend line and calls for further advance. In addition, a strong support base at 148.40 has formed and has allowed for a stabilization.
To sum up, above 148.40, look for further advance to 149.45 and 149.80 in extension.
Alternatively, if the price moves in the direction opposite to the forecast, a short position is recommended below 148.40 with the target at 149.45.
Strategy: BUY, Stop Loss: 148.40, Take Profit: 149.45
Chart Explanation: the black line shows the pivot point. The price above the pivot point indicates long positions; and when it is below the pivot points, it indicates short positions. 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.
Resistance levels: 149.45, 149.80 and 150.35
Support levels: 148.00, 147.60, and 147.00
GBP/USD analysis for November 21, 2017
2017-11-21
Recently, the GBP/USD has been trading downward. The price tested the level of 1.3209. Anyway, according to the 15M time – frame, I found a fake breakout of yesterday's low at the price of 1.3222, which is a sign that selling looks risky. I also found that price went above the pivot level (1.3233), which is another sign of strength. My advice is to watch for potential buying opportunities. The upward targets are set at the price of 1.3280 (pivot resistance 1) and at the price of 1.3325 (pivot resistance 2).
Resistance levels:
R1: 1.3280
R2: 1.3325
R3: 1.3374
Support levels:
S1: 1.3185
S2: 1.3140
S3: 1.3090
Trading recommendations for today: watch for potential buying opportunities.
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