2017-12-07
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 hindered further bearish decline as long as the recent low around 1.1550 remains unbroken.
Trade Recommendations
The price levels around 1.1900-1.1950 were suggested for a valid short-term SELL entry. It's already running in profits.
S/L should be placed above 1.1970. T/P levels to be located at 1.1850, 1.1700 and 1.1590.
NZD/USD Intraday technical levels and trading recommendations for December 7, 2017
2017-12-07
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 which initiated bearish reversal.
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).
Evident signs of bullish recovery was expressed around the recent low (0.6780). That's why, a bullish pullback was expected towards 0.7050.
On the other hand, an inverted Head and Shoulders pattern is being established on the chart indicating bullish reversal.
That's why, the price zone of 0.6800-0.6830 can be considered for a short-term BUY entry. S/L should be placed below 0.6770. T/P level remains projected towards 0.7050.
Technical analysis of NZD/USD for December 07, 2017
2017-12-07
NZD/USD is under pressure and expected to trade in a lower range. The pair remains under pressure below its negative trend line, and is expected to post new weaknesses towards 0.6815. The key resistance at 0.6870 also maintains the selling pressure on the prices. Last but not least, the relative strength index is turning down, calling for further decline.
In conclusion, as long as 0.6870 holds on the upside, look for a new pullback to 0.6815 and 0.6790 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: 0.6890, 0.6915, and 0.6950
Support levels: 0.6815, 0.6790, and 0.6770
Technical analysis of GBP/JPY for December 07, 2017
2017-12-07
GBP/JPY is expected to trade with a bullish outlook as the key support holds at 150.10. The pair is standing firmly above its horizontal support at 150.10, which should limit any downward attempts. The relative strength index is mixed to bullish, calling for caution. Therefore, the pair is more likely to trade sideways within the range between 150.10 and 151.85.
A technical rebound is expected towards 151.85, as long as 150.10 is not broken.
Alternatively, if the price moves in the direction opposite to the forecast, a long position is recommended above 150.10 with the target at 149.70
Strategy: BUY, Stop Loss: 150.10, Take Profit: 151.85
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: 151.85, 152.40, and 153
Support levels: 149.70, 149.15, and 148.30
Technical analysis of USD/CHF for December 07, 2017
2017-12-07
USD/CHF is expected to trade with bullish outlook. The pair is still in an uptrend, backed by an ascending trend line. A strong support base at 0.9855 has formed and should allow for a stabilization. Hence, even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
As long as 0.9875 is not broken, look for a new bounce to 0.9940 and 0.9970 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, 0.9970, and 1.0015
Support levels: 0.9855, 0.9835, and 0.9800
Technical analysis of USD/JPY for December 07, 2017
2017-12-07
USD/JPY is expected to trade with a bullish outlook. The pair dipped below 112.00 yesterday (December 6) before posting a rebound. Currently, it has shot above the upper Bollinger band, calling for further acceleration to the upside. Meanwhile, the 20-period moving average has just crossed above the 50-period one, and the relative strength index has entered the 60s, confirming a reversal to intraday bullishness. The pair is therefore expected to proceed toward the overhead resistance at 113.10 before advancing further to 113.35. Key support is located at 112.25.
Alternatively, if the price moves in the opposite direction, a short position is recommended below 112.25 with a target of 112.00.
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: BUY, Stop Loss: 112.25, Take Profit: 113.10
Resistance levels: 113.10, 113.35 and 113.85 Support Levels: 112.00, 111.80, 111.35
Technical analysis of USD/CHF for December 07, 2017
2017-12-07
Overview:
As expected the USD/CHF pair continues to move upwards from the level of 0.9806. Yesterday, the pair rose from the level of 0.9806 to the top around the area of 0.9921 (pivot). Today, the first resistance level is seen at 0.9972 followed by 1.0037, while daily support 1 is seen at 0.9886. According to the previous events, the USD/CHF pair is still moving between the levels of 0.9886 and 1.0037; for that, we expect a range of 151 pips (1.0037 - 0.9886) in coming hours. If the USD/CHF pair fails to break through the support level of 0.9886, the market will rise further to 0.9972. This would suggest a bullish market because the RSI indicator is still in a positive area and does not show any trend-reversal signs. The pair is expected to climb higher towards at least 1.0037 with a view to testing the double top. On the contrary, if a breakout takes place at the support level of 0.9886, then this scenario may become invalidated.
Technical analysis of NZD/USD for December 07, 2017
2017-12-07
Overview:
The level of 0.6944 represents the double top on the H4 char. The pair has already formed minor resistance at 0.6895 and the strong resistance is seen at the level of 0.6944 because it represents the weekly resistance 1. Hence, major resistance is seen at 0.6944, while immediate support is found at 0.6831. If the pair hits below the price of 0.6831, the NZD/USD pair may resume its movement to 0.6816 to test the daily support 2. Consequently, the NZD/USD pair is trying to test a major resistance level and it remains to be seen whether bulls have enough power to push for new highs in coming hours. The NZD/USD pair to move between the levels of 0.6940 and 0.6816. The RSI is still calling for a strong bearish market. The current price is also below the moving average 100. As a result, sell below the price of 0.6940 with targets at 0.6831 and 0.6816. However, stop loss should always be taken into account; accordingly, it will be useful to set the stop loss above the last bullish wave at the level of 0.6960.
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