2018-01-30
Recently, the EUR/USD pair has been trading trading downwards. The price tested the level of 1.2334. Anyway, according to the 30M time – frame, I found a bullish breakout of supply trendline (resistance), which is a sign that buyers are in control. I also found a hidden bullish divergence on the moving average oscillator, which is another sign of strength. My advice is to watch for potential buying opportunities. The upward targets are set at the price of 1.2430 and at the price of 1.2490.
Resistance levels:
R1: 1.2430
R2: 1.2480
R3: 1.2527
Support levels:
S1: 1.2335
S2: 1.2290
S3: 1.2240
Trading recommendations for today: watch for potential buying opportunities.
GBP/USD analysis for January 30, 2018
2018-01-30
Recently, the GBP/USD pair has been trading downwards. The price tested the level of 1.3979. Anyway, according to the 30M time – frame, I found a bullish breakout of the supply trendline (resistance), which is a sign that buyers are in control. I also found a hidden bullish divergence on the moving average oscillator and a fake breakout of yesterday's low, which is another sign of strength. My advice is to watch for potential buying opportunities. The upward targets are set at the price of 1.4092 and at the price of 1.4150.
Resistance levels:
R1: 1.4148
R2: 1.4220
R3: 1.4280
Support levels:
S1: 1.4015
S2: 1.3950
S3: 1.3880
Trading recommendations for today: watch for potential buying opportunities.
NZD/USD Intraday technical levels and trading recommendations for January 30, 2018
2018-01-30
Daily Outlook
In July 2017, an atypical Head and Shoulders pattern was expressed on the depicted chart which indicated upcoming 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). An inverted Head and Shoulders pattern was expressed around these price levels.
The price zone of 0.7140-0.7250 (prominent Supply-Zone) failed to pause the ongoing bullish momentum. Instead, a bullish breakout above 0.7250 was expressed on January 11.
That's why, the current bullish movement extended towards the price levels of 0.7320 and 0.7390.
A quick bullish movement was expected towards the depicted supply zone (0.7320-0.7390) where evident bearish rejection and a valid SELL entry is still expected.
Trade Recommendations:
Conservative traders should be looking for a valid SELL entry anywhere around the depicted supply zone (0.7320-0.7390).
S/L should be located above 0.7450. T/P levels should be located around 0.7230, 0.7150 and 0.7090.
Technical analysis of NZD/USD for January 30, 2018
2018-01-30
Overview:
The pivot of NZD/USD pair is seen at the point of 0.7391. The bias remains bullish in the nearest term testing 0.7557 or higher. On the daily chart, the NZD/USD pair continued moving upwards from the level of 0.7260 (golden ratio). The pair rose from the level of 0.7260 (weekly support) to the top around 0.7400. Today, the first support level is seen at 0.7260 followed by 0.7168, while daily resistance is seen at 0.7465. The weekly pivot point is seen at the point of 0.7391. According to the previous events, the NZD/USD pair is still moving between the levels of 0.7391 and 0.7465; for that we expect a range of 74 pips in coming hours. This would suggest a bullish market because the RSI indicator is still in a positive area and does not show any trend-reversal signs. Furthermore, if the trend is able to break out through the first resistance level of 0.7465, we should see the pair climbing towards the double top (0.7557) to test it. On the other hand, if a breakout takes place at the support level of 0.7260, then this scenario may become invalidated. Remember to place a stop loss; it should be set below the second support of 0.7170.
Intraday technical levels and trading recommendations for EUR/USD for January 30, 2018
2018-01-30
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 1.2200 where recent evidence of bearish rejection was expressed (Note the Monthly candlestick of last September).
Daily Outlook
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.
The bearish target for the depicted Head and Shoulders pattern extends towards 1.1350. However, the market failed to apply significant bearish pressure against the mentioned zone (1.1415-1.1520).
Instead, in November, evident bullish recovery was manifested around the price zone of 1.1520-1.1415.
This hindered a further decline which allowed the current bullish pullback to occur towards the price level of 1.2100 which failed to pause the ongoing bullish momentum as well.
Daily persistence above 1.2150-1.2200 confirms a bullish flag continuation pattern with projected targets towards 1.2500.
Otherwise, a pullback may occur towards 1.2070 if a bearish breakout below 1.2160 is achieved on a daily basis (low probability).
Technical analysis of USD/CHF for January 30, 2018
2018-01-30
Overview:
The USD/CHF pair continues to move downwards from the level of 0.9377, which represents the first resistance on the H1 chart. Yesterday, the pair dropped from the level of 0.9377 to the bottom around 0.9393. Today, the first resistance level is seen at 0.9377 followed by 0.9432, while daily support is seen at the levels of 0.9289 and 0.9230. According to the previous events, the USD/CHF pair is still trapping between the levels of 0.9377 and 0.9230. Hence, we expect a range of 147 pips in the coming hours. The first resistance stands at 0.6790, for that if the USD/CHF pair fails to break through the resistance level of 0.9377, the market will decline further to 0.9289. This would suggest a bearish market because the RSI indicator is still in a negative area and does not show any trend-reversal signs. The pair is expected to drop lower towards at least 0.9230 in order to test the second support (0.9230). On the contrary, if a breakout takes place at the resistance level of 0.9432 (R2), then this scenario may become invalidated.
Technical analysis of NZD/USD for January 30, 2018
2018-01-30
NZD/USD is expected to trade with bullish outlook above 0.7280. The pair is consolidating above its key support at 0.7280, which should maintain the buying interest. The relative strength index stands firmly above its neutrality level at 50. Even though a continuation of consolidation cannot be ruled out, its extent should be limited.
To conclude, as long as 0.7280 holds on the downside, a further rebound to 0.7360 and even to 0.7375 seems more likely to occur.
The black line shows the pivot point. Currently, the price is above the pivot point, which is a signal for long positions. If it remains below the pivot point, it will indicate short positions. The red lines are showing the support levels, while the green line is indicating the resistance levels. These levels can be used to enter and exit trades.
Resistance levels: 0.7360, 0.7375, and 0.7400.
Support levels: 0.7260, 0.7245, and 0.7220.
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