2018-01-26
Recently, the Gold has been trading downwards. As I expected, the price tested the level of $1,342.20 (resistance became strong support). Since the Gold is still in upward trend and there is a successful rejection of strong support in the background, my advice is to watch for potential buying opportunities. The upward target is set at the price of $1,365.55 (yesterday's high).
Resistance levels:
R1: $1,362.07
R2: $1.375.87
R3: $1,385.67
Support levels:
S1: $1,338.47
S2: $1,328.67
S3: $1,314.87
Trading recommendations for today: watch for potential buying opportunities.
USD/JPY analysis for January 26, 2018
2018-01-26
Recently, the USD/JPY has been trading upwards. The price tested the level of 109.77. Anyway, according to the 30M time – frame, I found a confirmed head and shoulders pattern, which is a sign that buying looks risky. I also found a rejection of pivot resistance, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of 108.70 and at the price of 108.00.
Resistance levels:
R1: 109.90
R2: 110.40
R3: 111.11
Support levels:
S1: 108.70
S2: 108.01
S3: 107.50
Trading recommendations for today: watch for potential selling opportunities.
Intraday technical levels and trading recommendations for EUR/USD for January 26, 2018
2018-01-26
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.
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 further bearish 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, bearish pullback may occur towards 1.2070 if a bearish breakout below 1.2160 is achieved on a daily basis (low probability).
Intraday technical levels and trading recommendations for NZD/USD for January 26, 2018
2018-01-26
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 were 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 probably 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 are 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.
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