2018-01-26
When the European market opens, some Economic Data will be released such as Private Loans y/y and M3 Money Supply y/y. The US will release the Economic Data too, such as Durable Goods Orders m/m, Advance GDP Price Index q/q, Core Durable Goods Orders m/m, and Advance GDP q/q, so, amid the reports, EUR/USD will move in a low to medium volatility during this day.
TODAY'S TECHNICAL LEVEL:
Breakout BUY Level: 1.2465.
Strong Resistance:1.2458.
Original Resistance: 1.2446.
Inner Sell Area: 1.2434.
Target Inner Area: 1.2405.
Inner Buy Area: 1.2376.
Original Support: 1.2364.
Strong Support: 1.2352.
Breakout SELL Level: 1.2345.
Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Elliott wave analysis of EUR/NZD for January 26, 2018
2018-01-26
Wave summary:
EUR/NZD has broken above minor resistance at 1.6937 confirming that wave ii completed at 1.6630 and wave iii higher towards 1.7360 and 1.7777 is developing. Short-term, we might see a sideways consolidation just below 1.7065 before the next impulsive rally higher.
Support at 1.6800 will ideally be able to protect the downside for the expected break above 1.7065.
R3: 1.7150
R2: 1.7065
R1: 1.6937
Pivot: 1.6876
S1: 1.6800
S2: 1.6730
S3: 1.6630
Trading recommendation:
We are long EUR from 1.6695 and we will raise our stop to break-even.
Fundamental Analysis of USD/CHF for January 26, 2018
2018-01-26
USD/CHF has been the most impulsive with the bearish gains recently, whereas USD did not get any opportunity to pullback against the strong trend after breaking below the 0.97 price area. USD has been the weakest currency since the interest rate hike on December and from that period USD has been struggling to get over CHF in every way. Today, US Advance GDP report is going to be published where the rate is expected to decrease to 3.0% from the previous value of 3.2%, Core Durable Goods Orders are expected to increase to 0.5% from the previous negative value of -0.1%, Advance GDP Price Index is expected to increase to 2.3% from the previous value of 2.1%, and Durable Goods Orders are expected to decrease to 0.9% from the previous value of 1.3%. Moreover, USD Goods Trade Balance report is going to be publish today which is expected to show less deficit at -68.6B from the previous figure of -70.0B, and Prelim Wholesale Inventories are expected to decrease to 0.4% from the previous value of 0.8%. As of the current scenario, having no economic report on the CHF side this week, the impulsive gain was due to the severe weakness of USD against the strong economic condition of CHF. Though a good number of high impact economic reports of USD is going to be published today but the expectations are quite mixed which may lead to certain volatility and correction along the way, but in the long-term basis, CHF is expected to gain momentum after certain pullback in the pair in the coming days.
Now let us look at the technical view. The price has been impulsive with the bearish pressure recently which led it to break below 0.9450 support area. A good amount of rejection of bears already observed yesterday which does hint some bullish intervention in the pair ahead of the high impact economic reports to be published today. Currently, certain correction and bullish gain are expected to hit the pair before the bearish trend continuation in the future. As the price remains below the mark of 0.97, the bearish bias is expected to continue further.
Technical analysis of NZD/USD for January 26, 2018
2018-01-26
All our downside targets which we predicted in previous analysis have been hit. NZD/USD under pressure. The pair broke below its intraday "symmetrical triangle" pattern, which should confirm a bearish reversal. Both the 20-period and 50-period moving averages are turning down, and should continue to push the prices lower. In addition, the relative strength index is capped by a bearish trend line.
To conclude, as long as 0.7400 is not surpassed, look for further decline to 0.7300 and 0.7285 in extension.
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: 0.7435, 0.7460, and 0.7485.
Support levels: 0.7300, 0.7285, and 0.7240.
Technical analysis of USD/CHF for January 26, 2018
2018-01-26
Overview:
The USD/CHF pair fell from the level of 0.9507 towards 0.9289. Now, the price is set at 0.9382 on the daily chart. It should be noted that volatility is very high for that the USD/CHF pair is still moving between 0.9507 and 0.9334 in coming hours. Furthermore, the price has been set below the strong resistance at the levels of 0.9507 and 0.9593. Additionally, the price is in a bearish channel now. Amid the previous events, the pair is still in a downtrend. From this point, the USD/CHF pair is continuing in a bearish trend from the new resistance of 0.9507. Thereupon, the price spot of 0.9507/0.9593 remains a significant resistance zone. Therefore, a possibility that the USD/CHF pair will have downside momentum is rather convincing and the structure of a fall does not look corrective. In order to indicate a bearish opportunity below 0.9507, sell below 0.9507 or 0.9450 with the first targets at 0.9334, 0.9247 and 0.9173. However, the stop loss should be located above the level of 0.9593.
Daily key levels:
R3: 0.9672
R2: 0.9593
R1: 0.9507
PP: 0.9420
S1: 0.9334
S2: 0.9247
S3: 0.9173
Technical analysis of GBP/JPY for January 26, 2018
2018-01-26
We will retain our upside target prediction today as well. The pair is reversing up, and is now above its 20-period and 50-period moving averages. A strong support base has formed around 135.40, and should limit any downside room. In addition, the relative strength index is bullish above its neutrality area at 50, calling for a new bounce.
Hence, above 154.80, look for a new rise to 155.60 and 156.10 in extension.
Alternatively, if the price moves in the direction opposite to the forecast, a short position is recommended below 154.80 with the target at 154.40
Strategy: BUY, stop loss at 154.80, take profit at 155.60
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 point, 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: 155.50, 156.10, and 156.50.
Support levels: 154.40, 154.10, and 153.70
Technical analysis of NZD/USD for January 26, 2018
2018-01-26
Overview:
The NZD/USD didn't make significant movement yesterday. There are no changes in my technical outlook. 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 contrary, 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 0.7168 (50% Fibonacci retracement level).
Technical analysis of USD/CHF for January 26, 2018
2018-01-26
USD/CHF is expected to trade with a bearish outlook. The pair remains under pressure below its key resistance at 0.9465, and is likely to post a new decline. The 20-period and 50-period moving averages are turning down, which should confirm a negative outlook. In addition, the relative strength index is mixed to bearish.
Hence, as long as 0.9465 is resistance, expect a return to 0.9285 and 0.9240 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 point 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 at 0.9465, take profit at 0.9285.
Resistance levels: 0.9500, 0.9530, and 0.9540
Support levels: 0.9285, 0.9240, and 0.9200.
Technical analysis of USD/JPY for January 26, 2018
2018-01-26
USD/JPY is rebounding. The pair rebounded from 108.45 and broke above its declining trend line since January 23. A bullish cross between the 20-period and 50-period moving averages has been identified. The relative strength index is bullish and calls for a further upside.
Therefore, as long as 108.60 is not broken, look for the continuation rebound with targets at 109.80 and 110.10 in extension.
Alternatively, if the price moves in the opposite direction, a short position is recommended below 108.60 with a target of 108.35.
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 at 108.60, take profit at 109.80.
Resistance levels: 109.80, 110.10, and 110.55
Support levels: 108.35, 108.00, and 107.50.
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