2018-01-18
Overview:
This week, the USD/CHF pair didn't make important movement yesterday. There are no changes in my technical outlook. The price is still move around the spot of 0.9646. The bias remains bearish in nearest term testing 0.9553 or lower. Today, the USD/CHF pair continues to move downwards from the level of 0.9745. Yesterday, the pair dropped from the level of 0.9745 (this level of 0.9745 coincides with the ratio of 38.2% Fibonacci retracment levels) to the bottom around 0.9602. Today, the trend had rebounded from the bottom of 0.9602 to climp toward the level of 0.9650. Moreover, the first resistance level is seen at 0.9691 followed by 0.9745, while daily support 1 is seen at 0.9602. According to the previous events, the USD/CHF pair is still moving br, tetween the levels of 0.9691 and 0.9553; for that we expect a range of 138 pips (0.9691 - 0.9553). If the USD/CHF pair fails to break through the resistance level of 0.9691, the market will decline further to 0.9553. 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 0.9553 with a view to test the daily pivot point. However, if a breakout takes place at the resistance level of 0.9745, then this scenario may become invalidated.
Technical analysis of NZD/USD for January 18, 2018
2018-01-18
Overview :
The NZD/USD pair continues to move upwards from the level of 0.7258. Yesterday, the pair rose from the level of 0.7258 (the level of 0.9866 coincides with a ratio of 61.8% Fibonacci retracement) to a top around 0.7309. Today, the first support level is seen at 0.7258 followed by 0.7236, while daily resistance 1 is seen at 0.7331. According to the previous events, the NZD/USD pair is still moving between the levels of 0.7258 and 0.7355; for that we expect a range of 97 pips (0.7355 - 0.7258). On the one-hour chart, immediate resistance is seen at 0.7331. Currently, the price is moving in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market. The price is still above the moving average (100). Therefore, if the trend is able to break out through the first resistance level of 0.7331, we should see the pair climbing towards the second daily resistance at 0.7355 to test it. It would also be wise to consider where to place stop loss; this should be set below the second support of 0.7214.
Intraday technical levels and trading recommendations for EUR/USD for January 18, 2018
2018-01-18
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, the 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, to pursue towards the mentioned target level, the significant bearish pressure was needed to be applied against the mentioned zone (1.1415-1.1520).
However, In November, recent price action around the price zone of 1.1520-1.1415 indicated evident bullish recovery.
This hindered further bearish decline which allowed the current bullish pullback to occur towards the price level of 1.2100 which has failed to pause the ongoing bullish momentum so far.
Daily persistence above 1.2150-1.2200 confirms the depicted bullish continuation pattern with projected targets towards 1.2500.
Otherwise, bearish pullback will be expected towards 1.2070 before further bullish advancement can take place.
Analysis of EUR/USD for January 18, 2018
2018-01-18
Recently, the EUR/USD pair has been trading sideways at the price of 1.2245. According to the 30M time frame, I found a fake breakout of yesterday's low at the price of 1.2195, which is a sign that selling looks risky. I also found a valid breakout of pivot level (1.2228), which is a sign that buyers are in control. My advice is to watch for potential buying opportuntiies. The upward targets are set at 1.2278 and 1.2370.
Resistance levels:
R1: 1.2279
R2: 1.2374
R3: 1.2425
Support levels:
S1: 1.2133
S2: 1.2082
S3: 1.1987
Trading recommendations for today: watch for potential buying opportunities.
NZD/USD Intraday technical levels and trading recommendations for January 18, 2018
2018-01-18
Daily Outlook
In July 2017, an atypical Head and Shoulders pattern was expressed on the depicted chart which indicated an 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 the 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 0.7240 and 0.7320.
A quick bullish movement is expected towards the depicted supply zone (0.7320-0.7390) where price action should be watched for evident bearish rejection and a valid SELL entry.
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.
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