2018-01-23
Overview:
The USD/CHF pair continues to move downwards from the zone of 0.9644 and 0.9600. The pair dropped from the level of 0.9644 to 0.9600. Today, resistance is seen at the levels of 0.9708 and 0.9759. So, we expect the price to set below the strong resistance at the levels of 0.9708 and 0.9759; because the price is in a bearish channel now. The RSI starts signaling a downward trend. Consequently, the market is likely to show signs of a bearish trend. So, it will be good to sell below the level of 0.9708 with the first target at 0.9593 and further to 0.9541 in order to test the daily support. If the USD/CHF pair is able to break out the double bottom at 0.9541, the market will decline further to 0.9481 to approach support 2 today. However, the price spot of 0.9708 and 0.9759 remains a significant resistance zone. Thus, the trend is still bearish as long as the level of 0.9759 is not breached
Technical analysis of NZD/USD for January 23, 20182018-01-23
Overview :
The NZD/USD pair continues to move upwards from the level of 0.7290 (78.6% of Fibonacci retracement levels). The pair rose from the level of 0.7290 to 0.7314. Today, resistance is seen at the levels of 0.7331 and 0.7355. However, the support levels are seen at 0.7290 and 0.7258. So, we expect the price to set above the strong support at the levels of0.7290 and 0.7258; because the price is in a bullish channel now. Amid the previous events, the price is still moving between the levels of 0.7290 and 0.7331. In overall, we still prefer the bullish scenario as long as the price is above the level of 0.7309. Furthermore, if the NZD/USD pair is able to break out the top at 0.7331, the market will rise further to 0.7355. On the other hand, if the price closes below the strong support of 0.7258, the best location for a stop loss order is seen below 0.7258; hence, the price will fall into a bearish trend in order to go further towards the strong support at 0.7236 to test it again. The level of 0.7236 will form a double bottom. Beriefly, the market is still calling for strong bullish market as long as the trensd is set above the price of 0.7236.
GBP/USD analysis for January 23, 2018
2018-01-23
Recently, the GBP/USD pair has been trading sideways at the price of 1.3948. According to the 15M time - frame, I found that price has broken the upward trendline in the background, which is a sign that buying looks risky. The pivot point at the price of 1.3945 got broken, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward tagets are set at the price of 1.3900 and at the price of 1.3816.
Resistance levels:
R1: 1.4033
R2: 1.4075
R3: 1.4167
Support levels:
S1: 1.3900
S2: 1.3815
S3: 1.3766
Trading recommendations for today: watch for potential selling opportunities.
Daily analysis of Silver for January 23, 2018
2018-01-23
Overview
The tight range is setting the tone for trading silver. The metal is trading around 17.00 level. Please note that stochastic begins to overlap positively on the daily time frame. We are waiting until the price gains momenrum to resume the bullish trend. Targets are set by testing 17.43 level. Therefore, we are keeping the bullish outlook for the short term, provided that the price is holding above 16.55. Let me remind you that breaching the targeted level will push the price towards 18.30 as a next station. The expected trading range for today is between 16.85 support and 17.30 resistance.
Daily analysis of Gold for January 23, 2018
2018-01-23
Overview
Gold price begins today's trading with a calm bullish bias after retesting the previously breached resistance of the bullish flag pattern. This price action supports our bullish outlook for the short term. We believe that the way is open to visit 1,357.50 that represents our next main target. Therefore, we are waiting for more rise today. Please note that breaching the mentioned level will extend price gains to reach 1,375.00 followed by 1,404.00, while holding above 1,321.40 represents the key condition to achieve the expected targets. The expected trading range for today is between 1,325.00 support and 1,350.00 resistance.
NZD/USD Intraday technical levels and trading recommendations for January 23, 2018
2018-01-23
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 probably 0.7390.
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.
Daily analysis of GBP/JPY for January 23, 2018
2018-01-23
Overview
The GBP/JPY pair is still gaining momentum. The bullish bias is confirmed by rallying towards 155.33 level recently. Besides, we will depend on 152.85 level, forming a good support base. Let me remind you that the first main target is located around 155.90, but further positive pressures might allow the price to reach the next target at 157.45. A stochastic's attempt to crawl towards the overbought areas also confirms the overall bullish trend. A new positive momentum eases attempts to reach the suggested targets. The expected trading range for today is between 153.50 and 155.90
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