2018-03-01
Recently, Gold has been trading downwards. As I expected, the price tested the level of $1,310.57 and met my first objective target. According to the 30M time frame, I found that price has broken the bearish flag pattern and support at the price of $1,313.50, which is a sign that sellers are in control. I also found a hidden bearish divergence on the moving average oscillator, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward target is set at the priceo f $1,295.30.
Resistance levels:
R1: $1,321.87
R2: $1,325.67
R3: $1,328.80
Support levels:
S1: $1,314.95
S2: $1,311.83
S3: $1,308.05
Trading recommendations for today: watch for potential selling opportunities.
EUR/USD analysis for March 01, 2018
2018-03-01
Recently, the EUR/USD pair has been trading downwards. As I expected, the price tested the level of 1.2179. According to the 1H time frame, I found that price is trading inside of the downward channel, which is a sign that sellers are in control. I also found a series of lower lows and lower highs, which is another sign of weakness. My advice is to watch for potential selling opportunties. The downward targets are set at the price of 1.2163 and at the price of 1.2050.
Resistance levels:
R1: 1.2228
R2: 1.2262
R3: 1.2282
Support levels:
S1: 1.2175
S2: 1.2154
S3: 1.2120
Trading recommendations for today: watch for potential selling opportunities.
Daily analysis of USD/CHF for March 1, 2018
2018-03-01
Price has started moving upwards in a predictable manner, and it is now above the support levels at 0.9400 and 0.9450, targeting the resistance levels at 0.9500 and 0.9550 (which are the initial targets). Further upwards movement is expected – happening irrespective of occasional pullbacks in the market.
The EMA 11 is above the EMA 56, and the Williams' % Range period 20 is in the overbought region. This means, the outlook on the market remains bullish, although the price is not expected to go upwards in a straight line. There is a Bullish Confirmation Pattern in the 4-hour chart.
Daily analysis of USD/JPY for March 1, 2018
2018-03-01
USD/JPY
The pair is clearly neutral in the short-term. There are demand levels at 106.50, 106.00, and 105.50, which would impede bearish movements and they would eventually help bring about a bullish reversal. A breakout is expected to happen any time and that could favor bulls, as the price tries to move upwards.
When a breakout happens, it may be in favor of bulls, as the price goes towards the supply levels at 107.00, 107.50, and 108.00. This is what can bring about a Bullish Confirmation Pattern in the 4-hour chart. A breakout to the downside will render this expectation invalid.
Daily analysis of EUR/JPY for March 1, 2018
2018-03-01
EUR/JPY
Price has shed over 130 pips this week, after reaching an initial weekly high of 132.15, thus upholding the current Bearish Confirmation Pattern in the 4-hour chart. The demand zones at 130.00 and 129.50 are being tested. The more price journeys southwards, the more the probability of a strong reversal in the market, which may overturn the current bearish bias.
Some fundamental figures are expected today and they may have impact on the market. The EMA 11 is below the EMA 56, and the RSI period 14 is below the level 50. There are supply zones at 130.50, 131.00m and 131.50, which would be breached to be upside, in case there is a strong bullish reversal in the market.
Intraday technical levels and trading recommendations for EUR/USD for March 1, 2018
2018-03-01
Monthly Outlook
In January 2015, the EUR/USD pair moved below the major demand levels near 1.2100-1.2200 (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 and recently above 1.2075.
Another bullish breakout above 1.2075 was expressed on the chart. This hinders the bearish momentum allowing bullish advancement to occur towards 1.2750 provided that the bullish breakout above the price level of 1.2075 remains defended by the bulls.
Daily Outlook
In September, a bearish target for the depicted Head and Shoulders pattern was projected 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 momentum to occur towards the price level of 1.2100 which failed to pause the ongoing bullish momentum as well.
Daily persistence above 1.2470-1.2500 was needed to confirm a recent bullish flag continuation pattern with projected targets around the price level of 1.2750. However, the EUR/USD bulls failed to fixate above 1.2470.
That's why, a recent bearish pullback is being expressed below the price level of 1.2450 thus expressing a double-top reversal pattern with projected target around 1.1990.
The current bearish pullback will probably extend towards 1.2070-1.1990 (reversal pattern projection targets) if the current bearish breakdown of the level of 1.2200 (the depicted uptrend line) is achieved on a daily basis.
NZD/USD Intraday technical levels and trading recommendations for for March 1, 2018
2018-03-01
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 depicted 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, a quick bullish movement was expected towards the depicted supply zone (0.7320-0.7390) where evident bearish rejection and a valid SELL entry were expected.
On February 2, a bearish engulfing daily candlestick was expressed off the price level of 0.7390. Moreover, a double-top reversal pattern was expressed around the price zone (0.7320-0.7390).
As expected, the price zone (0.7320-0.7390) stood as a significant supply zone for the NZD/USD pair. This allowed the current bearish decline to occur towards the price zone of 0.7230 - 0.7165 (neckline of the reversal pattern).
A bearish breakdown of 0.7300 (neckline) is needed to confirm the depicted reversal pattern. Bearish projection target would be located around 0.7050 and 0.7000.
Technical analysis of USD/CHF for March 01, 2018
2018-03-01
Overview:
The USD/CHF pair will continue rising from the level of 0.9342 in the long term. It should be noted that the support is established at the level of 0.9438 which represents the daily pivot point on the H4 chart. Accordingly, the USD/CHF pair is showing signs of strength following a breakout of the highest level of 0.9438. So, buy above the level of 0.9438 with the first target at 0.9516 in order to test the daily resistance 1. The level of 0.9594 is a good place to take profits. Moreover, the RSI is still signaling that the trend is upward as it remains strong above the moving average (100). This suggests that the pair will probably go up in coming hours. If the trend is able to break the level of 0.9516, then the market will call for a strong bullish market towards the objective of 0.9704. The price is likely to form a double botttop m in the same time frame On the other hand, in case a reversal takes place and the USD/CHF pair breaks through the support level of 0.9342, a further decline to 0.9187 can occur. It would indicate a bearish market.
Technical analysis of NZD/USD for March 01, 2018
2018-03-01
Overview:
Pivot point: 0.7231.
The NZD/USD pair continues to move downwards from the level of 0.7336. This week, the pair fell from the level of 0.7336 to the bottom around 0.7230. Today, the first resistance level is seen at 0.7256 followed by 0.7336, while daily support 1 is found at 0.7200.
Also, the level of 0.7200 represents a weekly pivot point for that it is acting as major resistance/support this week. Amid the previous events, the pair is still in a downtrend, because the NZD/USD pair is trading in a bearish trend from the new resistance line of 0.7256 towards the first support level at 0.7200 in order to test it. If the pair succeeds to pass through the level of 0.7200, the market will indicate a bearish opportunity below the level of 0.7200.
Then, the pair will move downwards continuing the bearish trend development to the level 0.7145 in order to test the daily support1.
On the other hand, if a breakout happens at the resistance level of 0.7340, then this scenario may be invalidated.
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