2018-04-17
Recently, the GBP/USD pair has been trading upwards. The price tested the level of 1.4375. Anyway, I found rejection of the upper diagonal of the upward channel, which is a sign that GBP/USD is in potential bearish correction. The short – mid term trend is still bullish and my advice is to buy on dips. Support level is set at the price of 1.4297 (previous swing high). My advice is to wach for potential buying opportunities. The upward target is set at the price of 1.4375.
Resistance levels:
R1: 1.4379
R2: 1.4420
R3: 1.4493
Support levels:
S1: 1.4264
S2: 1.4190
S3: 1.4150
Trading recommendations for today: watch for potential buying opportunities.
Analysis of Gold for April 17, 20182018-04-17
Recently, Gold has been trading sideways at the price of $1,341.00. Anyway, according to the M30 time – frame, I found a successful rejection of Fibonacci retracement 50% at the price of $1,349.00, which is a sign that buying looks risky. I also found a broken channel and rounding top, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of $1,333.35 and at the price of $1,322.50.
Resistance levels:
R1: $1,350.83
R2: $1,355.85
R3: $1,361.17
Support levels:
S1: $1,340.50
S2: $1,335.17
S3: $1,330.15
Trading recommendations for today: watch for potential selling opportunities.
Technical analysis of NZD/USD for April 17, 20182018-04-17
Overview:The pivot point is seen at the point of 0.7294.
The NZD/USD pair is still continuing to move upwards from the level of 0.7294 and 0.7436. The level of 0.7294 represents the daily pivot point in the H4 time frame. The pair rose from the level of 0.7294 to a top around 0.7375.
Right now, the price is moving around the level of 0.7375. Also, it should be noted that the resistances levels are lies in 0.7375 and 0.7436, while daily support 1 is seen at 0.7294 (50% Fibonacci retracement).
According to the previous events, the NZD/USD pair is still moving between the levels of 0.7294 and 0.7436; so we expect a range of 142 pips. Furthermore, if the trend is able to break out through the first resistance level at 0.7375, we should see the pair climbing towards the double top (0.7436) to test it.
Therefore, buy above the level of 0.7300 with the first target at 0.7375 in order to test the daily resistance 1 and further to 0.7436. Also, it might be noted that the level of 0.7436 is a good place to take profit because it will form a double top.
On the other hand, in case a reversal takes place and the NZD/USD pair breaks through the support level of 0.7294, a further decline to 0.7151 can occur which would indicate a bearish market.
Technical analysis of USD/CHF for April 17, 20182018-04-17
Overview:Last week, the USD/CHF pair broke resistance at the level of 0.9549 which is acting as support now. Thus, the pair has already formed minor support at 0.9549. The strong support is seen at the level of 0.9549 because it represents the daily support 1. Equally important, the RSI and the moving average (100) are still calling for an uptrend. Therefore, the market indicates a bullish opportunity at the level of 0.9549 in the H4 chart. Also, if the trend is buoyant, then the currency pair strength will be defined as following: USD is in an uptrend and CHF is in a downtrend. Buy above the minor support of 0.9549 with the first target at 0.9704, and continue towards 0.9749. On the other hand, if the price closes below the minor support, the best location for the stop loss order is seen below 0.9549; hence, the price will fall into the bearish market in order to go further towards the strong support at 0.9417 to test it again. Also, it should be noted that the level of 0.9417 will form a double bottom.
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