2018-04-19
Recently, the GBP/USD pair has been trading downwards. The price tested the level of 1.4160. Anyway, according to the M15 time – frame, I found a fake breakout of yesterday's low at the price of 1.4173 and a potential shakeout after the negative Retails sales, which is a sign that selling looks risky. I also found a hidden bullish divergence on the moving average oscillator in creation, which is another sign of strength. My advice is to watch for potential buying opportunities. The upward targets are set at the price of 1.4243 and at the price of 1.4280.
Resistance levels:
R1: 1.4288
R2: 1.4370
R3: 1.4430
Support levels:
S1: 1.4150
S2: 1.4090
S3: 1.4005
Trading recommendations for today: watch for potential buying opportunities.
Analysis of Silver for April 19, 2018
2018-04-19
Recently, Silver has been trading upwards. The price tested the level of $17.28. According to the Daily time – frame, I found a breakout of horizontal base (50 days), which is a sign that buyers are in control. I also found a strong Relative Strength reading, which is another sign of strength. My advice is to watch for potential buying opportunities. The upward target is set at the price of $17.66
Resistance levels:
R1: $17.39
R2: $17.60
R3: $17.92
Support levels:
S1: $16.85
S2: $16.52
S3: $16.32
Trading recommendations for today: watch for potential buying opportunities.
Technical analysis of USD/CHF for April 19, 2018
2018-04-19
Overview:The USD/CHF pair didn't make significant movement yesterday. There are no changes in my technical outlook. The bias remains bullish in nearest term testing 0.9809 or higher. The USD/CHF pair continues to move upwards from the level of 0.9589. Yesterday, the pair rose from the level of 0.9589 (the level of 0.9589 coincides with a ratio of 78.6% Fibonacci retracement) to a top around 0.9698. Today, the first support level is seen at 0.9589 followed by 0.9503, while daily resistance 1 is seen at 0.9755. According to the previous events, the USD/CHF pair is still moving between the levels of 0.9600 and 0.9755; for that we expect a range of 155 pips (0.9755 - 0.9600). On the one-hour chart, immediate resistance is seen at 0.9698, which coincides with the double top. 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) and (50), Therefore, if the trend is able to break out through the first resistance level of 0.9755, we should see the pair climbing towards the weekly resistance at 0.9809 to test it. It would also be wise to consider where to place stop loss; this should be set below the second support of 0.9503.
Technical analysis of NZD/USD for April 19, 2018
2018-04-19
Overview:The trend is still moving around the spot of 0.7294 which represents a major support today. The bias remains bullish in the nearest term testing 0.9736 or higher. The NZD/USD pair is still continuing to move upwards from the level of 0.7294 and 0.7436 in the long term. 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. Besides, 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 0.743. 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.
Fundamental Analysis of EUR/GBP for April 19, 2018
2018-04-19
EUR/GBP is currently residing inside the corrective resistance zone between 0.87 to 0.8750 area whereas the bearish trend is quite intact as well. EUR has been the dominant currency in the pair for last few days inside the impulsive bearish trend in progress as GBP was struggling for gains amid mixed economic reports recently. Today, the eureozone's Current Account report was published with a better-than-expected figure of 35.1B decreasing from the previous figure of 39.0B which was expected to decrease to 32.3B. On the other hand, today the UK Retail Sales report was published with a decrease to -1.2% from the previous value of 0.8% which was expected to be at -0.5%. Today, MPC official Cunliffe is due to speak later today. His speech is expected to be quite neutral about the UK key interest rate and monetary policy. As for the current scenario, the market is quite volatile amid alternating impulsive bullish and bearish pressure. This provides no definite trend pressure on either side. GBP has been affected by worse economic reports, thus pushing the price lower. This indicates strength of EUR which is expected to continue further in the coming days. To sum up, EUR is expected to have an upper hand over GBP, so the pair is set to continue its bearish trend further.
Now let us look at the technical view. The price has recently rejecting off the dynamic level of 20 EMA in the non-volatile bearish trend which is expected to push the price much lower towards 0.84 support area in the coming days. The retracement towards the dynamic level is an indication of more bears entering the market to input more impulsive bearish pressure in the coming days. As the price remains below 0.8750 area, the bearish bias is expected to continue further.
Fundamental Analysis of AUD/USD for April 19, 2018
2018-04-19
AUD/USD has been quite corrective and volatile after breaking above the 0.7750 price area with a daily close recently. Today was an important day for AUD as Employment reports was published which turned out to be a let-down for the currency to sustain its bullish pressure. Today, AUD Employment Change report was published with an increase to 4.9k from previous figure of -6.3k which failed to meet the expectation of 20.3k and Unemployment Rate was published unchanged, as expected, at 5.5%. Moreover, NAB Quarterly Business Confidence report was published unchanged at 7. AUD, having certain economic reports, resulted to more struggle to continue its impulsive bullish pressure. On the other hand, the market sentiment has been quite against USD as of the recent rate hikes and worse economic reports results. This week, USD managed to provide slight better than expected economic reports like Building Permits with an increase to 1.35M from the previous figure of 1.32M and Housing Starts with an increase to 1.32M from the previous figure of 1.30M. As of the current scenario, USD is expected to gain momentum over AUD which is expected to struggle to sustain the bullish pressure due to worse Employment reports, published today. Though the pair is still expected to quite volatile and corrective in nature while the bears pushing the price lower.
Now let us look at the technical view. The price has formed a Bearish Regular Divergence along the way which has recently showed bearish impulsive pressure and expected to push the price lower towards the 0.7700-50 support area in the coming days. As the price remains below 0.78 with a daily close, further bearish pressure is expected in this pair.
Intraday technical levels and trading recommendations for EUR/USD for April 19, 2018
2018-04-19
Daily Outlook
The EUR/USD pair remains trapped between the price levels of 1.2200 and 1.2500 until breakout occurs in either directions.
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, significant signs of bearish reversal were manifested around the price levels of 1.2400.This was manifested in the bearish engulfing daily candlestick of March 28.
The EUR/USD pair remains bullish as long as the depicted uptrend remains intact. The upper limit of the depicted consolidation range around 1.2500 is the nearest supply level to be tested. Bullish breakout above 1.2500 enhances this bullish scenario.
On the other hand, the depicted Multiple-Top pattern needs bearish breakdown of the level of 1.2200 to be achieved on a daily basis. Bearish Projection target would be located around 1.2070-1.1990 (Low probability at the current time).
Trade Recommendation:
Conservative traders should wait for bullish breakout above 1.2500. Bullish targets will probably present around the price levels of 1.2750.
NZD/USD Intraday technical levels and trading recommendations for April 19, 2018
2018-04-19
In November 2017, evident signs of bullish recovery were 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 followed by another lower High was expressed around the price zone (0.7320-0.7390), where a valid SELL entry was offered as expected.
In general, the NZD/USD pair remains trapped between the price levels of 0.7200 and 0.7350 until bearish breakdown of 0.7200 occurs.
The price zone of 0.7320-0.7390 remains a significant supply zone to offer a valid SELL entry during the current bullish pullback. Bullish breakout above 0.7450 invalidates this bearish scenario.
On the other hand, bearish breakdown of 0.7200 (neckline) is needed to confirm the depicted reversal pattern. Bearish projection target would be located around 0.7050 and 0.7000.
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