2018-04-06
USD/JPY is under pressure and expected to continue its downside movement. The pair has fallen to levels below both the 20-period and 50-period moving averages and is striking against the lower Bollinger band, calling for acceleration to the downside. Downward momentum is further evidenced by the relative strength index, which is badly in the 30s. The intraday outlook has turned bearish and the pair is expected to sink further toward 106.85 before targeting 106.65. Only a return to 107.50 would bring about a bullish reversal.
Chart Explanation: The black line shows the pivot point. The present price above the pivot point indicates a bullish position, and the price below the pivot point indicates a short position. The red lines show the support levels, and the green line indicates the resistance levels. These levels can be used to enter and exit trades.
Strategy: SELL, stop loss at 107.75, take profit at 106.85
Resistance levels: 106.85, 106.65, and 106.30
Support levels: 108.00, 108.35, and 108.75.
GBP/USD analysis for April 06, 2018
2018-04-06
Recently, the GBP/USD pair has been downwards. The price tested the level of 1.3965. According to the 15M time – frame, I found that price is trading inside of the downward channel, which is a sign that sellers are in control. I also marked waves inside of the channel and I expect fifth wave to develope. My advice is to watch for potential selling opportunities. The downward projection for the fifth wave is set at the price of 1.3890.
Resistance levels:
R1: 1.4080
R2: 1.4155
R3: 1.4210
Support levels:
S1: 1.3948
S2: 1.3890
S3: 1.3815
Trading recommendations for today: watch for potential selling opportunities.
Analysis of Gold for April 06, 2018
2018-04-06
Recently, Gold has been downwards. The price tested the level of $1,319.50. According to the 15M time – frame, I found that sellers are in control and that buying looks risky. I also found a potential third wave is building and my advice is to watch for potential selling opportunities. The downward targets are set at the price of $1,308.60 and at the price of $1,293.85.
Resistance levels:
R1: $1,333.38
R2: $1,340.21
R3: $1,345.52
Support levels:
S1: $1,321.25
S2: $1,315.93
S3: $1,309.10
Trading recommendations for today: watch for potential selling opportunities.
Fundamental Analysis of USD/CHF for April 6, 2018
2018-04-06
USD has been the dominant currency against CHF recently which has led the price to be non-volatile with the bullish gains despite downbeat economic reports published in the US recently. Ahead of the upcoming macroeconomic reports on the USD side today, CHF has been pushing the price lower with the support of positive economic reports. Today, Switzerland's Foreign Currency Reserves report was published with an increase to 738B from the previous figure of 732B. The positive economic report encouraged some gains on the CHF side but it is expected to be quite temporary as US reports on the labor market could provide USD with solid support. Today, US Average Hourly Earnings report is going to be published which is expected to increase to 0.3% from the previous value of 0.1%, Non-Farm Employment Change report is expected to decrease to 188k from the previous figure of 313k, and Unemployment Rate is expected to decrease to 4.0% from the previous value of 4.1%. As for the current scenario, USD is expected to gain more momentum over CHF as the expectation of the high impact economic reports are quite optimistic. So, better than expected economic reports are sure to push the price much higher in the coming days.
Now let us look at the technical view. The price is currently residing above 0.96 price area from where it is expected to proceed higher towards 0.97 and later towards 0.9850 area. The bullish trend is still non-volatile and expected to be impulsive in the coming days as well. As the price remains above 0.94 area, the bullish bias is expected to continue.
Daily analysis of USD/CHF for April 6, 2018
2018-04-06
USD/CHF
This pair is trading in a bull market in the short-term. Price has risen significantly this week and it is above the support level at 0.9600, going towards the resistance level at 0.9650. When the resistance level is broken to the upside, the price would go towards another resistance level at 0.9700, which is the ultimate target for Friday or next Monday.
The EMA 11 is above the EMA 56, and the Williams' % Range period 20 is in the overbought territory. There is a Bullish Confirmation Pattern in the 4-hour chart, and thus, the price is expected to go further upwards, irrespective of temporary pullbacks along the way.
Daily analysis of USD/JPY for April 6, 2018
2018-04-06
USD/JPY
From the weekly low of 105.67, price has gained about 170 pips this week. Now above the demand level at 107.00, price can go towards the supply levels at 107.50 and 108.00. Any risk of pullbacks along the way may not take price below the demand level at 106.50, as price is expected to go further and further higher.
The EMA 11 is above the EMA 56, and the RSI period 14 is above the level 50. There is a Bullish Confirmation Pattern in the 4-hour chart, and thus, price is expected to go further upwards, reaching other supply levels at 107.50 and 108.00.
Daily analysis of EUR/JPY for April 6, 2018
2018-04-06
EUR/JPY
There is a weak "buy" signal on this cross, and it may become more significant when price begins to move further northwards. The EMA 11 is above the EMA 56, and the RSI period 14 is above the level 50. The possibility of price going upwards is stronger than the possibility of it going significantly southwards.
There is now a Bullish Confirmation Pattern in the market, and that would become more important as price goes further northwards, reaching the supply zones at 131.50 and 132.00 very soon. A movement to the upside would mean bulls reign.
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