2018-05-30
USD/CHF
The market is now quite choppy. This pair has done nothing significant this week, except a sideways movement in the context of a short-term downtrend. There is a ranging condition in the market. Even a pullback that was seen yesterday was quickly erased, as bears leave their footprints in the market.
However, a breakout is supposed to happen today or tomorrow, which would most probably favor bears. There is a Bearish Confirmation Pattern in the market, and the bias is bearish. The Williams' % Range period 20 is not far from the oversold region.
Daily analysis of USD/JPY for May 30, 2018
2018-05-30
USD/JPY
This currency trading instrument has been trending downwards and there is now a lot of trading activities around the demand level at 108.50. The current short-term rally is only shallow and may end up being an opportunity to sell short at better prices.
Daily analysis of EUR/JPY for May 30, 2018
2018-05-30
EUR/JPY
The initial targets for this week have already been met, and the EUR/JPY cross still has much room to go southwards. As anticipated, there is now a transitory upwards bounce in the market, but price would resume its downwards journey. The next targets are the demand zones at 125.00 and 124.50.
There is already a Bearish Confirmation Pattern in the market. The EMA 11 is below the EMA 56 and the RSI period 14 is below the level 50. This is a bear market, and long trades are not currently logical, owing to a measure of stamina in JPY.
Analysis of Gold for May 30, 2018
2018-05-30
Recently, the Gold has been trading sideways at the price of $1,298.60. According to the H1 time – frame, I found a potential bullish flag in creation, which is a sign that selling looks risky. My advice is to watch for a potential breakout of supply trendline to confirm further upward continuation. The upward targets are set at the price of $1,310.80 and at the price of $1,316.00.
Resistance levels:
R1: $1,307.50
R2: $1,313.00
R3: $1,320.00
Support levels:
S1: $1,294.50
S2: $1,287.10
S3: $1,281.30
Trading recommendations for today: watch for potential buying opportunities.
GBP/JPY Approaching Support, Watch For A Bounce
2018-05-30
GBP/JPY is approaching our support at 143.08 (Horizontal overlap support, 78.6% Fibonacci retracement, 100% Fibonacci extension) where we expect price to bounce above this level to our resistance at 146.20 (horizontal pullback resistance, 100% Fibonacci extension, 50% Fibonacci retracement). Stochastic (55,5,3) is also seeing a bullish divergence and is approaching its support where a bounce off this level will see a corresponding rise in price.
GBP/JPY is approaching support where we expect a bounce.
Buy above 143.08. Stop loss 141.21. Take profit at 146.20.
GBP/USD analysis for May 30, 2018
2018-05-30
Recently, the GBP/USD pair has been trading sideways at the price of 1.3260 According to the H1 time – frame, I found a potential bearish flag in creation, which is a sign that buying looks risky. My advice is to watch for a potential breakout of the upward trendline to confirm further downward continuation. The downward target is set at the price of 1.3200.
R1: 1.3320
R2: 1.3380
R3: 1.3440
Support levels:
S1: 1.3200
S2: 1.3140
S3: 1.3080
Trading recommendations for today: watch for potential selling opportunities.
Intraday technical levels and trading recommendations for EUR/USD for May 30, 2018
2018-05-30
Daily Outlook
The short-term outlook turns to become bearish as long as the EUR/USD pair keeps trading below the broken uptrend as well as the lower limit of the depicted consolidation range remains broken.
Bearish persistence below the price level of 1.2200 allowed further bearish decline towards the price levels of 1.1990 and 1.1880.
The price zone (1.1850-1.1750) failed to offer sufficient bullish demand when a descending high was established around the price level of 1.1980.
The EUR/USD bulls failed to pursue towards higher bullish targets. Instead, significant bearish pressure is being applied since then.
As bearish momentum dominates, bearish persistence below 1.1700-1.1750 (zone of previous daily lows) was maintained to enhance further bearish decline towards 1.1520 and probably 1.1420.
The price zone (1.1520-1.1415) is considered a prominent Demand zone to be watched for bullish price action and valid BUY entries. Early signs of bullish rejection have already been expressed around 1.1510 (within the depicted demand zone).
On the other hand, conservative traders should wait for bullish pullback towards the price zone (1.1850-1.1750) for bearish rejection and possible SELL entries if any bullish pullback occurs.
NZD/USD Intraday technical levels and trading recommendations for for May 30, 2018
2018-05-30
The price zone of 0.7320-0.7390 stood as a significant supply zone during recent bullish pullback. The bulls failed to execute a successful Bullish breakout above 0.7400 during the previous week's consolidations.
The NZD/USD pair had been trapped between the price levels of 0.7170 and 0.7350 until bearish breakdown of 0.7200 occurred.
Since April 13, significant bearish pressure has been applied. This probably turns the short-term outlook for the NZD/USD pair into bearish giving considerable significance to the multiple-top reversal pattern.
That's why, bearish breakdown of 0.7220-0.7170 (neckline zone) was needed to confirm the depicted reversal pattern. Bearish target levels around 0.7050 and 0.7000 have been achieved already.
The bearish scenario needs obvious bearish persistence below 0.7050 to maintain significant bearish momentum towards 0.6860 and 0.6820. That's why, the price level of 0.7050 is currently considered a key-level for the NZD/USD bears.
Any bullish breakout above the price level of 0.7050 hinders further bearish decline allowing bullish pullback to occur towards 0.7170-0.7220.
On the other hand, If bearish momentum persists, the price zone of 0.6820-0.6780 will be the next destination for the NZD/USD pair. It should be watched for bullish rejection and a possible valid BUY entry.
Any bullish pullback towards the price level of 0.7050 (Broken Demand-Level) should be watched for a valid SELL entry.S/L should be placed above 0.7100.
Fundamental Analysis of GBP/USD for May 30, 2018
2018-05-30
GBP/USD has been quite non-volatile within the bearish bias recently which led the price to reside below 1.3300 area. Ahead of the upcoming high impact economic reports from the US, certain bearish impulsive pressure indicates the definite trend pressure in the pair.
Today, the UK BRC Shop Price Index report was published with a greater deficit to -1.1% from the previous value of -1.0%. The worse economic report did not quite help USD to extend its gains whereas the volatility increased at an alarming rate today.
On the USD side, today Prelim GDP report is going to be published which is expected to be unchanged at 2.3%, Goods Trade Balance report is expected to increase in deficit to -71.2B from the previous figure of -68.3B, Prelim GDP Price Index report is also expected to be unchanged at 2.0%, and Prelim Wholesale Inventories report is expected to increase to 0.4% from the previous value of 0.3%.
As for the current scenario, forecasts for US economic reports today are quite indecisive though USD is expected to have the upper hand over GBP in the coming days. In the recent meetings of Bank of England, the policies taken are expected to have their impact in the long run without any immediate impact on the current market situation.
Now let us look at the technical view. The price is currently showing certain bullish rejection in the process which is expected to push lower towards 1.3050 area in the coming days. Though certain Bullish Divergence is being observed in the process but the bullish pressure is expected to be push higher after price bounces off the 1.3050 area in the future. As the price remains below 1.33 with a daily close, the impulsive bearish pressure is expected to continue.
Fundamental Analysis of USD/CAD for May 30, 2018
2018-05-30
USD/CAD recently broke above 1.2950 resistance area with a daily close after impulsive bullish non-volatile pressure. This week is going to be quite volatile and interesting for this pair as high impact economic reports and events are going to be held in the US and Canada this week, including CAD Overnight Rate and US NFP and Unemployment Rate.
Today, Canada BOC Rate Statement is going to be held along with Overnight Rate which is expected to be unchanged at 1.25%. The economic event and report is expected to have a great impact on CAD which might lead to certain gains against USD in the process. Though there has not been any news about Rate Hike, unchanged Overnight Rate may lead to short to medium-term bearish gains in the process.
On the USD side, this week Non-Farm Employment Change report is going to be published which is expected to increase to 190k from the previous figure of 164k, Average Hourly Earnings is expected to increase to 0.3% from the previous value of 0.1% and Unemployment Rate is expected to be unchanged at 3.9%. Though the economic reports are expected to have a positive impact on the market but actual data is going to be the final confirmation in this case. Today Prelim GDP report is going to be published which is expected to be unchanged at 2.3%, Goods Trade Balance report is expected to increase in deficit to -71.2B from the previous figure of -68.3B, Prelim GDP Price Index report is also expected to be unchanged at 2.0% and Prelim Wholesale Inventories report is expected to increase to 0.4% from the previous value of 0.3%.
As for the current scenario, CAD is expected to gain momentum for a certain period before USD pushes the price higher in the coming days. As Canada's reports do not have any strong forecasts to attract the market sentiment at this point, USD is expected to gain the momentum in the process.
Now let us look at the technical view. The price is currently quite impulsive with the bearish gains after the break above 1.29 with a daily close. As for the current structure and breakout retest formation, the price is expected to retrace towards 1.2950 area before showing further bullish momentum with a target towards 1.3120 area in the future. As the price remains above 1.28 area, the bullish bias is expected to continue further.
Trading Plan for EUR/USD for May 30, 2018
2018-05-30
Technical outlook:
The EUR/USD pair was not giving up lower until major support break yesterday at 1.1550 levels. The pair managed to take out to fresh lows at 1.1510 levels before bulls took over the rest of the day. As you can see on the daily chart presented here, the pair is now forming a clear engulfing bullish pattern, indicating that the next few days should remain bullish through 1.1950 levels at least. Once prices does manage to test 1.1950-1.2050 resistance zone, we can expect a resumption of bearish trend towards 1.1100-1.1200 levels respectively. Looking into the wave structure, the pair has now managed to complete wave (3) of a larger degree as labelled here and most like to push higher towards wave(4) which should terminate around 1.1950 levels at least. Interim support remains strong at 1.1500 levels now.
Trading plan:
Aggressive traders remain long with stop below 1.1500 levels.
Fundamental outlook:
Watch out for the German Consumer Price Index at 08:00 AM EST and US GDP Annualized at 08:30 AM EST.
Good luck!
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