2018-05-08
Recently, the EUR/JPY pair has been trading downwards. The price tested the level of 129.58. According to the H4 time – frame, I found strong selling pressure on the market, which is a sign that buying looks risky. The rising wedge from the background is still an active pattern and projective target is set at the price of 129.00. I also found a rejection from the resistance at the price of 130.45, which is another sign of weakness. My advice is to watch for potential selling opportunities on the rallies. The downward target is set at the price of 129.00.
Resistance levels:
R1: 130.45
R2: 130.84
R3: 131.09
Support levels:
S1: 129.81
S2: 129.56
S3: 129.18
Trading recommendations for today: watch for potential selling opportunities.
Analysis of Gold for May 08, 2018
2018-05-08
Recently, Gold has been trading sideways at the price of $1,311.00. According to the H1 time – frame, I found a breakout of a smaller bearish flag in the background, which is a sign that there is a room for at least one downward leg. I also found a hidden bearish divergence on the moving average oscillator, which is another sign of weakness. The downward targets are set at the price of $1,307.50 and at the price of $1,301.60.
Resistance levels:
R1: $1,318.65
R2: $1,323.15
R3: $1,327.35
Support levels:
S1: $1,309.95
S2: $1,305.75
S3: $1,301.25
Trading recommendations for today: watch for potential selling opportunities.
Daily analysis of USD/CHF for May 8, 2018
2018-05-08
USD/CHF
The USD/CHF pair has managed to go above the psychological level at 1.0000 earlier this week; now targeting the resistance level at 1.0050, which could be reached any moment from now. The price is currently consolidating, and there would soon be a breakout in the market, which would most probably favor bulls.
USD is supposed to continue being strengthened. There is a Bullish Confirmation Pattern in the market, which makes short trades illogical at the moment. Volatility will return to the market any movement.
Daily analysis of USD/JPY for May 8, 2018
2018-05-08
USD/JPY
The recent trend is in a precarious position. Price did not go upwards significantly last week, neither has it gone in a directional mode this week (the market is currently consolidating). There would soon be a rise in volatility, which would most probably favor bears. One of the reasons why the price has not come down significantly is the stamina in USD.
A significant movement upwards from here would result in a Bullish Confirmation Pattern, while a significant downward movement from here would result in a Bearish Confirmation Pattern, which is expected this week.
Daily analysis of EUR/JPY for May 8, 2018
2018-05-08
EUR/JPY
This EUR/JPY cross has dropped by 380 pips since April 26. Roughly 120 pips have been lost within Monday and Friday, owing to the weakness in EUR and a show of energy in JPY. There is a huge Bearish Confirmation Pattern in the market, and the price is expected to continue going southwards.
The market has moved below the supply zone at 129.50, going towards the demand zone at 129.00. The targeted demand zone would be breached to the downside today or tomorrow. Bulls are being ridiculed at the moment.
NZD/USD Intraday technical levels and trading recommendations for for May 8, 2018
2018-05-08
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 Yesterday.
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, conservative traders can wait for a bullish pullback towards the price zone of 0.7220-0.7170 (neckline zone) (significant supply zone) for a valid SELL entry. S/L should be placed above 0.7260.
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