2018-05-22
GBP/JPY broke out of its short term ascending support line and has reacted off its resistance at 149.13 (horizontal overlap resistance, 23.6%, 50% Fibonacci retracement). We expect price to drop further to its support at 148.20 (horizontal swing low support, 76.4% Fibonacci retracement). Ichimoku cloud is also showing signs of bearish pressure.
RSI (89) is seeing a bearish exit in line with our bearish view.
Sell below 149.13. Stop loss at 149.65. Take profit at 148.18.
Technical analysis: Intraday levels for USD/JPY, May 22, 2018
2018-05-22
In Asia, Japan will release the BOJ Core CPI y/y and the US will also release some economic data such as Richmond Manufacturing Index. So there is a probability the USD/JPY pair will move with low to medium volatility during this day.
TODAY'S TECHNICAL LEVELS:
Resistance. 3: 111.52.
Resistance. 2: 111.30.
Resistance. 1: 111.08.
Support. 1: 110.81.
Support. 2: 110.60.
Support. 3: 110.38.
Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all Traders or Investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Technical analysis: Intraday Levels For EUR/USD, May 22, 2018
2018-05-22
When the European market opens, some economic data will be released such as German Bundesbank Monthly Report. The US will release economic reports too such as Richmond Manufacturing Index. So amid the reports, EUR/USD will move with low to medium volatility during this day.
TODAY'S TECHNICAL LEVELS:
Breakout BUY Level: 1.1846.
Strong Resistance:1.1839.
Original Resistance: 1.1828.
Inner Sell Area: 1.1817.
Target Inner Area: 1.1789.
Inner Buy Area: 1.1761.
Original Support: 1.1750.
Strong Support: 1.1739.
Breakout SELL Level: 1.1732.
Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all Traders or Investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Technical analysis of NZD/USD for May 22, 2018
2018-05-22
On the 4-hour chart, the NZD/USD pair is going to test resistance which has become the support level at 0.6920 before the price rebounds again to reach the target at 0.6984. As long as 0.6881 level (Critical Level) does not be break out, usually 60% of the time this pair will continue going up to reach its nearest resistance as a target.
(Disclaimer)
Technical analysis of AUD/USD for May 22, 2018
2018-05-22
On the 4-hour chart, the AUD/USD pair seems to test resistance which has become support at 0.7550. As long as this pair does not breakout and closes below 0.7489, the price is likely to move higher and it is going to test at least 0.7625 as the nearest previous resistance.
(Disclaimer)
Technical analysis on Gold for May 22, 2018
2018-05-22
Gold price bounced from the long-term support of $1,282 and is challenging short-term resistance as we expected. Gold price is expected to continue higher this week and I expect a weekly close above $1,300 to signal a bigger upward reversal and the start of a bigger bounce.
Blue line (RSI) - bullish divergence
Red line - short-term resistance
Green lines -targets
Yellow line- medium-term resistance
Gold price remains in a down trend. As long as price is below the red trend line resistance I will be waiting for new lows. However I see this as the less likely scenario, we have to see signs of strength in order to be more confident of our bullish scenario. Such signs will be initially the break above the red line resistance. Yesterday we tested that resistance and got rejected. A higher low today and a higher high will be a bullish sign for the next couple of weeks.
Technical analysis on USD/CAD for May 22, 2018
2018-05-22
I warned yesterday that a break back inside the cloud and below 1.2830 will open the way for a move towards 1.2770-1.2730. The USD/CAD got rejected by the trend line resistance and reversed below the 4-hour Ichimoku cloud. Price is now again above crucial support.
Blue line - resistance trend line
Yellow rectangle - support area
The USD/CAD pair has short-term resistance at 1.2830 and next and most importantly the 1.2890 level. Support is at 1.2770-1.2730. A break below this support will open the way for a push lower towards 1.26-1.25. Any bounce is considered as a selling opportunity. I'm bearish as long as price is below 1.2930.
Technical analysis on USD/JPY for May 22, 2018
2018-05-22
The USD/JPY pair remains in a bullish trend. Price continues to make higher highs and higher lows. As long as price is above 110.80, short-term trend remains bullish. Medium-term trend remains bullish as long as price is above 110.
Blue line -medium-term support
Red line - short-term support
The USD/JPY pair is showing bearish divergence signs on the 4-hour chart. A break below 110.80 could signal that start of a bigger reversal. Confirmation of a reversal will come only with the break below 110. Until then, short- and medium-term trend remains bullish.
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