2018-05-17
Recently, the USD/JPY pair has been trading upwards. As I expected, the price tested the level of 110.75. According to the H1 time – frame, I found broken bullish flag in the background, which is sign that buyers are in control. I also found rising MACD histogram, which is another sign of strength. My advice is to watch for potential buying opportunities. The upward target is set at the price of 111.40.
Resistance levels:
R1: 110.50
R2: 110.64
R3: 110.87
Support levels:
S1: 110.13
S2: 109.91
S3: 109.75
Trading recommendations for today: watch for potential buying opportunities.
GBP/USD analysis for May 17, 2018
2018-05-17
Recently, the GBP/USD pair has been trading sideways at the price of 1.3511. According to the H1 time – frame, I found rejection of the supply trendline in the background, which is a sign that buying looks risky. I also expect the end of a bullish corrective phase (abc), which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of 1.3460 and at the price of 1.3420.
Resistance levels:
R1: 1.3580
R2: 1.3613
R3: 1.3675
Support levels:
S1: 1.3485
S2: 1.3423
S3: 1.3390
Trading recommendations for today: watch for potential selling opportunities.
Intraday technical levels and trading recommendations for EUR/USD for May 17, 2018
2018-05-17
Daily Outlook
The EUR/USD pair had been trapped between the price levels of 1.2200 and 1.2500 until bearish breakout occurred recently.
Significant signs of bearish reversal were manifested around the price levels of 1.2400. This was manifested in the bearish engulfing daily candlestick of April 20.
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.
As mentioned, the price zone (1.1850-1.1750) offered significant bullish rejection and a short-term bullish pullback for intraday traders.
However, a recent descending high was established around the price level of 1.1990 as the EUR/USD bulls failed to pursue towards higher bullish targets. This enhances the bearish scenario of the market.
If bearish momentum dominates, bearish persistence below 1.1700-1.1750 (zone of previous daily lows) will be needed to enhance further bearish decline towards 1.1400 (the previously mentioned monthly key-level).
NZD/USD Intraday technical levels and trading recommendations for for May 17, 2018
2018-05-17
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 the 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 a 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.
This will probably allow conservative trend traders to 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.
On the other hand, If bearish momentum persists, the price zone of 0.6820-0.6780 should be watched for bullish rejection and a valid BUY entry.
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