2018-06-22
Recently, GBP/USD has been trading upwards. The price tested the level of 1.3300. According to the H1 time frame, I found a breakout of the supply trendline in the background, which is a sign that buyers are in control. I also found a hidden bullish divergence on the MACD oscillator in the background, which is anotehr sign of strength. My advice is to watch for potential buying opportunities. The upward target is set at the price of 1.3470.
Resistance levels: R1: 1.3310R2: 1.3375R3: 1.3475
Support levels: S1: 1.3142S2: 1.3040S3: 1.2975 Trading recommendations for today: watch for potential buying opportunities.
USD/JPY analysis for June 22, 2018
2018-06-22
Recently, USD/JPY has been trading sideways at the price of 110.13. . According to the H1 time - frame, I found a broken supply trendline in the background and a potential end of the upward correction (abc), which is a sign that buying looks risky. I also found a hidden bearish divergence on the macd oscillator, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of 109.85 and at the price of 109.55.
Resistance levels: R1: 110.55R2: 111.10R3: 111.45
Support levels: S1: 109.60S2: 109.27S3:108.70
Trading recommendations for today: watch for potential selling opportunities.
Fundamental Analysis of AUD/USD for June 22, 2018
2018-06-22
AUD/USD has been quite impulsive with the bullish gains today which lead the price to bounce off the 0.74 area and pushed towards 0.7500-50 area. Despite having no impactful economic reports on AUD side, the weakness of USD for the recently published worse reports is stated as a culprit for the current scenario.
AUD has been quite indecisive with the recent economic reports and events which lead the currency to get dominated by the USD earlier. But due to worse economic reports of USD published yesterday, AUD gained impulsive momentum today which is expected to persist further in the coming days.
On the USD side, today USD Flash Manufacturing PMI report is going to be published which is expected to decrease to 56.3 from the previous figure of 56.4 and Flash Services PMI report is expected to decrease to 56.4 from the previous figure of 56.8.
As of the current scenario, if the USD economic forecasts turn out to be actual or worse than that, AUD is expected to gain further momentum over USD in the coming days. Though such bullish momentum is currently summed up as certain retracement in the pair whereas the bearish trend is still quite strong. To sum up, AUD is expected to gain short to medium-term momentum over USD for the coming days.
Now let us look at the technical view. The price is currently impulsive with the bullish pressure which is expected to push higher towards 0.7500-50 area in the coming days. As the price reach the 0.7500-50 area, certain confluence can be observed from the dynamic level of 20 EMA which might lead to a continuation of further bearish pressure in the pair for the future. As the price remains below 0.7750 with a daily close, the bearish bias is expected to continue further.
Technical analysis of USD/CHF for June 22, 2018
2018-06-22
Overview:The USD/CHF pair faced resistance at the level of 0.9943. The strong resistance has been already formed at the level of 0.9943 and the pair is likely to try to approach it in order to test it again. However, if the pair fails to pass through the level of 0.9943, the market will indicate a bearish opportunity below the new strong resistance level of 0.9943 (the level of 0.9943 coincides with a ratio of 78.6% Fibonacci). Moreover, the RSI starts signaling a downward trend, as the trend is still showing strength above the moving average (100) and (50). Thus, the market is indicating a bearish opportunity below 0.9943, so it would be good to sell at 0.9940 with the first target of 0.9795. It will also call for a downtrend in order to continue towards 0.9733. The daily strong support is seen at 0.9733. On the other hand, the stop loss order should always be taken into account, for that it will be reasonable to set your stop loss at the level of 1.0003.
Technical analysis of EUR/USD for June 22, 2018
2018-06-22
Overview:This week, the EUR/USD pair fell from the level of 1.1734 to bottom at 1.1543. It rebounded from the bottom to close at the price of 1.1642. The EUR/USD pair has faced strong support at the level of 1.1543. So, the strong support has been already faced at the level of 1.1543 and the pair is likely to try to approach it in order to test it again and form a double bottom. Hence, the EUR/USD pair is continuing to trade in a bullish trend from the new support level of 0.9660; to form a bullish channel. According to the previous events, we expect the pair to move between 1.1662 and 1.1543. Also, it should be noted that major resistance is seen at 1.1734, while immediate resistance is found at 1.1662. Then, we may anticipate potential testing of 1.1662 to take place soon. Moreover, if the pair succeeds in passing through the level of 1.1662, the market will indicate a bullish opportunity above the level of 1.1617. A breakout of that target will move the pair further upwards to 1.1662. Buy orders are recommended above the area of 1.1617 with the first target at the level of 1.1662 and continue towards 1.1698. On the other hand, if the EUR/USD pair fails to break out through the resistance level of 1.1662; the market will decline further to the level of 1.1489.
Fundamental Analysis of NZD/USD for June 22, 2018
2018-06-22
NZD/USD has been quite bearish till yesterday before it bounced off the 0.68 support area with a daily close. NZD has been dominated by USD in several ways, but after the recent rate hike from 1.75% to 2.00%, the USD gains were quite massive.
This week, NZD has been quite weak with the recently published economic reports including GDP decreasing to 0.5%, as expected, from the previous value of 0.6%, Current Account showing an increase to 0.18B from the previous negative value of -2.75B which was expected to be at 0.05B, and Westpac Consumer Sentiment report, published with a decrease to 108.6 from the previous figure of 111.2.
On the other hand, USD has been a bit weaker due to worse economic results published recently, after the rate hike phenomenon persisted in the market earlier. Today, USD Flash Manufacturing PMI report is going to be published which is expected to decrease to 56.3 from the previous figure of 56.4 and Flash Services PMI report is expected to decrease to 56.4 from the previous figure of 56.8.
As of the current scenario, NZD is expected to gain certain momentum over USD which is struggling to get over the worse economic reports and gain momentum. Though the long-term trend is still bearish, certain bullish momentum of NZD gains are expected to last for a shorter period resulting as retracement in the process.
On the technical view, the price has been forming certain Bullish Divergences recently, which is currently expected to cause certain bullish momentum in the pair leading the price towards the resistance in the 0.7150 area in the coming days. As the price remains above 0.68 with a daily close, the bullish momentum is expected to continue further.
Fundamental Analysis of USD/CAD for June 22, 2018
2018-06-22
USD/CAD has been quite impulsive with the bullish gains after breaking above 1.3120 area with a daily close recently. USD has been dominating CAD for a few days since the US Fed Rate Hike to 2.00% from the previous value of 1.75%.
After a series of downbeat economic reports yesterday, today US Flash Manufacturing PMI report is going to be published which is expected to decrease to 56.3 from the previous figure of 56.4 and Flash Services PMI report is expected to decrease to 56.4 from the previous figure of 56.8.
On the other hand, today Canada's CPI report is going to be published which is expected to increase to 0.4% from the previous value of 0.3%, Core Retail Sales is expected to increase to 0.5% from the previous value of -0.2%, and Retail Sales is expected to decrease to 0.0% from the previous value of 0.6%.
As for the current scenario, The pair is set to trade with higher volatility today as several macroeconomic reports are due in Canada. Though USD has been battered recently, any downbeat reading from Canada is expected to lead to further indecision and volatility in the pair. On the other hand, positive economic reports from Canada are expected to push the price lower in the short term.
Now let us look at the technical view. The price depends on the bearish momentum. So,it is expected to retrace towards 1.3120 area before bullish pressure comes back in the coming days. There has not been any bearish divergence in the daily chart right now, but certain hidden divergence effect can be observed that is expected to push the price lower for a while. As the price remains above 1.2900-50 area, the bullish bias is expected to continue further.
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