2018-06-21
Recently, Gold has been trading downwards. As I expected, the price tested the level of $1,261.50 and met my first downward target. According to the H1 time - frame, I found no strong reaction from buyers, which is a sign that sellers are still in control. Watch for potetnial bearish flag before you sell. The next downward target is set at the price of $1,250.00 (Fibonacci expansion 100%).
Resistance levels: R1: $1,276.75 R2: $1,282.13 R3: $1,285.70
Support levels: S1: $1,267.75 S2: $1,264.50 S3: $1,258.75
Trading recommendations for today: watch for potential selling opportunities.
Technical analysis of USD/CAD for June 21, 2018
2018-06-21
Overview:The USD/CAD pair broke the resistance that turned into strong support at the level of 1.3247 yesterday. The level of 1.3247 coincides with a golden ratio (78.6% of Fibonacci), which is expected to act as a major support on the H1 chart today. Consequently, the first support is set at the level of 1.3247. Moreover, the RSI starts signaling an upward trend, and the trend is still showing strength above the moving average (100). Hence, the market is indicating a bullish opportunity above the area of 1.3247/1.3300. So, the market is likely to show signs of a bullish trend around 1.3247 - 1.3300. In other words, buy orders are recommended above the ratio of 78.6% Fibonacci (1.3247) with the first target at the level of 1.3387 in order to test the first resistance in the same time frame. If the pair succeeds to pass through the level of 1.3387, the market will probably continue towards the next objective at 1.3442. The daily strong support is seen at 1.3247. Thus, if a breakout happens at the support level of 1.3240, then this scenario may be invalidated.
Technical analysis of NZD/USD for June 21, 2018
2018-06-21
Overview:The NZD/USD pair faces resistance at 0.6878, while strong resistance is seen at 0.6912. Support is found at 0.6823 and 0.6786 levels. Today, the NZD/USD pair continues to move downwards from 0.6851 level. The pair fell from 0.6851 level to the bottom around 0.6823. In consequence, the NZD/USD pair broke support at 0.6878 which turned into resistance.The 0.6878 level is expected to act as minor resistance. Hence, we expect the NZD/USD pair to continue moving in the bearish trend from 0.6878 level towards the target at 0.6823. In the long term, if the pair succeeds in passing through 0.6823 level , the market will indicate the bearish opportunity below 0.6823 level in order to reach the second target at 0.6786 in the H1 time frame. However, the 0.6786 mark remains a significant support zone. Thus, the trend will probably rebound again from 0.6754 level as long as this level is not breached.
EUR/USD analysis for June 21, 2018
2018-06-21
Recently, EUR/USD has been trading downwards. The price tested the level of 1.1507. According to the H1 time - frame, I found a breakout of the bearish flag, which is a sign that sellers are in control. The trend is bearish. My advice is to watch for potential selling opportunities. The downward targets are set at the price of 1.1452 and at the price of 1.1342.Resistance levels:
R1: 1.1603R2: 1.1635R3: 1.1668
Support levels: S1: 1.1538S2: 1.1505S3: 1.1473
Trading recommendations for today: watch for potential selling opportunities.
NZD/USD Intraday technical levels and trading recommendations for for June 21, 2018
2018-06-21
Since January, the price zone of 0.7320-0.7390 has been standing as a significant supply zone during recent bullish pullback. The bulls failed to execute a successful Bullish breakout above 0.7400 during previous 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 needed 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 was considered a key-level for the NZD/USD bears.
As anticipated, the recent bullish pullback towards the price level of 0.7050 (Broken Demand-Level) offered a good opportunity for sellers to have a valid SELL entry. It's already running in profits. S/L should be lowered to 0.6925 to secure some profits.
Currently, the price levels of 0.6820-0.6780 are the next destination for the NZD/USD pair to be reached. These price levels should be watched for bullish rejection and a target level for current sellers.
Intraday technical levels and trading recommendations for EUR/USD for June 21, 2018
2018-06-21
Daily Outlook
In April 2018, the short-term outlook turned to become bearish when the EUR/USD pair maintained trading below the broken uptrend as well as the lower limit of the depicted consolidation range.
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 temporary bullish rejection towards 1.1990 where a descending high was established.
The EUR/USD bulls failed to pursue towards higher bullish targets. Instead, further bearish momentum was expressed in the market.
The price zone (1.1850-1.1750) was considered a prominent Supply zone where bearish rejection and a valid SELL entry were offered on Thursday. It's already running in profits. S/L should be lowered to 1.1660 to secure some of the profits.
On the other hand, the current price zone of 1.1520-1.1420 is considered a prominent bullish demand where price action should be watched for a possible bullish pullback
However, Bearish breakdown below 1.1400 might occur if the current bearish momentum persists. This can potentially enhance further bearish decline towards 1.1270 (recent consolidation range and demand level).
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