2018-06-18
Recently, the EUR/USD pair has been trading sideways at the price of 1.1587. According to the H1 time frame, I found a potential bullish flag in creation, which is a sign that selling looks risky. My advice is to watch for potential breakout of a bullish flag to confirm further upward movement. The upward target is set at the price of 1.1625.
Resistance levels:
R1: 1.1600
R2: 1.1610
R3: 1. 1615
Support levels:
S1: 1.1587
S2: 1.1580
S3: 1.1570
Trading recommendations for today: watch for potential buying opportunities.
Analysis of Gold for June 18, 2018
2018-06-18
Recently, Gold has been trading downwards. The price tested the level of $1,275. According to the H1 time - frame, I found strong supply in the background, which is a sign that sellers in control. I also found a bearish flag in creation, which is another sign of weakness. My advice is to watch for a potential breakout of the bearish flag to confirm further downward continuation. The downward targets are set at the price of $1,275.25 and at the price of $1,236.00.
Resistance levels: R1: $1,284.50R2: $1,286.40 R3: $1,287.90
Support levels: S1: $1,281.10S2: $1,279.60S3: $1,277.70
Trading recommendations for today: watch for potential selling opportunities.
Technical analysis of EUR/USD for June 18, 2018
2018-06-18
Overview:
The EUR/USD pair fell from the level of 1.1734 to bottom at 1.1543 last week. But it rebounded from the bottom to close at the price of 1.1617.
Today, 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 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 (daily support 2).
Technical analysis of NZD/USD for June 18, 2018
2018-06-18
Overview:The NZD/USD pair hasn't made a significant movement for a long time. The bias remains bullish in the nearest term testing 0.7185 or higher. The NZD/USD pair continues to rise from the level of 0.6977 in the long term. It should be noted that the support is established at the level of 0.6977 which represents the 23.6% Fibonacci retracement level on the H4 chart. The price is likely to form a double bottom in the same time frame. Accordingly, the NZD/USD pair is showing signs of strength following a breakout of the highest level of 0.7057. So, buy above the level of 0.7057 with the first target at 0.7121 in order to test the daily resistance 1 and further to 0.7121. Besides, it might be noted that the level of 0.7185 is a good place to take profit because. On the other hand, in case a reversal takes place and the NZD/USD pair breaks through the support level of 0.6977, the stop loss should be placed at 0.6848.
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