2018-06-28
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 on April 23.
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 price level of 0.7050 was considered a key-level for the NZD/USD bears That's why the bearish persistence below 0.7050 allowed further bearish decline to occur towards the price levels around 0.6800.
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 0.6875 to secure some profits.
Currently, the price zone of 0.6820-0.6780 is being challenged by the NZD/USD bears. This price zone should be considered as an initial target level for current sellers.
Bearish breakdown of the price zone 0.6820-0.6780 will probably allow further bearish decline towards 0.6700-0.6670 if the current bearish momentum is maintained on a daily basis.
Analysis of Gold for June 28, 2018
2018-06-28
Recently, Gold has been trading downwards. As I expected, the price tested the level of $1,249.00. According to the H1 time - frame, I found that sellers are in control and that there is a broken intraday bearish flag in the background. I also found a breakout of FIbonacci expansion 100%, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward target is set at the price of $1,235.85.
Resistance levels:
R1: $1,259.95 R2: $1,265.50 R3: $1,269.35
Support levels: S1: $1,250.50 S2: $1,246.60 S3: $1,240.95
Trading recommendations for today: watch for potential selling opportunities.
Intraday technical levels and trading recommendations for EUR/USD for June 28, 2018
2018-06-28
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.
Initially, Bearish persistence below the price level of 1.2200 allowed further bearish decline towards the price levels of 1.1990 and 1.1880.
The price zone (1.1850-1.1750) offered temporary bullish rejection towards 1.1990 where a descending high was established. However, the EUR/USD bulls failed to pursue towards higher bullish targets.
Instead, further bearish momentum was expressed in the market.
Recently, the price zone (1.1850-1.1750) offered significant bearish rejection and a valid SELL entry. Bearish target around 1.1520 has already been reached on the previous Thursday.
The price zone of 1.1520-1.1420 was considered a prominent bullish demand where a valid bullish BUY entry was offered during last week's consolidations.
Initial Bullish target levels was located around 1.1750. However, significant bearish pressure was applied around 1.1700 which led to the current bearish decline again towards the price zone of 1.1520-1.1420.
Hence, the EUR/USD pair remains trapped between the depicted key-levels 1.1520 and 1.1700 until breakout occurs in either direction.
Bearish breakdown below 1.1520-1.1420 might occur if enough bearish pressure is applied. This would potentially enhance further bearish decline towards 1.1270 (recent consolidation range and demand level).
USD/JPY analysis for June 28, 2018
2018-06-28
Recently, USD/JPY has been trading upwards. The price tested the level of 110.41. According to the H1 time - frame, I found a rising trendline and successful breakout of the bullish flag, which is a sign that buyers are in control. The intraday trend is bullish and my advice is to watch for potential buying opportunities. The upward targets are set at the price of 110.55 and at the price of 110.85.
Resistance levels: R1: 110.57R2: 110.93 R3: 111.37
Support levels: S1: 109.77 S2: 109.33S3: 108.97
Trading recommendations for today: watch for potential buying opportunities.
Technical analysis of GBP/USD for June 28, 2018
2018-06-28
Overview:
The GBP/USD pair opened below the daily major resistance (1.3131). It continued to move downwards from the level of 1.3131 to the bottom around 1.3068. Today, the first resistance level is seen at 1.3131 followed by 1.3196, while daily support 1 is seen at 1.3068. Furthermore, the moving average (100) starts signaling a downward trend; therefore, the market is indicating a bearish opportunity below 1.3068. So it will be good to sell at 1.3068 with the first target of 1.2988. It will also call for a downtrend in order to continue towards 1.2919 in coming hours.
The strong daily support is seen at the 1.2919 level, which represents the double bottom on the H4 chart. According to the previous events, we expect the GBP/USD pair to trade between 1.3090 and 1.2919 in coming two days. The price area of 1.3131 remains a significant resistance zone. Thus, the trend is still bearish as long as the level of 1.3131 is not broken. On the contrary, in case a reversal takes place and the GBP/USD pair breaks through the resistance level of 1.3131, then a stop loss should be placed at 1.3196.
Technical analysis of EUR/USD for June 28, 2018
2018-06-28
Overview:Pivot: 1.1617.
The EUR/USD pair is still trading below the level of 1.1662. The EUR/USD pair has found strong support at the level of 1.1543. So, the strong support has been already encountered 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 1.1662, 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 1.1487 later.
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