2018-06-19
Recently, Gold has been trading sideways at the price of $1,279.00. According to the H1 time - frame, I found potential end of the upward corrective structure (abc), which is a sign that sellers may continue with downward direction. My advice is to watch for a potential breakout of bearish flag to confirm further downward continuation. The downward targets are set at the price of $1,263.35 and at the price of $1,250.15.
Resistance levels: R1: $1,286.60R2: $1,288.20 R3: $1,289.90
Support levels: S1: $1,283.30S2: $1,281.60S3: $1,280.00
Trading recommendations for today: watch for potential selling opportunities.
EUR/USD analysis for June 19, 2018
2018-06-19
Recently, EUR/USD has been trading downwards. The price tested the level of 1.1549. According to the H1 time - frame, I found a broken bearish flag pattern and a potential end of the upward correction (abc flat), which is a sign that sellers are in control. My advice is to watch for selling opportunities. The downward targets are set at the price of 1.1511, 1.1457 and at the price of 1.1345.
Resistance levels: R1: 1.1637R2: 1.1653 R3: 1.1662
Support levels: S1: 1.1612S2: 1.1603S3: 1.1587Trading recommendations for today: watch for potential selling opportunities.
Technical analysis of USD/CAD for June 19, 2018
2018-06-19
Overview:The USD/CAD pair continues to move upwards from the level of 1.3226. Yesterday, the pair rose from the level of 1.3185 to a top around 1.3275. Today, the first resistance level is seen at 1.3275 followed by 1.3322, while daily support 1 is seen at 1.3185 (78.6% Fibonacci retracement). According to the previous events, the USD/CAD pair is still moving between the levels of 1.3226 and 1.3322; so we expect a range of 96 pips.
Furthermore, if the trend is able to break out through the first resistance level at 1.3275, we should see the pair climbing towards the 1.3322 level.
Therefore, buy above the level of 1.3226 with the first target at 1.3275 in order to test the daily resistance 1 and further to 1.3322. Also, it might be noted that the level of 1.3322 is a good place to take profit because it will form a double top. On the other hand, in case a reversal takes place and the USD/CAD pair breaks through the support level of 13185, a further decline to 1.3066 can occur which would indicate a bearish market.
Technical analysis of GBP/USD for June 19, 2018
2018-06-19
Overview:
This week, the GBP/USD pair opened below the weekly pivot point (1.3429). It continued to move downwards from the level of 1.3429 to the bottom around 1.3225. Today, the first resistance level is seen at 1.3429 followed by 1.3580, while daily support 1 is seen at 1.3225.
Furthermore, the moving average (100) starts signaling a downward trend; therefore, the market is indicating a bearish opportunity below 1.3225. So it will be good to sell at 1.3250 with the first target of 1.3200. It will also call for a downtrend in order to continue towards 1.3106. The strong daily support is seen at the 1.3106 level, which represents the double bottom on the H4 chart.
According to the previous events, we expect the GBP/USD pair to trade between 1.3250 and 1.3106 in coming hours. The price area of 1.3300 remains a significant resistance zone. Thus, the trend is still bearish as long as the levels of 1.3300/1.3429 are not broken. On the contrary, in case a reversal takes place and the GBP/USD pair breaks through the resistance level of 1.3429, then a stop loss should be placed at 01.3475.
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