2018-06-26
Recently, USD/CHF has been trading upwards. As I expected, the price tested the level of 0.9892. According to the H1 time - frame, I found a potential end of the downward correction (abc flat) and a valid breakout of the failling wedge in the background, which is a sign that selling looks very risky. I also found a hidden bullish divergence on the MACD oscillator, which is another sign of strength. My advice is to watch for potential buying opportunities. The upward targets are set at the price of 0.9924 and at the price of 0.9983.
Resistance levels: R1: 0.9888R2: 0.9906R3: 0.9922
Support levels: S1: 0.9854S2: 0.9838S3: 0.9820
Trading recommendations for today: watch for potential buying opportunities.
Analysis of Gold for June 26, 2018
2018-06-26
Recently, Gold has been trading downwards. The price tested the level $1,257.31. According to the H1 time - frame, I found strong selling pressure and a breakout of the support at the price of $1,262.50, which is a sign that sellers are in control. My advice is to watch for potential selling opportunities. The downward targets are set at the price of $1,250.40, $1,26.25 and at the price of $1,236.25.
Resistance levels: R1: $1,272.65R2: $1,277.75R3: $1,281.05
Support levels: S1: $1,264.25S2: $1,260.90S3: $1,255.85
Trading recommendations for today: watch for potential selling opportunities.
Fundamental Analysis of USD/JPY for June 26, 2018
2018-06-26
USD/JPY is currently residing above the support area of 108.50-109.20 from where the price is expected to climb higher towards 110.50 in the coming days. In light of the recent downbeat economic reports from the US, JPY took advantage to gain momentum despite mixed economic readings.
Today, Japan's SPPI report was published unchanged as expected at 1.0% and BOJ Core CPI was also published unchanged at 0.5% which was expected to increase to 0.6%. Ahead of the upcoming Retail Sales, Unemployment Claims, and Unemployment Rate reports which are due later this week, the pair is set to trade with higher volatility.
On the other hand, today the US is due to release CB Consumer Confidence report which is expected to show a slight decrease to 127.6 from the previous figure of 128.0. Moreover, S&P C/S Composite 20 HPI report is going to be published which is expected to increase to 6.9% from the previous value of 6.8%, and Richmond Manufacturing Index report is expected to decrease to 15 from the previous figure of 16. Besides, FOMC official Bostic is going to speak about the Fed's intentions on monetary tightening.
As for the current scenario, the US could present reports with mixed readings today, though better-than-expected results are to encourage the US currency to gain momentum over JPY in the coming days. Nevertheless, the pair is likely to trade with higher volatility and correction as Japan is due to present a series of macroeconomic reports this week.
Now let us look at the technical view. The price is currently holding above the support area of 108.50-109.20 with a daily close. Though certain bearish pressure has been quite impulsive recently after rejecting off the 110.50 area, the price is currently expected to be retested. The trend is still bullish, so the price is logically expected to climb higher with a target towards 112.00 area. A daily close below 108.50 will only deviate the bullish bias, existing in the current market situation.
Fundamental Analysis of GBP/USD for June 26, 2018
2018-06-26
GBP/USD has been quite corrective and volatile below 1.3320 area while trying to retest after the break below the area with a daily close. The pound sterling has been struggling to gain momentum over USD recently that made the price to sink much lower in the process.
Today, Bank of England officials Haskei and McCafferty are going to speak about the key interest rate and the regulator's plans on further monetary policy. Their remarks are likely to have a neutral impact on the GBP gains over USD. On the back of persistent trade jitters, UK Finance Minister Phillip Hammond said that the full-blown trade war will be a disaster for any country involved, but US economy is going to suffer the most negative impact of the situation. He also uttered that the UK will be always open for trades and with none to low tariffs. Moreover, today the CBI is due to release a retail sales volume balance which is expected to decrease to 10 from the previous figure of 11.
On the USD side, today US CB Consumer Confidence report is going to be published which is expected to have a slight decrease to 127.6 from the previous figure of 128.0. Moreover, S&P C/S Composite 20 HPI report is going to be published which is expected to increase to 6.9% from the previous value of 6.8%, and Richmond Manufacturing Index report is expected to decrease to 15 from the previous figure of 16. Besides, FOMC policymaker Bostic is going to speak about interest rate decisions and further monetary policy.
As for the current scenario, USD is expected dominate GBP further in the coming days as the UK economy may struggle a bit more before it finally starts to take charge. Amid the long-lasting trade dispute between the US and its trade partners, certain volatility and unexpected situations may occur but USD is expected to have an upper hand.
Now let us look at the technical view. The price is currently holding below the resistance area of 1.3320 area from where it is expected to drop much lower towards 1.3050 area in the coming days. As the dynamic level of 20 EMA is holding the price as resistance below the resistance area, the confluence is expected to keep pushing the price lower according to the market sentiment. As the price remains below 1.3320 area, the bearish bias is expected to continue.
Technical analysis of NZD/USD for June 26, 2018
2018-06-26
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.
Technical analysis of AUD/USD for June 26, 2018
2018-06-26
Overview:The pivot point sets at the price of 0.7387. The AUD/USD pair fell sharply from the level of 0.7474 towards 0.7348. Now, the price is set at 0.7371. The resistance is seen at the levels of 0.7426 and 0.7474. Moreover, the price area of 0.7474 remains a significant resistance zone. Therefore, there is a possibility that the AUD/USD pair will move downside and the structure of a fall does not look corrective. The trend is still below the 100 EMA for that the bearish outlook remains the same as long as the 100 EMA is headed to the downside. Thus, amid the previous events, the price is still moving between the levels of 0.7426 and 0.7257. If the AUD/USD pair fails to break through the resistance level of 0.7426, the market will decline further to 0.7474 as the first target. This would suggest the bearish market because the RSI indicator is still in a negative spot and does not show any trend-reversal signs. The pair is expected to drop lower towards at least 0.7302 so as to test the daily support 2. On the contrary, if a breakout takes place at the resistance level of 0.7474, then this scenario may become invalidated.
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