2018-07-02
Recently, Gold has been trading downwards. The price tested the level of $1,245.50. According to the H1 time frame, I found a broken bearish flag pattern, which is a sign that sellers are in control. The trend is bearish and my advice is to watch for potential selling opportunities. The downward targets are set at the price of $1,236.00 and at the price of $1,228.00.
Resistance levels: R1: $1,255.50R2: $1,257.00R3: $1,258.50
Support levels: S1: $1,253.40S2: $1,251.80S3: $1,250.70
Trading recommendations for today: watch for potential selling opportunities.
AUD/USD analysis for July 02, 2018
2018-07-02
Recently, AUD/USD has been trading downwards. The price tested the level of 0.7366. According to the 30M time frame, I found a potential end of the bearish corrective phase (ABC flat), which is a sign that selling looks risky. My advice is to watch for a breakout of supply trendline to confirm further upward movement. The upward target is set at the price of 0.7415.
Resistance levels:
R1: 0.7410
R2: 0.7420
R3: 0.7425
Support levels:
S1: 0.7393
S2: 0.7387
S3: 0.7377
Trading recommendations for today: watch for potential buying opportunities.
Technical analysis of GBP/USD for July 02, 2018
2018-07-02
Overview:The GBP/USD pair opened below the daily major resistance (1.3276). It continued to move downwards from the level of 1.3196 to the bottom around 1.3131. 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 USD/CAD for July 02, 2018
2018-07-02
The USD/CAD pair continues to move downwards from the level of 1.3257, which represents the double top on the H1 chart. Last week, the pair dropped from the level of 1.3257 to the bottom around 1.3130. Today, the first resistance level is seen at 1.3227 followed by 1.3257, while daily support is seen at the levels of 1.3130 and 1.3093. According to the previous events, the USD/CAD pair is still trapping between the levels of 1.3227 and 1.3093. Thus, we expect a range of 137 pips in coming hours. The first resistance stands at 1.3227, for that if the USD/CAD pair fails to break through the resistance level of 1.3227, the market will decline further to 1.3130. This would suggest a bearish market because the RSI indicator is still in a negative area and does not show any trend-reversal signs. The pair is expected to drop lower towards at least 1.3093 in order to test the second support (1.3093). On the contrary, if a breakout takes place at the resistance level of 1.3257 (the double top), then this scenario may become invalidated.Get Bonus No Deposite in your Trading Account now and add this currency pair to your forex portfolio, enjoy your trading with us!
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