2018-07-13
Recently, Gold has been trading downwards. The price tested the level of $1,238.00. According to the H1 time - frame, I found a breakout of the bearish flag in the background, which is a sign of weakness. Gold is in the downward trend and my advice is to watch for potential selling opportunities. I placed Fibonacci expansion to find potential downward targets. I found FE 100% at the price of $1,233.00 and FE 161.8% at the price of $1,223.55.
Resistance levels: R1: $1,249.45R2: $1,252.50R3: $1,256.75
Support levels: S1: $1,242.20S2: $1,238.20S3: $1,234.85
Trading recommendations for today: watch for potential selling opportunities.
USD/CAD analysis for July 13, 2018
2018-07-13
Recently, USD/CAD has been trading upwards. As I expected, the price tested the level of 1.3200. According to the H1 time frame, I found a breakout of supply trendline in the background, which is a sign that buyers are in control. My advice is to watch for potential buying opportunities. Upward targets are set at the price of 1.3245 and at the price of 1.3300.
Resistance levels:
R1: 1.3200
R2: 1.3220
R3: 1.3245
Support levels:
S1: 1.3150
S2: 1.3135
S3: 1.3110
Trading recommendations for today: watch for potential buying opportunities.
Intraday technical levels and trading recommendations for EUR/USD for July 13, 2018
2018-07-13
Daily Outlook
In April 2018, the EUR/USD pair outlook turned to become bearish when the pair pursued trading below the broken uptrend as well as the lower limit of the depicted consolidation range.
Shortly after, the price zone (1.1850-1.1750) offered temporary bullish rejection towards 1.1990. The EUR/USD bulls failed to pursue towards higher bullish targets. Instead, a descending high was established around 1.1990.
This was followed by a bearish breakdown below the price zone of 1.1850-1.1750. This price zone has been standing as a significant Supply zone since June 2018.
On the other hand, the price zone of 1.1520-1.1420 was considered a prominent demand zone where a valid bullish BUY entry was offered during previous weeks' consolidations.
Hence, the EUR/USD pair remains trapped inside a consolidation range between the depicted key-levels 1.1520 and 1.1800 until a breakout occurs in either direction.
Recent signs of bearish rejection around 1.1800 were already manifested on the chart. That's why, further bearish movement towards was anticipated towards 1.1650 initially. Next bearish target would be located around 1.1520.
Please note that any bullish breakout above 1.1750 will probably enhance further bullish advancement initially towards 1.1850 (low probability).
NZD/USD Intraday technical levels and trading recommendations for July 13, 2018
2018-07-13
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 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 a valid SELL entry.
The quick bearish decline took place towards 0.6800 where a false bearish breakdown occurred. This allowed temporary bearish movement to occur towards 0.6680. However, the pair failed to maintain enough bearish momentum.
On July 7, recent bullish rejection pushed the NZD/USD pair above 0.6820 again. This was followed by another bearish breakout below 0.6750 which took place earlier on Wednesday.
Trade Recommendations:
Currently, the price zone 0.6750-0.6800 constitutes a demand zone to be defended by the NZD/USD bulls. Potential bullish targets would be located around 0.6900-0.6980.
Please be cautious if the current bearish decline extends below 0.6680 as this invalidates the previous bullish scenario.
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