2018-07-26
The ongoing correction in red wave ii keeps pushing lower, but it must not break below the start of red wave i at 1.7116 as a break below here, will confirm that black wave ii still is in motion and is headed for support at 1.7066.
If, however, the low of red wave i at 1.7116 stays untouched, as we expected, for a break above the channel resistance near 1.7199, that will call for red wave iii towards 1.7510 on the way towards the first long-term target at 1.8381.
R3: 1.7305
R2: 1.7268
R1: 1.7199
Pivot: 1.7184
S1: 1.7165
S2: 1.7130
S3: 1.7116
Trading recommendation:
We are long EUR from 1.7226 with our stop placed at 1.7110. If you are not long EUR yet, then buy a break above the channel-resistance at 1.7199 and use the same stop at 1.7110.
Technical analysis: Intraday level for USD/JPY, July 26, 2018
2018-07-26
In Asia, Japan will release the SPPI y/y and the US will release some Economic Data such as Natural Gas Storage, Prelim Wholesale Inventories m/m, Goods Trade Balance, Unemployment Claims, Durable Goods Orders m/m, and Core Durable Goods Orders m/m. So there is a probability the USD/JPY pair will move with low to medium volatility during this day.
TODAY'S TECHNICAL LEVEL:
Resistance. 3: 111.39.
Resistance. 2: 111.17.
Resistance. 1: 110.95.
Support. 1: 110.69.
Support. 2: 110.48.
Support. 3: 110.25.
Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all Traders or Investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Technical analysis: Intraday Level For EUR/USD, July 26, 2018
2018-07-26
When the European market opens, some Economic Data will be released such as Main Refinancing Rate, Spanish Unemployment Rate, and German GfK Consumer Climate. The US will also release the Economic Data such as Natural Gas Storage, Prelim Wholesale Inventories m/m, Goods Trade Balance, Unemployment Claims, Durable Goods Orders m/m, and Core Durable Goods Orders m/m, so amid the reports, EUR/USD will move in a low to medium volatility during this day.
TODAY'S TECHNICAL LEVEL:
Breakout BUY Level: 1.1794.
Strong Resistance:1.1787.
Original Resistance: 1.1776.
Inner Sell Area: 1.1765.
Target Inner Area: 1.1737.
Inner Buy Area: 1.1709.
Original Support: 1.1698.
Strong Support: 1.1687.
Breakout SELL Level: 1.1680.
Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all Traders or Investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
EUR/USD Approaching Its Resistance, Prepare For Reversal!
2018-07-26
EUR/USD is approaching its resistance at 1.1743 (61.8% Fibonacci extension, 76.4% Fiboancci retracement, horizontal swing high resistance) where the price could reverse off and move towards its support at 1.1661 (50% Fibonacci retracement, horizontal overlap support).
EUR/USD is approaching its resistance where we expect to see a reversal.
Sell entry 1.1743. Stop loss at 1.1789. Take profit at 1.1661.
EUR/GBP Approaching Support, Prepare For A Bounce!
2018-07-26
EUR/GBP is testing its support at 0.8881 (100% Fibonacci extension, 50% & 23.6% Fibonacci retracement, horizontal overlap support) where we expect the price to rise to its resistance at 0.8955 (50% Fibonacci retracement, 61.8% Fibonacci extension, horizontal swing high resistance).
Stochastic (55, 5, 3) has reversed off its support at 3.5% where a corresponding rise could occur.
EUR/GBP is approaching its support where a bounce is expected.
Buy above 0.8881. Stop loss at 0.8837. Take profit at 0.8955.
Technical analysis of Gold for July 26, 2018
2018-07-26
The Gold price remains inside the downward sloping wedge pattern. The price is right below critical wedge resistance at $1,230-35 area. Only a break above this level will give us a bullish sign that price could reach next resistance level of $1,245-50.
Black lines - wedge pattern
Red line - bullish divergence
Blue line - RSI resistance
The Gold price has short-term support at $1,222 and next at $1,217. However, if $1,222 is broken we will most probably see a move towards $1,200. If resistance at $1,235 is broken we should expect Gold to rally towards $1,245 and higher. A break out above the wedge pattern has many chances of bringing Gold back towards $1,300.
Technical analysis of EUR/USD for July 26, 2018
2018-07-26
The market in EUR/USD is a quiet one for the last couple of sessions as price remains trapped inside the triangle pattern. The market has held this stance because most traders wait for the ECB meeting today and the press conference by ECB president Mario Draghi.
Black lines - triangle pattern
Blue lines - RSI triangle pattern
The EUR/USD is trading right below the upper triangle boundary resistance right now. Short-term traders could try a short at current levels as the price is giving a great risk-reward if prices fall after the ECB press conference. If not, the stop level is very close. Be careful today for fake breakouts. The press conference is very important and keeps in mind the 1.1750-1.1760 and 1.16 price levels. The safest strategy is to wait until after the press conference to decide to go long or short this pair.
Fundamental Analysis of USD/CAD for July 26, 2018
2018-07-26
USD/CAD has been impulsive with the bearish gains recently which lead the price to reside at the edge of 1.30 support area. The positive economic reports of CAD published recently helped the currency to gain momentum by countering USD in an impulsive manner but the trend has not been established yet.
Recently CAD CPI Report was published with an unchanged value of 0.1% as expected and Core Retail Sales showed a significant increase to 1.4% from the previous value of 0.2% which was expected to be at 0.6%. The positive economic reports had a significant impact on the growth of the CAD gains which is still being observed in the market. This week there was no CAD economic reports or events to impact or support the gains but the sustainability of the bearish pressure does indicate the strength of CAD against USD in the process.
On the USD side, today Core Durable Goods Orders report is going to be published which is expected to increase to 0.5% from the previous value of 0.0%, Durable Goods Orders is expected to increase to 3.0% from the previous value of -0.4%, Unemployment Claims is expected to increase to 215k from the previous figure of 207k, Goods Trade Balance is expected to decrease to -67.0B from the previous figure of -64.8B and Prelim Wholesale Inventories is expected to decrease to 0.5% from the previous value of 0.6%.
As of the current scenario, USD economic reports to be published are quite mixed with the forecast which might lead to certain volatility in the pair leading to certain gain over CAD ahead of the tomorrow's Advance GDP report. Though CAD is still quite ahead with the recent gains as the USD comes up with better economic reports, a certain bullish pressure is expected in this pair.
Now let us look at the technical view. The price has been quite impulsive with the bearish gains which lead the price towards the support area of 1.30 area from where a certain bullish pressure is expected in this pair which may lead the price towards 1.32 resistance area in the coming days. As the price remains above 1.30 area with a daily close, the bullish bias is expected to continue further.
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