2018-07-27
EUR/NZD is a break above the descending channel resistance-line near 1.7173 indicating that red wave ii completed with the test of 1.7130 and red wave iii towards 1.7510 now is developing.
Short-term, we would like to see a break above resistance at 1.7207 too, as confirmation that red wave iii is in motion for the next impulsive rally.
Support is now seen at 1.7162 and again at 1.7130. Ideally the later will be able to protect the downside for the expected break above 1.7207.
R3: 1.7305
R2: 1.7268
R1: 1.7207
Pivot: 1.7184
S1: 1.7162
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, you should buy here at 1.7180 or upon a break above 1.7207 and use the same stop at 1.7110.
Trading Plan for EUR/USD for July 27, 2018
2018-07-27
Trading plan:
Remain short and add more towards 1.1700 levels, stop at 1.1785, the target is open.
Fundamental outlook:
Watch out for US GDP at 0830 AM EST.
Good luck!
Technical analysis: Intraday level for USD/JPY, July 27, 2018
2018-07-27
In Asia, Japan will release the Tokyo Core CPI y/y data, and the US will release some Economic Data such as Revised UoM Inflation Expectations, Revised UoM Consumer Sentiment, Advance GDP Price Index q/q, and Advance GDP q/q. So, there is a probability the USD/JPY will move with a low to medium volatility during this day.
TODAY'S TECHNICAL LEVEL:
Resistance. 3: 111.63.
Resistance. 2: 111.41.
Resistance. 1: 111.19.
Support. 1: 110.95.
Support. 2: 110.72.
Support. 3: 110.49.
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 27, 2018
2018-07-27
When the European market opens, some Economic Data will be released such as French Consumer Spending m/m, German Import Prices m/m, and French Flash GDP q/q. The US will release the Economic Data too, such as Revised UoM Inflation Expectations, Revised UoM Consumer Sentiment, Advance GDP Price Index q/q, and Advance GDP q/q, so, amid the reports, EUR/USD will move in a low to medium volatility during this day.
TODAY'S TECHNICAL LEVEL:
Breakout BUY Level: 1.1700.
Strong Resistance:1.1693.
Original Resistance: 1.1682.
Inner Sell Area: 1.1671.
Target Inner Area: 1.1643.
Inner Buy Area: 1.1615.
Original Support: 1.1604.
Strong Support: 1.1593.
Breakout SELL Level: 1.1586.
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.
Trading Plan for GBP/USD for July 27, 2018
2018-07-27
Technical outlook:
The GBP/USD pair may be into its final leg lower as EUR/USD, before producing a meaningful counter-trend rally for the remaining of months. Please note that the pair has been dropping since mid of April 2018 and seems very close to completing its first major down move. Looking at the wave structure, the pair might be carving out a diagonal and into its 5th wave lower, before reversing sharply. If the above structure would hold, we should see prices dropping below 1.2950 levels or close to that. Thereafter, we can expect the years largest counter-trend rally which could last for several weeks to come. Immediate resistance is seen around 1.3200 levels, followed by 1.3300 levels, while interim support is seen at 1.2969 levels respectively. Expect intraday rallies to be capped below 1.3200 levels though.
Trading plan:
Remain short and add more on intraday rallies, stop above 1.3200, target 1.2950.
Fundamental outlook:
Watch out for US GDP figures to be out today at 0830 AM EST.
Good luck!
Technical analysis of Gold for July 27, 2018
2018-07-27
The Gold price remains trapped inside the wedge pattern. The price got rejected at the $1,230-35 resistance area and is now challenging short-term support at $1,220-17 area. A break below this area will open the way for a push lower towards $1,200-$1,180. A break above $1,235 will open the way for a move towards $1,245-50.
Black lines - downward sloping wedge pattern
Blue line - RSI resistance
Red line - bullish divergence RSI Support
The Gold price could make a new low towards $1,207 where the lower wedge pattern boundary is found. The $1,200-$1,205 area is the next important support. So far trend remains bearish as we see price making lower lows and lower highs. Only a break above $1,235 will change this. The bullish divergence justifies that it is time for a strong bounce but does not guarantee it. We need to break the blue RSI resistance and the $1,235 level first.
Technical analysis of EUR/USD for July 27, 2018
2018-07-27
Yesterday I noted that price was challenging the long-term important resistance at 1.1730-1.1760. I also mentioned in yesterday's analysis that the best option would be to go short this pair as the risk reward ration favored this view. The potential of a rejection was high, price was near resistance and the stop was very close. Price indeed got rejected and is now nearly 90 pips lower.
Black lines - triangle pattern
Blue lines - contracting triangle in RSI
The EUR/USD pair got rejected yesterday at the upper triangle boundary and is now trading near 1.1647. Trend remains neutral as long as we are inside this triangle. Break below 1.16 and we will start a move lower towards 1.13. Break above 1.1740 and we are off to 1.19. The RSI is approaching support level so traders should not chase the short side here until we have more info about the market conditions, specially after the US GDP announcement later in the day. This is a macroeconomic announcement that is expected to influence the direction of this pair significantly.
Trading Plan for USD/JPY for July 27, 2018
2018-07-27
Technical outlook:
The outlook for USD/JPY looks to be bullish at least in the short term. As depicted here on the 4H chart, the pair has been forming higher highs and higher lows since May 2018. Moreover, it has bounced right from the support line that connects previous 2 bottoms/lows at 110.60 levels yesterday. Looking into the wave structure, the pair is poised to stage a rally from yesterday's lows and push above 113.00 levels before producing a meaningful pullback lower. Furthermore, the pair is finding support from the past resistance turned support zone as well. Looking into all these convergence points, it is high probable, that USD/JPY is headed north from here till prices stay above 109.30 levels.
Trading plan:
Remain long, stop at 109.25, target above 113.00
Fundamental outlook:
Watch out for US GDP figures to be out today at 08:30 AM EST.
Good luck!
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