2018-07-24
EUR/USD has reversed off its resistance at 1.1745 (61.8% Fibonacci extension, 76.4% Fiboancci retracement, horizontal swing high resistance) where price could pullback to before making a further move down to its support at 1.1644 (61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal swing low support).
EUR/USD reversed nicely off its resistance where we expect a further drop.
Sell entry 1.1745. Stop loss 1.1789. Take profit at 1.1644.
EUR/JPY Approaching Support, Prepare For A Bounce!
2018-07-24
EUR/JPY is approaching its support at 129.60 (61.8% Fibonacci extension, 50% Fibonacci retracement, horizontal overlap support) where a bounce is expected, causing price to rise to its resistance at 131.12 (61.8% Fibonacci retracement, horizontal pullback resistance).
Stochastic (89, 5, 3) is approaching its support at 2.5% where a corresponding bounce could occur.
EUR/JPY is approaching its support where a bounce is expected.
Buy above 129.60. Stop loss at 128.54. Take profit at 131.12.
GBP/USD analysis for July 24, 2018
2018-07-24
Recently, the GBP/USD pair has been trading upwards. The price tested the level of 1.3128. Anyway, according to the H1 time – frame, I found potential buying climax in the background, which is a sign that buying looks risky. I also found a rejection of the supply trendline (resistance), which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of 1.3035 and at the price of 1.2960.
Resistance levels:
R1: 1.3147
R2: 1.3190
R3: 1.3222
Support levels:
S1: 1.3072
S2: 1.3040
S3: 1.2997
Trading recommendations for today: watch for potential selling opportunities.
Analysis of Gold for July 24, 2018
2018-07-24
Recently, Gold has been trading downwards. The price tested the level of $1,220.00. Anyway, according to the M30 time – frame, I found a breakout of well-defined bullish flag, which is a sign that buyers are in control. My advice is to watch for potential buying opportunities. The upward target is set at the price of $1,234.75.
Resistance levels:
R1: $1.232.40
R2: $1.240.45
R3: $1,245.20
Support levels:
S1: $1,219.45
S2: $1,214.30
S3: $1,20665
Trading recommendations for today: watch for potential buying opportunities.
Technical analysis of EUR/USD for July 24, 2018
2018-07-24
Overview:The EUR/USD pair continues to move downwards from the level of 1.1752. Besides, it should be noted that the level of 1.1752 coincides with the pivot point. This week, the pair has dropped from the level of 1.1752 to the bottom around 1.1678. Today, the first support level is seen at 1.1694, the price is moving in a bearish channel now. Furthermore, the price has been set below the strong resistance at the level of 1.1752, which coincides with the 50% Fibonacci retracement level. This resistance has been rejected several times confirming the veracity of a downtrend. Additionally, the RSI starts signaling a downward trend. As a result, if the EUR/USD pair is able to break out the first support at 1.1694, the market will decline further to 1.1623 in order to test the weekly support 2. Consequently, the market is likely to show signs of a bearish trend. So, it will be good to sell below the level of 1.1752 with the first target at 1.1663 and further to 1.1566. However, stop loss is to be placed above the level of 1.1810 (61.8% of fibonacci retracament levels, golden ratio).
NZD/USD Intraday technical levels and trading recommendations for July 24, 2018
2018-07-24
The NZD/USD pair had been trapped between the price levels of 0.7170 and 0.7350 until a bearish breakdown of 0.7200 occurred on April 23.
Breakdown of 0.7220-0.7170 (the neckline zone) was needed to confirm the depicted reversal pattern. Bearish target levels around 0.7050 and 0.7000 have been already achieved.
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 a further 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.
A quick decline took place towards 0.6800 where a false bearish breakdown occurred. This allowed a temporary bearish movement to occur towards 0.6680. However, the pair failed to maintain enough bearish momentum.
On July 7, evident bullish rejection pushed the NZD/USD pair above 0.6820 again. This was followed by a recent bullish reversal pattern (123 pattern) which enhances the bullish side of the market.
Recent signs of bullish weakness were manifested on the chart. The bulls failed to maintain enough bullish momentum above 0.6820 which may endanger the bullish reversal scenario.
That's why, bullish fixation above 0.6820 is mandatory to allow a further bullish advance. Otherwise, a further decline should be expected towards 0.6680.
Trade Recommendations: The price zone 0.6750-0.6800 still constitutes a demand zone to be considered for a valid BUY entry. Bullish fixation above 0.6820 is needed to provide enough bullish momentum towards 0.6900 then probably 0.6980.
Intraday technical levels and trading recommendations for EUR/USD for July 24, 2018
2018-07-24
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 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.
On July 10, signs of bearish rejection were manifested around 1.1750. That's why, a bearish movement was expected to occur towards 1.1650.
Lack of enough bearish momentum allowed another bullish pullback to occur towards 1.1750 (the lower limit of the depicted supply zone) where bearish pressure was expressed on July 17.
That's why, the EUR/USD pair remains trapped inside the consolidation range between the depicted key-levels 1.1520 and 1.1750 until breakout occurs in either direction.
Please note that any bullish breakout above 1.1750 will probably liberate a quick bullish movement towards 1.1850 (the upper limit of the depicted supply zone).
Technical analysis of USD/CAD for July 24, 2018
2018-07-24
Overview:The key level is seen at the price of 1.3247, for that the trend is still moving around it since this week. The USD/CAD pair will probably continue to rise from the level of 1.3139. It should be noted that the support is established at the level of 1.3139 which represents the 61.8% Fibonacci retracement level on the H4 chart. The price is likely to form a double bottom in the same time frame. Accordingly, the USD/CAD pair is showing signs of strength following a breakout of the highest level of 1.3247. So, buy above the level of 1.3247 with the first target at 1.3309 in order to test the daily resistance 1 and further to 1.3385. Besides, it might be noted that the level of 1.3385 is a good place to take profit because it will form a double top. On the other hand, in case a reversal takes place and the USD/CAD pair breaks through the support level of 1.3064, a further decline to 1.2990 can occur which would indicate a bearish market.
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