2018-07-18
EUR/GBP has been impulsive with the recent bullish gains which lead the price to reside at the edge of channel resistance below 0.90 resistance area. Though the bullish pressure was quite impulsive it has left certain traces in the process which does indicate certain bearish intervention to be observed in the coming days.
GBP has been struggling earlier this week with the worse economic reports which lead the currency to lose certain grounds in the process. Today GBP CPI report is going to be published which is expected to increase to 2.6% from the previous value of 2.4%, PPI Input is expected to decrease to 0.3% from the previous value of 2.8%, RPI is expected to increase to 3.5% from the previous value of 3.3%, Core CPI is expected to be unchanged at 2.1%, HPI is expected to slight decrease to 3.8% from 3.9% and PPI Output is also expected to decrease to 0.3% from the previous value of 0.4%.
On the other hand, today the EUR Final CPI report is going to be published which is expected to be unchanged at 2.0% and Final Core CPI is expected to be unchanged at 1.0%.
As of the current scenario, the forecasts of GBP are quite dovish whereas EUR is indecisive. Though EUR has been gaining momentum recently but any positive outcome of the GBP report may lead to certain gain on the GBP side in the coming days. As of the current market formation and scenario, which is more likely to happen.
Now let us look at the technical view. The trend is still bullish in this pair which was confirmed after breaking above 0.8850 area with a daily close. As the price is currently rejecting off the channel resistance, it is expected to push lower towards 0.8850 again before showing further bullish momentum with a target towards 0.90 resistance area in the future. As the price remains above the 0.8850 area with a daily close, the bullish bias is expected to continue.
NEAR TERM RESISTANCE: 0.90
NEAR TERM SUPPORT: 0.8850
BIAS: BULLISH
MOMENTUM: RETRACE EXPECTED BEFORE PUSHING HIGHER
Technical analysis: Intraday level for USD/JPY, July 18, 2018
2018-07-18
In Asia, Japan today will not release any Economic Data, but the US will release some Economic Data such as Beige Book, Crude Oil Inventories, Housing Starts, and Building Permits. 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: 113.54.
Resistance. 2: 113.32.
Resistance. 1: 113.10.
Support. 1: 112.82.
Support. 2: 112.60.
Support. 3: 112.38.
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 18, 2018
2018-07-18
When the European market opens, some Economic Data will be released such as German 30-y Bond Auction, Final Core CPI y/y, and Final CPI y/y. The US will release the Economic Data too, such as Beige Book, Crude Oil Inventories, Housing Starts, and Building Permits, so, amid the reports, EUR/USD will move in a low to medium volatility during this day.
TODAY'S TECHNICAL LEVEL:
Breakout BUY Level: 1.1711.
Strong Resistance:1.1704.
Original Resistance: 1.1693.
Inner Sell Area: 1.1682.
Target Inner Area: 1.1654.
Inner Buy Area: 1.1626.
Original Support: 1.1615.
Strong Support: 1.1604.
Breakout SELL Level: 1.1597.
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 of GBP/USD for July 18, 2018
2018-07-18
At the 4 hour chart we see that the cable is still moving with the bearish bias but we also see the divergence between the price and the Stochastic. Therefore, there is a possibility that the GBP/USD pair will correct its movements in a few days ahead to the upside at 1.3172. Overall, the bias in the GBP/USD pair is still bearish.
(Disclaimer)
Technical analysis of Gold for July 18, 2018
2018-07-18
The Gold price is making new 2018 lows. The price is visiting levels last seen in the summer of 2017. The long-term trend line support we showed yesterday has been broken for the time being. Only a weekly close above $1,240 would give Gold bulls hope of a reversal.
Blue lines - the bullish divergence remains
Red line - RSI support/bullish divergence
The Gold price broke below $1,237-35 support area and has visited $1,220 area as expected. Despite the new low the RSI did not make a new lower low. The RSI is at a higher level even since the low made on July 3rd near $1,236. Cloud resistance is found at $1,247 and bulls need to break this level to change short-term trend to bullish again. The RSI is also diverging on a daily basis and is very oversold on a weekly basis as well. This is not the time be chasing a short trade in Gold. At least a bounce towards $1,240-45 will come soon.
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