2018-07-13
NZD/USD has been quite bearish with the momentum recently which suddenly got certain bullish pressure yesterday which is expected to lead to a short-term retracement towards the 0.68-0.69 area in the coming days.
NZD has been quite positive with the recent economic report of FPI increasing from 0.0% to 0.5% which helped the currency to gain momentum against USD in the process. Though USD has been struggling to sustain the momentum due to the recent worse NFP report and ongoing Trade Wars.
On the USD side, the recent published high impact economic reports were quite mixed and were not enough to support the sustainability of the bearish pressure in the pair. Today, USD Import Price report is going to be published which is expected to decrease to 0.1% from the previous value of 0.6%, Prelim UoM Consumer Sentiment is expected to slightly decrease to 98.1 from the previous figure of 98.2 and Revised UoM Inflation Expectations report is at 3.0% where no forecast has been made on this so far.
As of the current scenario, USD is expected to lose momentum due to worse economic forecasts and if the actual follows the expectation then USD is expected to lose some more grounds against NZD in the process, but the weakness is expected to be quite short-term as next week, certain high impact reports of USD like Retail Sales are going to be published.
Now let us look at the technical side. The price has been quite volatile with the bearish pressure recently which did lead to break below 0.68 with a daily close. As of the recent Bullish Divergence in place, the price has already reacted to it well and is expected to push again towards the resistance area of 0.68-0.69 before showing further bearish pressure in the future. As the price remains below the 0.68-0.69 area, the bearish bias is expected to continue.
Trading Plan for EUR/USD for July 13, 2018
2018-07-13
Technical outlook:
The EUR/USD pair formed a bottom around the 1.1650 levels yesterday, a few pips higher than what we expected and discussed yesterday. According to the Elliott Channel, it bounced from support and also a Fibonacci ratio as seen here. A high probable direction from here should be on the north side, above the 1.1850 levels. On the flip side, an alternate low at 1.1630 cannot be ruled out before the markets reverse higher. Price support remains at the levels of 1.1590 and 1.1530 respectively, while interim resistance is seen at 1.1790. Please note that the currency pair is into its probable wave 4 at a higher degree and until prices stay below the 1.2150 levels, the count remains valid. A break above 1.2150 would indicate further delays in the expected drop.
Trading plan:
Remain long with stop below the 1.1550/30 levels with the target of at least 1.1950
Fundamental outlook:
USD U. Michigan sentiment is due at 1000 AM EST and Fed Monetary Policy release to Congress is at 1100 AM EST.
Good luck!
Technical analysis: Intraday level for USD/JPY, July 13, 2018
2018-07-13
In Asia, Japan will release the Revised Industrial Production m/m data, and the US will release some Economic Data, such as Revised UoM Inflation Expectations, Prelim UoM Consumer Sentiment, and Import Prices m/m. 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: 113.25.
Resistance. 2: 113.02.
Resistance. 1: 112.81.
Support. 1: 112.54.
Support. 2: 112.32.
Support. 3: 112.10.
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 13, 2018
2018-07-13
When the European market opens, some Economic Data will be released such as ... . The US will release the Economic Data too, such as Revised UoM Inflation Expectations, Prelim UoM Consumer Sentiment, and Import Prices 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: 1.1720.
Strong Resistance:1.1713.
Original Resistance: 1.1702.
Inner Sell Area: 1.1691.
Target Inner Area: 1.1663.
Inner Buy Area: 1.1635.
Original Support: 1.1624.
Strong Support: 1.1613.
Breakout SELL Level: 1.1606.
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 NZD/USD for July 13, 2018
2018-07-13
The NZD/USD pair at 4-hour charts still moving in a Bearish bias. This condition is already seen by the price making higher low - lower low and making a few continuation Bearish chart patterns such as Bearish Flag, Bearish Pennant Flag and Broadening Up Channel. This pattern indicated the upper correction is weak and is confirmed by the Stochastic Oscillator already turning back from the Overbought level. So in next few hours as long as this pair does not break out and close above the 0.6855 it will continue its Bearish bias.
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