2018-07-06
GBP/USD has reversed nicely off its resistance at 1.3266 (100% Fibonacci extension x2, 50% & 78.6% Fibonacci retracement, horizontal swing high resistance) where we expect to see a further drop to its support at 1.3149 (100% Fibonacci extension, horizontal pullback support).
Stochastic (89, 5, 3) reversed off its resistance at 95% where a corresponding drop is epected. We have also identified a bearish divergence with price which contributes to our bearish bias.
Sell below 1.3266. Stop loss 1.3324. Take profit at 1.3149.
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EUR/USD analysis for July 06, 2018
2018-07-06
Recently, EUR/USD has been trading upwards. The price tested the level of 1.1726. According to the H1 time - frame, I found a rising trendline, which is a sign that buyers are in control. I also found a potential end of the flat ABC downward correction in the background, which is another sign of weakness. My advice is to watch for potential buying opportunities. The upward target is set at the price of 1.1835.
Resistance levels:
R1: 1.1725
R2: 1.1757
R3: 1.1795
Support levels:
S1: 1.1654
S2: 1.1617
S3: 1.1584
Trading recommendations for today: watch for potential buying opportunities.
Fundamental Analysis of NZD/USD for July 6, 2018
2018-07-06
NZD/USD has been quite impulsive with the bullish gains recently which lead the price to retest the support area of 0.68-0.69 area in the process. Ahead of the upcoming high impact USD economic reports to be published today, the pair is expected to be quite volatile in the process.
NZD has been quite worse with the performance of recently published economic reports including NZIER Business Confidence showing greater deficit to -20 from the previous figure of -11 and ANZ Commodity Price also decreasing to -1.0% from the previous value of 1.5%. As of the recent worse reports, market sentiment diversified their momentum towards USD ahead of the high impact USD reports this week.
On the USD side, having a certain optimistic approach from the FOMC Meeting despite the recent Trade War tensions, USD is expected to be quite positive. Today, a USD Average Hourly Earnings report is going to be published which is expected to be unchanged at 0.3%, Non-Farm Employment Change is expected to decrease to 195k from the previous figure of 223k and Unemployment Rate is expected to be unchanged at 3.8%. Moreover, USD Trade Balance report is also going to be published today which is expected to increase to -43.6B from the previous deficit of -46.2B and Natural Gas Storage report is expected to increase to 76B from the previous figure of 66B.
As of the current scenario, USD is expected to have an upper hand despite the mixed expectations for the upcoming high impact economic reports as the optimistic approach FED and increase in Job ratio is expected to lead to further USD gains in the coming days.
Now let us look at the technical view. As of the recent Bullish Regular Divergence in place, the price has pushed higher this week and currently residing at the edge of 0.68-69 resistance area from where it is expected to push lower towards 0.6550 support area in the coming days. As the price remains below 0.70 area, the bearish bias is expected to continue further.
AUD/USD analysis for July 06, 2018
2018-07-06
Recently, AUD/USD has been trading downwards. As I expected, the price tested the level of 0.7417. According to the H1 time - frame, I found a potential end of the expanded flat downward correction, which is a sign that selling looks risky. I also found a breakout of the suppy trendline in the background, which is another sign of strength. My advice is to watch for potential buying opportunities. The upward targets are set at the price of 0.7470 and at the price of 0.7540.
Resistance levels: R1: 0.7410R2: 0.7432R3: 0.7456
Support levels: S1: 0.7362S2: 0.7338S3: 0.7315
Trading recommendations for today: watch for potential buying opportunities
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