2018-07-23
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.
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).
Intraday technical levels and trading recommendations for NZD/USD for July 23, 2018
2018-07-23
The NZD/USD pair had been trapped between the price levels of 0.7170 and 0.7350 until bearish breakdown of 0.7200 occurred on April 23.
The breakdown of 0.7220-0.7170 (neckline zone) was needed to confirm the depicted reversal pattern. The bearish target levels around 0.7050 and 0.7000 have been achieved already.
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 further bearish 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.
Quick bearish decline took place towards 0.6800 where a false bearish breakdown occurred. This allowed 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 were failing to maintain enough bullish momentum above 0.6820 which may endanger the bullish reversal scenario.
However, early signs of bullish rejection are currently being expressed. Bullish fixation above 0.6820 is mandatory to allow further bullish advancement.
Trading 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 and probably 0.6980.
Technical analysis of AUD/USD for July 23, 2018
2018-07-23
Overview:The resistance is seen at the level of 0.7474. The AUD/USD pair fell from the level of 0.7474 towards 0.7348. But, the price rebounded from the bottom of 0.7348 to trade around the spot of 0.7474 again. The resistance is seen at the levels of 0.7474, 0.7513 and 0.7554. Moreover, the price area of 0.7474/0.7513 remains a significant resistance zone. Therefore, there is a possibility that the AUD/USD pair will move downside and the structure of a fall does not look corrective. The trend is still below the 100 EMA for that the bearish outlook remains the same as long as the 100 EMA is headed to the downside. Thus, amid the previous events, the price is still moving between the levels of 0.7474 and 0.7257. If the AUD/USD pair fails to break through the resistance level of 0.7474, the market will decline further to 0.7302 as the first target. This would suggest the bearish market because the RSI indicator is still in a negative spot and does not show any trend-reversal signs. The pair is expected to drop lower towards at least 0.7257 so as to test the daily support 3. On the other hand, if a breakout takes place at the resistance level of 0.7550, then this scenario may become invalidated.
Technical analysis of USD/CHF for July 23, 2018
2018-07-23
Overview:The pivot point: 0.9857.
The USD/CHF pair is still trading above the pivot point of the price 0.9857. The USD/CHF pair faced resistance at the level of 0.9943. The strong resistance has been already formed at the level of 0.9943 and the pair is likely to try to approach it in order to test it again. However, if the pair fails to pass through the level of 0.9943, the market will indicate a bearish opportunity below the new strong resistance level of 0.9943 (the level of 0.9943 coincides with a ratio of 78.6% Fibonacci). Moreover, the RSI starts signaling a downward trend, as the trend is still showing strength above the moving average (100) and (50). Thus, the market is indicating a bearish opportunity below 0.9943, so it would be good to sell at 0.9940 with the first target of 0.9795. It will also call for a downtrend in order to continue towards 0.9733. The daily strong support is seen at 0.9733. On the other hand, the stop loss order should always be taken into account, for that it will be reasonable to set your stop loss at the level of 1.0053.
USD/CHF Testing Support, Prepare For A Bounce!
2018-07-23
USD/CHF is testing its support at 0.9901 (100% & 61.8% Fibonacci extension, 76.4% & 61.8% Fibonacci retracement, horizontal overlap support, ascending channel support) where a bounce up to its resistance at 0.9977 (61.8% Fibonacci extension, 50% Fibonacci retracement, horizontal pullback resistance) is expected. Stochastic (55, 5, 3) is testing its support at 2.8% where a corresponding bounce is expected.
USD/CHF is testing its support where a bounce is expected.
Buy above 0.9901. Stop loss 0.9856. Take profit at 0.9977.
USD/CAD Testing Support, Prepare For A Bounce!
2018-07-23
USD/CAD is testing its support at 1.3121 (61.8% Fibonacci extension, 76.4% Fibonacci retracement, 50% Fibonacci retracement, horizontal swing low support) where a bounce up to its resistance at 1.3220 (61.8% Fibonacci retracement) is expected.
Stochastic (55, 5, 3) is approaching its support at 2.6% where a corresponding bounce could occur.
USD/CAD is testing its support where a bounce is expected.
Buy above 1.3121. Stop loss at 1.3057. Take profit at 1.3220.
Analysis of Gold for July 23, 2018
2018-07-23
Recently, the Gold has been trading upwards. The price tested the level of $1,234.68. According to the H1 time – frame, I found rejection of the upward trendline in the background, which is a sign that selling looks risky. I also found a hidden bullish divergence on the MACD oscillator in the background, 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 $1,244.45.
Resistance levels:
R1: $1,234.15
R2: $1,235.40
R3: $1,237.35
Support levels:
S1: $1,230.90
S2: $1.228.97
S3: $1,227.75
Trading recommendations for today: watch for potential buying opportunities.
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