2018-07-17
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.
Breakdown of 0.7220-0.7170 (neckline zone) was needed to confirm the depicted reversal pattern. 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.
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.
Trade Recommendations:
Currently, the price zone 0.6750-0.6800 constitutes a demand zone to be considered for valid BUY entries.
Bullish fixation above 0.6820 should be maintained to provide enough bullish momentum towards 0.6900-0.6980.
Please be cautious if bearish decline extends below 0.6680 as this invalidates the suggested bullish scenario.
Intraday technical levels and trading recommendations for EUR/USD for July 17, 2018
2018-07-17
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 a 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 the previous weeks' consolidations.
On July 10, the 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).
The EUR/USD pair remains trapped inside a consolidation range between the depicted key-levels of 1.1520 and 1.1750 until a breakout occurs in either direction.
Please note that any bullish breakout above 1.1750 will probably enhance bullish advancement towards 1.1850 (the upper limit of the depicted supply zone).
The EUR/USD analysis for July 17, 2018
2018-07-17
Recently, EUR/USD has been trading upwards. The price tested the level of 1.1737. According to the H1 time - frame, I found a breakout of the supply trendline in the background, which is a sign that selling looks risky. I also found potential completion of the downwrad corrective phase (abc), which is another sign of strength. My advice is to watch for potential buying opportunities. The upward target is set at the price of 1.1790.
Resistance levels: R1: 1.1730 R2: 1.1750 R3: 1.1780 Support levels: S1: 1.1680 S2: 1.1655 S3: 1.1632
Trading recommendations for today: watch for potential buying opportunities.
Analysis of Gold for July 17, 2018
2018-07-17
Recently, Gold has been trading upwards. The price tested the level of $1,244.00. According to the H1 time - frame, I found a breakout of the supply trendline in the background, which is a sign that selling looks risky. I also found a fake breakout of the low at the price of $1,237.00 and hidden bullish divergence ont he MACD oscillator, which is another sign of strength. My advice is to watch for potential buying opportunities. The upward targets are set at the price of $1,247.95 and at the price of $1,265.20.
Resistance levels: R1: $1,24295R2: $1,244.35R3: $1,247.00Support levels: S1: $1,238.85S2: $1,236.15S3: $1,234.75
Trading recommendations for today: watch for potential buying opportunities.
Technical analysis of EUR/USD for July 17, 2018
2018-07-17
Overview:
The EUR/USD pair continues to move downwards from the level of 1.1752 (around 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 (golden ratio).
Technical analysis of AUD/USD for July 17, 2018
2018-07-17
Overview:
The resistance is seen at the level of 0.7474 (which concides with the double top). 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 contrary, if a breakout takes place at the resistance level of 0.7554, then this scenario may become invalidated.
Breakdown of 0.7220-0.7170 (neckline zone) was needed to confirm the depicted reversal pattern. 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.
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.
Trade Recommendations:
Currently, the price zone 0.6750-0.6800 constitutes a demand zone to be considered for valid BUY entries.
Bullish fixation above 0.6820 should be maintained to provide enough bullish momentum towards 0.6900-0.6980.
Please be cautious if bearish decline extends below 0.6680 as this invalidates the suggested bullish scenario.
Intraday technical levels and trading recommendations for EUR/USD for July 17, 2018
2018-07-17
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 a 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 the previous weeks' consolidations.
On July 10, the 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).
The EUR/USD pair remains trapped inside a consolidation range between the depicted key-levels of 1.1520 and 1.1750 until a breakout occurs in either direction.
Please note that any bullish breakout above 1.1750 will probably enhance bullish advancement towards 1.1850 (the upper limit of the depicted supply zone).
The EUR/USD analysis for July 17, 2018
2018-07-17
Recently, EUR/USD has been trading upwards. The price tested the level of 1.1737. According to the H1 time - frame, I found a breakout of the supply trendline in the background, which is a sign that selling looks risky. I also found potential completion of the downwrad corrective phase (abc), which is another sign of strength. My advice is to watch for potential buying opportunities. The upward target is set at the price of 1.1790.
Resistance levels: R1: 1.1730 R2: 1.1750 R3: 1.1780 Support levels: S1: 1.1680 S2: 1.1655 S3: 1.1632
Trading recommendations for today: watch for potential buying opportunities.
Analysis of Gold for July 17, 2018
2018-07-17
Recently, Gold has been trading upwards. The price tested the level of $1,244.00. According to the H1 time - frame, I found a breakout of the supply trendline in the background, which is a sign that selling looks risky. I also found a fake breakout of the low at the price of $1,237.00 and hidden bullish divergence ont he MACD oscillator, which is another sign of strength. My advice is to watch for potential buying opportunities. The upward targets are set at the price of $1,247.95 and at the price of $1,265.20.
Resistance levels: R1: $1,24295R2: $1,244.35R3: $1,247.00Support levels: S1: $1,238.85S2: $1,236.15S3: $1,234.75
Trading recommendations for today: watch for potential buying opportunities.
Technical analysis of EUR/USD for July 17, 2018
2018-07-17
Overview:The EUR/USD pair continues to move downwards from the level of 1.1752 (around 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 (golden ratio).
Technical analysis of AUD/USD for July 17, 2018
2018-07-17
Overview:The resistance is seen at the level of 0.7474 (which concides with the double top). 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 contrary, if a breakout takes place at the resistance level of 0.7554, then this scenario may become invalidated.
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