2018-07-11
In Asia, Japan will release the Tertiary Industry Activity m/m, PPI y/y, and Core Machinery Orders m/m. The US will also release some Economic Data such as Crude Oil Inventories, Final Wholesale Inventories m/m, PPI m/m, and Core PPI m/m. So there is a probability the USD/JPY pair will move with low to medium volatility during this day.
TODAY'S TECHNICAL LEVEL:
Resistance. 3: 111.46.
Resistance. 2: 111.24.
Resistance. 1: 111.02.
Support. 1: 110.77.
Support. 2: 110.55.
Support. 3: 110.33.
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 11, 2018
2018-07-11
When the European market opens, some Economic Data will be released such as German 10-y Bond Auction. The US will also release the Economic Data such as Crude Oil Inventories, Final Wholesale Inventories m/m, PPI m/m, and Core PPI 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: 1.1786.
Strong Resistance:1.1779.
Original Resistance: 1.1768.
Inner Sell Area: 1.1757.
Target Inner Area: 1.1729.
Inner Buy Area: 1.1701.
Original Support: 1.1690.
Strong Support: 1.1677.
Breakout SELL Level: 1.1670.
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/JPY for July 11, 2018
2018-07-11
From the 4-hour chart, we can see clearly that the GBP/JPY pair is moving in a bullish bias. This has already been spotted by the price above the 21-period moving average. However, there is a possibility for this pair to make correction to 146.09 in the short term. As long as the price does not break out and close below 145.15, the pair is likely to trade higher.
(Disclaimer)
Technical analysis of EUR/JPY for July 11, 2018
2018-07-11
If we look at the 4-hour chart of EUR/JPY, we know exactly this pair is moving in a bullish bias. This dynamic has been already seen by the price above the 50-moving average. However, there is a possibility for the price to make correction to 129.56-129.09 levels. As long as the price does not breakout and close below the 128.47, EUR/JPY will be trading with the bullish trajectory.
(Disclaimer)
Intraday technical levels and trading recommendations for EUR/USD for July 11, 2018
2018-07-11
Daily Outlook
In April 2018, the short-term outlook turned to become bearish when the EUR/USD pair maintained 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 where a descending high was established. However, the EUR/USD bulls failed to pursue towards higher bullish targets.
Instead, further bearish momentum below the price zone was expressed in the market.
In June 2018, the price zone (1.1850-1.1750) offered significant bearish rejection which led to the bearish decline towards 1.1500.
The price zone of 1.1520-1.1420 was considered a prominent bullish demand where a valid bullish BUY entry was offered during the previous weeks' consolidations.
Hence, the EUR/USD pair remains trapped inside a consolidation range between the depicted key-levels of 1.1520 and 1.1800 until a breakout occurs in either direction.
Early weak signs of bearish rejection around 1.1800 are already manifested on the chart. That's why, further bearish movement should be anticipated towards 1.1670 initially.
Please note that any bullish breakout above 1.1750 will probably enhance further bullish advancement initially towards 1.1850 where further targets can be determined.
Intraday technical levels and trading recommendations for NZD/USD for July 11, 2018
2018-07-11
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. Bearish target levels around 0.7050 and 0.7000 have been already achieved.
The price level of 0.7050 was considered as 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 a temporary bearish movement to occur towards 0.6680. However, the pair failed to maintain enough bearish momentum.
Instead, evident signs of bullish rejection pushed the NZD/USD pair above 0.6820 again.
Trade Recommendations:
Currently, the price zone of 0.6780-0.6820 constitutes a prominent demand zone to be watched for BUY entries with potential bullish targets around 0.6900-0.6980.
Please be cautious if any breakdown below 0.6750 occurs as this invalidates the previous bullish scenario.
Technical analysis on Gold for July 11, 2018
2018-07-11
The Gold price made a deep pullback yesterday below $1,250 but managed to close above it. Gold price could be making an ABCD pattern with $1,272 as the first target and $1,290 as the second target. The Gold price has more upside potential than downside.
Red lines - targetsBlack line - resistance
Blue lines - ABCD pattern
The Gold price has short-term resistance at $1,256 and next at $1,265. Breaking above these levels will confirm and strengthen the bullish scenario for a move at least towards $1,272. On the other hand, if prices break below $1,240 bulls will be in trouble as we should then expect the price to move towards $1,200.
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