2018-07-19
Overview:The GBP/USD pair dropped sharply from the level of 1.3127 towards 1.2982. Now, the price is set at 1.3011. On the H1 chart, the resistance is seen at the levels of 1.3072 and 1.3127. Volatility is very high for that the GBP/USD pair is still expected to be moving between 1.3072 and 1.2914 in the coming hours. In the short term, we expect the GBP/USD pair to continue trading in a bullish trend from the new support level of 1.2914 to form a bullish channel. Also, it should be noted that major resistance is seen at 1.3172, while immediate resistance is found at 1.3072. According to the previous events, the pair is likely to move from 1.2982/1.2914 towards 1.3072 and 1.3172 as targets.
In the H1 time frame:
However, if the pair fails to pass through the level of 1.3072, the market will indicate a bearish opportunity below the level of 1.3072. So, the market will decline further to 1.2914. Moreover, a breakout of that target will move the pair further downwards to 1.2845.
Technical analysis of EUR/USD for July 19, 2018
2018-07-19
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, a stop loss is to be placed above the level of 1.1810 (golden ratio).
Intraday technical levels and trading recommendations for EUR/USD for July 19, 2018
2018-07-19
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 significant bearish pressure was expressed on Tuesday.
That's why, the EUR/USD pair remains trapped inside a 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).
GBP/USD Bounce Off Support, Prepare For A Rise!
2018-07-19
GBP/USD bounced off its support at 1.3030 (100% Fibonacci extension, 76.4% Fibonacci retracement, multiple swing low support) where we expect price to rise to its resistance at 1.3222 (76.4% Fibonacci retracement, 100% Fibonacci extension, horizontal pullback resistance). Stochastic (89, 5, 3) bounced off near its support at 3.3% where a corresponding rise could occur.
GBP/USD bounced off its support where we expect to see a further rise.
Buy above 1.3030. Stop loss 1.2945. Take profit at 1.3222.
GBP/USD analysis for July 19, 2018
2018-07-19
Recently, GBP/USD has been trading downwards. The price tested the level of 1.2982. Anyway, according to the M30 time - frame, I found 2-hour balance and a potential fake breakout of the support, which is a sign that selling at this stage looks risky. My advice is to watch for a potential breakout of the 1.3020 to confirm a further upward movement. The upward target is set at the price of 1.3080.
Resistance levels: R1: 1.3125R2: 1.3175 R3: 1.3230 Support levels: S1: 1.3020S2: 1.2960 S3: 1.2915
Trading recommendations for today: watch for potential buying opportunities.
NZD/USD Intraday technical levels and trading recommendations for July 19, 2018
2018-07-19
+The NZD/USD pair had been trapped between the price levels of 0.7170 and 0.7350 until a 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 a further 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.
Currently, recent signs of bullish weakness are being manifested on the chart. The bulls are failing to maintain trading above 0.6820 which may endanger the bullish reversal scenario.
Trade 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 0.6900-0.6980.
Please be cautious if the current bearish decline extends below 0.6680 as this invalidates the suggested bullish scenario.
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