2018-07-12
Technical outlook:
The hourly EUR/USD chart presented here indicates that the currency pair is dropping in a corrective manner since printing highs at the 1.1790 levels recently. At this point in time, prices are finding support at a past resistance turned support zone around the 1.1660/70 levels. According to the Fibonacci extensions displayed here, it remains quite possible for the pair to drop through the 1.1650/30 levels to find further support before turning higher. The price support is seen at the 1.1590 levels, followed by the 1.1530 levels, respectively, while interim resistance is seen at the 1.1790 levels. Most probable direction is to push higher at least one last time towards 1.1850 and above, before reversing lower again. Please note that in the medium term, till the prices remain below the 1.2150 levels, bears shall be in complete control.
Trade plan:
Aggressive traders, now look to buy again between the 1.1630/60 levels, with stop below 1.1550 and target above 1.1850.
Fundamental outlook:
Watch out for USD CPI at 0800 AM EST today.
Good luck!
Technical analysis: Intraday level for USD/JPY, July 12, 2018
2018-07-12
In Asia, Japan today will not release any Economic Data, but the US will release some Economic Data such as Federal Budget Balance, 30-y Bond Auction, Natural Gas Storage, Unemployment Claims, Core CPI m/m, and CPI 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: 112.80.
Resistance. 2: 112.57.
Resistance. 1: 112.36.
Support. 1: 112.08.
Support. 2: 111.86.
Support. 3: 111.64.
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 12, 2018
2018-07-12
When the European market opens, some Economic Data will be released such as Industrial Production m/m, French Final CPI m/m, and German Final CPI m/m. The US will also release the Economic Data such as Federal Budget Balance, 30-y Bond Auction, Natural Gas Storage, Unemployment Claims, Core CPI m/m, and CPI 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: 1.1733.
Strong Resistance:1.1726.
Original Resistance: 1.1715.
Inner Sell Area: 1.1704.
Target Inner Area: 1.1676.
Inner Buy Area: 1.1648.
Original Support: 1.1637.
Strong Support: 1.1626.
Breakout SELL Level: 1.1619.
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 Gold for July 12, 2018
2018-07-12
On the 4-hour chart, we see that gold carried out its downmove after touching the key support level at $1,240.73. At the same time, the Stochastic Oscillator has already got into the oversold area. Now, the price seems to head upward up to make correction as the requirement for clear-cut trend before the price resumes its previous bearish trend. Gold is likely to test between the 21-period moving average. Otherwise, we will see the upper channel from the down slope channel or back to the SBR (Support Become Resistance) Zone 1260.52 - 1269.87. As long as gold does not break out and closes above the $1,269.87 level, the odds are that gold will resume its previous bearish bias.
(Disclaimer)
Technical analysis of Gold for July 12, 2018
2018-07-12
Gold price is back to its 2018 lows on the long-term support trend line. Gold price is oversold. Gold price is at major support area that justifies a $60 rally. Gold price remains in a bearish short-term trend. Yes, lower levels are possible towards $1,200, but the next big move is upside.
Green line - long-term supportRed line - long-term resistance
Magenta lines - bearish channel
The Stochastic oscillator is at the oversold levels. In the past, the price staged impressive moves higher when the stochastic was so low. An upward turn by the stochastic will be a bullish sign for Gold price. Gold price is way undervalued here and I remain bullish adding to longs. I believe these price levels are a gift for bulls.
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