2018-07-24
Technical outlook:
The EUR/USD pair had staged a rally from the last week's lows at the 1.1575 levels, closing the week higher above the 1.1720 levels. Yesterday's high at the 1.1750 levels took out an immediate resistance as shown above, giving an edge to the bulls to be able to continue their rally. At this moment, we can fairly conclude that bulls are taking a break or pulling back lower, before they resume the rally towards 1.1850 and higher levels. The pullback is stalling at the Fibonacci 0.382 level for now, but it could extend lower towards the 0.618 support around the 1.1640/50 levels, before resuming again. Only a break below the 1.1575 levels would nullify the present bullish scenario.
Trading plan:
Initiate fresh longs around the 1.1640/50 levels, stop at 1.1570, target at the 1.1850 levels and higher.
Fundamental outlook:
There are no major events lined up for the day.
Good luck!
Technical analysis: Intraday level for USD/JPY, July 24, 2018
2018-07-24
In Asia, Japan will release the BOJ Core CPI y/y, and Flash ManufacturingPMI and the US will release some Economic Data such as Richmond Manufacturing Index, Flash Services PMI, Flash Manufacturing PMI, and HPI m/m. So there is a probability the USD/JPY pair will move with low tomedium volatility during this day.TODAY'S TECHNICAL LEVEL:
Resistance. 3: 111.72.
Resistance. 2: 111.50.
Resistance. 1: 111.28.
Support. 1: 111.01.
Support. 2: 110.79.
Support. 3: 110.57.
Disclaimer: Trading Forex (foreign exchange) on margin carries a highlevel 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 carefullyconsider your investment objectives, level of experience, and riskappetite. The possibility exists that you could sustain a loss of someor all of your initial investment and therefore you should not investmoney that you cannot afford to lose. You should be aware of all therisks associated with foreign exchange trading, and seek advice froman independent financial advisor if you have any doubts.
Technical analysis: Intraday Level For EUR/USD, July 24, 2018
2018-07-24
When the European market opens, some Economic Data will be released such as Flash Services PMI, Flash Manufacturing PMI, German FlashServices PMI, German Flash Manufacturing PMI, French Flash Services PMI, and French Flash Manufacturing PMI. The US will also release the Economic Data such as Richmond Manufacturing Index, Flash Services PMI, Flash Manufacturing PMI, and HPI 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: 1.1750.
Strong Resistance: 1.1743.
Original Resistance: 1.1732.
Inner Sell Area: 1.1721.
Target Inner Area: 1.1693.
Inner Buy Area: 1.1665.
Original Support: 1.1654.
Strong Support: 1.1643.
Breakout SELL Level: 1.1636.Disclaimer: Trading Forex (foreign exchange) on margin carries a highlevel 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 carefullyconsider your investment objectives, level of experience, and riskappetite. The possibility exists that you could sustain a loss of someor all of your initial investment and therefore you should not investmoney that you cannot afford to lose. You should be aware of all therisks associated with foreign exchange trading, and seek advice froman independent financial advisor if you have any doubts.
Technical analysis of GBP/JPY for July 24, 2018
2018-07-24
If we look at the 4-hour chart on GBP/JPY, we know that the price has changed its direction to bearish since this pair had broken out and closed below the 21-period Moving Average. At present, this pair is going to test the next Fibonacci 78.6% support at 144.94 as long as the price has not made the upward correction, has not breached and closed above the 146.64. Thus, this pair is still trading with a bearish bias. (Disclaimer)
Technical analysis of NZD/USD For July 24, 2018
2018-07-24
At the 4-hour chart, the kiwie dollar looks like forming a Pennant pattern. NZD/USD is trading with lower volatility. This market conditions are normal because in two days ahead the price will enter the Mercury Retrograde phenomenon which is running from July 26, 2018 until August 18, 2018. In this period, the market is moving slowly, trading sideways. The market tends to be choppy. That's why we can see NZD/USD start making a narrow range in a Pennant / Triangle Form. This indicates that the market has lost volatility. Please take a notice approximately on August 8-10, 2018 (10 workdays after the Mercury Retrograde start) as there is a possibility for the price to break out from its narrow condition. (Disclaimer)
Trading Plan for GBP/USD for July 24, 2018
2018-07-24
Technical outlook:
The GBP/USD pair also staged an impressive rally last week and followed through with another high yesterday at the 1.3158 levels before pulling back lower. The pair is seen to be trading around the 1.3090 levels for now and has found interim support at the 1.3080 levels (fibonacci 0.382). There is still room to drop through the 1.3035/40 levels, before resuming its rally further. Please note that the 1.3035/40 levels is the past resistance turned support zone and Fibonacci 0.618 support is also seen around the same region. A bounce there should take the prices higher toward the 1.3300 levels, at least. Only if the prices break below the 1.2960 levels, last week's low, the current bullish scenario would be nullified. High probability direction from here is a rally ahead.
Trading plan:
Initiate fresh long positions around 1.3040/50, stop at 1.2950, target at 1.3300, at least.
Fundamental outlook:
There are no major events lined up for the day.
Good luck!
Trading Plan for Gold for July 24,, 2018
2018-07-24
Technical outlook:
Gold hourly chart setups look to be poised for an extended rally towards at least $1,250.00 levels if not higher. Please note that this is just a corrective rally and not a change in trend that we are expecting. The push could also move towards $1,265.00 levels before it finds resistance as shown here. Gold chart setups show that the metal has pushed 3 waves up from $1,211 through $1,235 levels and has corrected lower in 3 waves as well. A potential 5 waves rally from here could complete a flat corrective wave structure. Also please note that the metal is finding support around Fibonacci 0.618 levels for now and a bullish reversal is high probable trade direction from here on.
Trading plan:
Remain long now, $1,220.00, stop below $1,211, target is $1,250 and $1,265
Fundamental outlook:
There are no major events lined up for the day.
Good luck!
Fundamental Analysis of USD/JPY for July 24, 2018
2018-07-24
USD/JPY has been quite impulsive with the bearish gains since it bounced off the 113.20 area with a daily close last week. Yesterday the price action was quite indecisive having no definite momentum on either side of the market. Despite the recent positive economic reports, USD is still struggling to sustain the momentum it had over JPY earlier.
Today JPY Flash Manufacturing PMI report was published with a decrease to 51.6 from the previous figure of 53.0 which was expected to increase to 53.2 and BOJ Core CPI report was published with a decrease to 0.4% from the previous value of 0.5% which was expected to increase to 0.6%.
On the other hand, ahead of the Advance GDP report to be published on Friday, today USD HPI report is going to be published which is expected to increase to 0.4% which previously was at 0.1%, Flash Manufacturing PMI is expected to decrease slightly to 55.1 from the previous figure of 55.4, Flash Services PMI is expected to be unchanged at 56.5 and Richmond Manufacturing Index report is expected to publish with decrease to 18 from the previous figure of 20.
As of the current scenario, as per Trade War tensions between US and Japan, certain volatility is quite obvious but USD struggling to gain momentum in the process with an impulsive sell-off did shake the market sentiment for a bit. Though the bearish pressure is starting to look weak currently but ahead of the upcoming high impact economic reports, USD may gain momentum after a bit further dip downward in the process.
Now let us look at the technical view. The price is currently quite indecisive residing above the support area of 110.50 with a daily close. Though the price has breached below the dynamic level of support in the process but certain bearish momentum for retest at 110.50 is expected before the price push higher again with target towards 113.20 in the coming days. As the price remains above the support zone of 108.50-110.50 area, the bullish bias is expected to continue further.
SUPPORT: 108.50-110.50
RESISTANCE: 113.20
BIAS: BEARISH
MOMENTUM: CORRECTIVE
Technical analysis of Gold for July 24, 2018
2018-07-24
The Gold price remains inside the downward sloping wedge pattern. The Gold price got rejected at the upper wedge boundary yesterday.
Black lines - bullish wedgeRed line - bullish divergence
The Gold price continues to make lower lows and lower highs. The trend remains bearish. Support is at $1,212 and next at $1,200. Resistance is at $1,230 and $1,235. Bulls need to break out above the wedge pattern for a bigger bounce to come. The bullish divergence signs justify a bigger bounce.
Technical analysis of EUR/USD for July 24, 2018
2018-07-24
The EUR/USD pair got rejected once again at the major resistance area of 1.1730-1.1760. Price remains inside the triangle pattern. Maybe Thursday after the ECB meeting we could see a break out above or below the triangle that will justify trend continuation lower towards 1.12 or reversal towards 1.20.
Red line - RSI supportBlack lines - triangle pattern
The EUR/USD is in a sideways trend. Resistance remains strong at 1.1730-1.1760. Support is at 1.1590. The RSI is right on support trend line so we could see a bounce from 1.1650 area. A break above 1.1730-1.1760 will open the way for a push towards 1.21. A break below 1.1590 will most probably push the price towards 1.13.
Fundamental Analysis of EUR/JPY for July 24, 2018
2018-07-24
EUR/JPY has been quite impulsive with the bearish gains recently after rejecting the bulls off the 132.00 area with a daily close. It has been bearish for straight 5 days since the rejection and expected to push lower towards 129.50 area in the coming days from where it has equal chances of pushing higher and breaking below to push much lower in the future.
Despite the Trade War tensions and G-20 Meetings, EUR has been struggling to sustain the momentum it had over JPY earlier. Today EUR French Flash Manufacturing PMI report is going to be published which is expected to increase to 52.6 from the previous figure of 52.5, French Flash Services PMI report is expected to decrease to 55.7 from the previous figure of 55.9, German Flash Manufacturing PMI is expected to decrease to 55.5 from the previous figure of 55.9 and German Flash Services PMI is expected to increase to 54.6 from the previous figure of 54.5. Moreover, today Eurozone Flash Manufacturing PMI report is also going to be published which is expected to decrease to 54.7 from the previous figure of 54.9 and Flash Services PMI is also expected to decrease to 55.0 from the previous figure of 55.2.
On the other hand, today JPY Flash Manufacturing PMI report was published with a decrease to 51.6 from the previous figure of 53.0 which was expected to increase to 53.2 and BOJ Core CPI report was published with a decrease to 0.4% from the previous value of 0.5% which was expected to increase to 0.6%.
As of the current scenario, the EURO has been quite a pessimist about the economic reports to be published today whereas JPY has been quite worse with it as well. Despite the economic reports and events about global trade problems, JPY is quite ahead of EURO in all perspective and expected to dominate further whereas certain volatility may occur in the process leading to certain indecisions as well.
Now let us look at the technical view. The price is currently quite bearish having intersected by the dynamic level of 20 EMA just above the support area of 129.50 from where there are certain chances of price bouncing off and pushing higher towards 132.00 area in the future. Though having a daily close above 129.50 is expected to inject certain bullish pressure in the market but a daily close below 129.50 is expected to push the price much lower towards 127.00 area in the future. As of the current formation, there is a higher probability of price pushing further lower in the coming days.
SUPPORT: 129.50, 127.00
RESISTANCE: 132.00
BIAS: BEARISH
MOMENTUM: IMPULSIVE
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