2018-08-20
AUD/USD reversed off its resistance at 0.7320 (100% & 61.8% Fibonacci extension, 38.2% & 23.6% Fibonacci retracement, horizontal overlap resistance) where it is expected to drop further to its support at 0.7245 (61.8% Fibonacci retracement).
Stochastic (55, 5, 3) reversed off its resistance at 97% where a corresponding drop is expected.
AUD/USD reversed off its resistance where we expect to see a further drop.
Sell below 0.7320. Stop loss at 0.7245. Take profit at 0.7364.
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Fundamental Analysis of EUR/USD for August 20, 2018
2018-08-20
EUR/USD has been quite bullish recently after bouncing off the 1.13 support area which is expected to retrace for a short period of time before pushing lower with the bearish trend in the coming days. EURO has been quite positive with the recent economic reports which helped the currency to gain more momentum against USD recently.
EURO has been struggling with the recent Trade War and BREXIT tensions which lead to consistent bearish pressure in the pair. Today EURO German PPI report is going to be published which is expected to increase to 0.4% from the previous value of 0.3% and German Buba Monthly Report is also going to be published which is expected to have a neutral impact on the market today. Ahead of series of economic reports to be published this week, EURO is expected to have volatile momentum in the market.
On the other hand, this week USD FOMC Meeting Minutes and FED Chair Powell is going to speak which is expected to inject volatility in the pair. Though there are certain assumptions that due to US Tariff, the economy is going to suffer a lot in the future, USD is still going strong in the market. Today FOMC Member Bostic is going to speak about the upcoming interest rate decisions and monetary policies which are expected to add to the USD gains in the coming days ahead of high impact economic events this week.
As of the current scenario, EUR having no strong economic report or event to be held this week is expected to continue its struggle to gain momentum against USD whereas any positive outcome of the USD events is expected to help regain momentum in the coming days.
Now let us look at the technical view. The price has been quite strong with the bullish gains recently which is expected to push towards 1.15 price area where the dynamic levels like 20 EMA, Tenkan and Kijun line rests. The trend is still bearish for which the price is expected to reject off the 1.15 area with a daily close before pushing lower with the trend in the coming days. As the price remains below 1.17 with a daily close, the bearish bias is expected to continue further.
SUPPORT: 1.1300, 1.1150
RESISTANCE: 1.15, 1.17
BIAS: BEARISH
MOMENTUM: VOLATILE
Fundamental Analysis of GBP/USD for August 20, 2018
2018-08-20
GBP/USD has been quite volatile below 1.2850 which is expected to retest before pushing lower again with the trend in the coming days. Due to BREXIT impact and worse economic reports, GBP has been struggling with the gains against USD which is expected to extend further lower in the coming days.
Today GBP Rightmove HPI report was published with a decrease to -2.3% from the previous value of -0.1% which did not impact the GBP gains in the process and expected to lead to certain bullish momentum for a certain period in the process. Ahead of the GBP Inflation Report Hearings next week, GBP is expected to be quite volatile with the upcoming gains in the pair.
On the USD side, this week USD FOMC Meeting Minutes and FED Chair Powell is going to speak which is expected to inject volatility in the pair. Though there are certain assumptions that due to US Tariff, the economy is going to suffer a lot in the future, USD is still going strong in the market. Today FOMC Member Bostic is going to speak about the upcoming interest rate decisions and monetary policies which are expected to add to the USD gains in the coming days ahead of high impact economic events this week.
As of the current scenario, USD is still quite strong fundamentally and technically whereas certain gains on the GBP might be observed in the market leading to a short-term retrace along the way. Though the market may act quite volatile ahead of the high impact USD report this week and GBP report next week, whereas USD is expected to have an upper hand in the long-term.
Now let us look at the technical view. After the price has breached below 1.2850 with a daily close, the price has pushed a bit higher recently which is expected to lead to a retrace towards 1.2850 before pushing lower with the trend with a target towards 1.2550 area in the coming days. As the price remains below 1.2850 with a daily close, the bearish bias is expected to continue.
SUPPORT: 1.2550
RESISTANCE: 1.2850
BIAS: BEARISH
MOMENTUM: VOLATILE
Technical analysis of Gold for August 20, 2018
2018-08-20
Gold price has broken short-term resistance and could give us a short-term bounce towards $1,190-$1,200 as long as the price is above $1,170. Trend remains bearish as long as the price is below $1,210.
Black lines - wedge pattern
Gold price remains below the Ichimoku cloud and inside the wedge pattern. As long as both of these conditions hold, trend will remain bearish. Important trend resistance is at the upper wedge boundary and at the cloud resistance of the $1,195-$1,210 area. Gold price has started making higher highs and higher lows since last week's sell off and reversal we noted. Gold price is expected to continue its bounce towards $1,200. It is too early to tell if an important low is in, but we will have to keep a close eye on USD/CNY for more clues as the correlation between this pair and gold is very close the last few months.
Technical analysis of EUR/USD for August 20, 2018
2018-08-20
As we expected, according to our previous analysis, EUR/USD has bounced towards 1.1450 on Friday. EUR/USD is back testing the previous support area at 1.15 which is now resistance. A rejection at current levels will increase the chances of a move to new 2018 lows towards 1.11-1.12.
Gold price remains below the Ichimoku cloud and inside the wedge pattern. As long as both of these conditions hold, trend will remain bearish. Important trend resistance is at the upper wedge boundary and at the cloud resistance of the $1,195-$1,210 area. Gold price has started making higher highs and higher lows since last week's sell off and reversal we noted. Gold price is expected to continue its bounce towards $1,200. It is too early to tell if an important low is in, but we will have to keep a close eye on USD/CNY for more clues as the correlation between this pair and gold is very close the last few months.
Technical analysis of EUR/USD for August 20, 2018
2018-08-20
As we expected, according to our previous analysis, EUR/USD has bounced towards 1.1450 on Friday. EUR/USD is back testing the previous support area at 1.15 which is now resistance. A rejection at current levels will increase the chances of a move to new 2018 lows towards 1.11-1.12.
Blue line - medium-term resistance
Red line - short-term resistance
EUR/USD is trading below both the tenkan- and kijun-sen indicators. Trend remains bearish in the Daily chart. Resistance is at 1.1470 and next at 1.15. Support is at 1.1380-1.1390. As long as the price is below 1.15-1.16, I will remain bearish.
Red line - short-term resistance
EUR/USD is trading below both the tenkan- and kijun-sen indicators. Trend remains bearish in the Daily chart. Resistance is at 1.1470 and next at 1.15. Support is at 1.1380-1.1390. As long as the price is below 1.15-1.16, I will remain bearish.
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