2018-08-07
Our preferred count remains that support at 1.7115 continues to protect the downside for a break above resistance at 1.7224 for a continuation higher towards 1.7510 and longer term much higher towards 1.8310.
However, as long as resistance at 1.7224 is able to cap the upside, the alternate count does allow for a slightly deeper corrective decline from 1.7384 towards the 1.7033 - 1.7066 area before completing wave ii/ and setting the stage for the next impulsive rally in wave iii/.
R3: 1.7224
R2: 1.7180
R1: 1.7155
Pivot: 1.7137
S1: 1.7115
S2: 1.7094
S3: 1.7066
Trading recommendation:
We are long EUR from 1.7226 with our stop placed at 1.7110.
Technical analysis: Intraday level for USD/JPY, Aug 07, 2018
2018-08-07
In Asia, Japan will release the Leading Indicators, Average Cash Earnings y/y, and Household Spending y/y. The US will also release some Economic Data such as Consumer Credit m/m, IBD/TIPP Economic Optimism, JOLTS Job Openings, and Mortgage Delinquencies. 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: 111.88.
Resistance. 2: 111.66.
Resistance. 1: 111.44.
Support. 1: 111.16.
Support. 2: 110.93.
Support. 3: 110.73.
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, Aug 07, 2018
2018-08-07
When the European market opens, some Economic Data will be released such as French Trade Balance, German Trade Balance, and German Industrial Production m/m. The US will also release the Economic Data such as Consumer Credit m/m, IBD/TIPP Economic Optimism, JOLTS Job Openings, and Mortgage Delinquencies, so amid the reports, EUR/USD will move in a low to medium volatility during this day.
TODAY'S TECHNICAL LEVEL:
Breakout BUY Level: 1.1614.
Strong Resistance:1.1607.
Original Resistance: 1.1596.
Inner Sell Area: 1.1585.
Target Inner Area: 1.1557.
Inner Buy Area: 1.1529.
Original Support: 1.1518.
Strong Support: 1.1507.
Breakout SELL Level: 1.1500.
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 EUR/USD for August 07, 2018
2018-08-07
Overview:The EUR/USD pair continues to move downwards from the level of 1.1639. Last week, the pair dropped from the level of 1.1639 (this level of 1.1639 coincides with the ratio of 32.8% Fibonacci) to the bottom around 1.1549.
Today, the first resistance level is seen at 1.1589 (the weekly pivot point) followed by 1.1639, while daily support 1 is found at 1.1508.
Also, the level of 1.1589 represents a weekly pivot point, for that it is acting as minor resistance this week.
Amid the previous events, the pair is still in a downtrend, because the EUR/USD pair is trading in a bearish trend from the new resistance line of 1.1589 towards the first support level at 1.1508 in order to test it.
If the pair succeeds to pass through the level of 1.1508, the market will indicate a bearish opportunity below the level of 1.1508 with the next traget at 1.1460 in the coming hours.
However, if a breakout happens at the resistance level of 1.1639, this scenario may be invalidated.
Technical analysis of USD/CHF for August 07, 2018
2018-08-07
Overview:The USD/CHF pair is still set above the pivot point of the price 0.9857. The USD/CHF pair faced resistance at the level of 0.9943. The strong resistance has been already formed at the level of 0.9943 and the pair is likely to try to approach it in order to test it again. However, if the pair fails to pass through the level of 0.9943, the market will indicate a bearish opportunity below the new strong resistance level of 0.9943 (the level of 0.9943 coincides with a ratio of 50% Fibonacci and 61.8%). Moreover, the RSI starts signaling a downward trend, as the trend is still showing strength above the moving average (100) and (50). Thus, the market is indicating a bearish opportunity below 0.9943, so it would be good to sell at 0.9940 with the first target of 0.9795. It will also call for a downtrend in order to continue towards 0.9733. The daily strong support is seen at 0.9733. On the other hand, the stop loss order should always be taken into account, for that it will be reasonable to set it at the level of 1.0053.
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