2018-08-08
EUR/NZD is once again testing important resistance at 1.7224, but we need a clear break above here to confirm that the next impulsive rally towards 1.7510 is in motion. As long as resistance at 1.7224 is able to cap the upside as long does the possibility for a final drop into the 1.7033 - 1.7066 area exist, before completing wave ii/.
Longer-term, we remain bullish EUR/NZD for a rally towards 1.8310 and ultimately higher towards 1.98 - 1.99 area.
R3: 1.7305
R2: 1.7251
R1: 1.7224
Pivot: 1.7187
S1: 1.7150
S2: 1.7115
S2: 1.7094
Trading recommendation:
We are long EUR from 1.7226 with our stop placed at 1.7110.
Technical analysis: Intraday level for USD/JPY, Aug 08, 2018
2018-08-08
In Asia, Japan will release the Economy Watchers Sentiment, Current Account, Bank Lending y/y, and BOJ Summary of Opinions. The US will also release some Economic Data such as 10-y Bond Auction, and Crude Oil Inventories. 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 08, 2018
2018-08-08
When the European market opens, there will be no Economic Data released from the Euro zone, but the US will release the Economic Data such as 10-y Bond Auction and Crude Oil Inventories, so, amid the reports, EUR/USD will move in a low to medium volatility during this day.
TODAY'S TECHNICAL LEVEL:
Breakout BUY Level: 1.1661.
Strong Resistance:1.1654.
Original Resistance: 1.1643.
Inner Sell Area: 1.1632.
Target Inner Area: 1.1604.
Inner Buy Area: 1.1576.
Original Support: 1.1565.
Strong Support: 1.1554.
Breakout SELL Level: 1.1547.
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.
Fundamental Analysis of GBP/USD for August 8, 2018
2018-08-08
GBP/USD has been quite bearish recently which lead the price to fall below 1.2950 area with a daily close. Ahead of the UK GDP and US CPI report this week, certain volatility is expected this pair whereas GBP is expected to take a certain lead in the process.
This week on Friday, UK GDP report is going to be published which is expected to decrease to 0.2% from the previous value of 0.3%, Manufacturing Production is also expected to decrease to 0.3% from the previous value of 0.4% but Prelim GDP is expected to increase to 0.4% from the previous value of 0.2%. Today there is no news or event on the GBP side to impact its momentum which is expected to keep a low profile throughout the day.
On the USD side, ahead of PPI and CPI report this week, today FOMC Member Barkin is going to speak about interest rate and monetary policy decision which is expected to have a neutral impact on the market and Crude Oil Inventories is expected to decrease to -2.8M from the previous figure of 3.8M.
As of the current scenario, both currencies in the pair is expecting high impact economic reports this week which may lead to definite trend momentum in the coming days. Though the expectations are quite mixed till now, an actual result of the economic reports is expected to push the price to a certain direction in the process where there are chances that GBP may struggle with the BREXIT effect and Trade War tensions in the coming days.
Now let us look at the technical view. The price is currently struggling below 1.2960 area which is expected to push higher as of Bullish Divergence emerging in the intraday charts of the pair. After the impulsive bearish pressure off the 1.32 area, the price is currently expected to push higher towards the dynamic level of 20 EMA which is resting at 1.3050 area from where the bearish trend is expected to continue to push further again in the coming days. As the price remains below 1.32, the bearish bias is expected to continue further.
RESISTANCE: 1.2960, 1.3200
SUPPORT: 1.2850
BIAS: BEARISH
MOMENTUM: CORRECTIVE and VOLATILE
Intraday technical levels and trading recommendations for EUR/USD for August 8, 2018
2018-08-08
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 a 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 again towards 1.1750 (the depicted supply zone) where another episode of bearish movement was initiated towards 1.1520.
On the other hand, recent signs of bullish rejection were expressed around the lower limit of the mentioned consolidation range (1.1520). Hence, another bullish movement towards 1.1750 should be expected.
The EUR/USD pair remains trapped within the consolidation range of 1.1750-1.1520 until breakout occurs in either direction.
NZD/USD Intraday technical levels and trading recommendations for August 8, 2018
2018-08-08
Breakdown of 0.7220-0.7170 (neckline zone) was needed for a bearish breakout of the depicted consolidation range (0.7170 and 0.7350). Target levels have been achieved around 0.7050 and 0.7000.
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 further bearish 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.
The quick bearish decline took place towards 0.6800 where a false bearish breakdown occurred.
This allowed 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. Recent signs of bullish weakness were manifested on the chart.
The bulls are failing to maintain enough bullish momentum above 0.6820 indicating evident signs of bullish weakness.
Bullish fixation above 0.6820 is needed to allow further bullish advancement towards 0.6900 and 0.6980. Otherwise, further bearish decline should be expected towards 0.6680.
Get Bonus No Deposite in your Trading Account now and add this currency pair to your forex portfolio, enjoy your trading with us!
No comments:
Post a Comment