2018-08-29
EUR/USD reversed off its resistance at 1.1748 (38.2% & 76.4% Fibonacci retracement, horizontal swing high resistance) where it is expected to drop further to its support at 1.1593 (38.2% Fibonacci retracement, horizontal swing low support).
Stochastic (55, 5, 3) reversed off its resistance at 96% where a corresponding drop is expected.
EUR/USD reversed off its resistance where we expect to see a further drop.
Sell below 1.1748. Stop loss at 1.1836. Take profit at 1.1593.
Technical analysis of AUD/USD for August 29, 2018
2018-08-29
The AUD/USD pair continued to move upwards from the level of 0.7263. Since yesterday, the pair has risen from the level of 0.7263 (the level of 0.7263 coincides with the ratio of 23.6% Fibonacci Expansion). In consequence, the AUD/USD pair broke resistance at 0.7263, which turned into strong support at the level of 0.7329. In the H1 time frame, the level of 0.7263 is expected to act as major support today. Currently, the price is moving in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish market. The price is still above the moving average (100) and (50). From this point, we expect the AUD/USD pair to continue moving in the bullish trend from the support level of 0.7263 towards the target level of 0.7299. If the pair succeeds in passing through the level of 0.7299, the market will indicate the bullish opportunity above the level of 0.7299 so as to reach the second target at 0.7359 (pivot point). On the other hand, if the AUD/USD pair is able to break out the level of 0.7234, the market will decline further to 0.7204.
Technical analysis of GBP/USD for August 29, 2018
2018-08-29
Technical analysis of GBP/USD for August 29, 2018
2018-08-29
Overview:
The GBP/USD pair rose from the level of 1.2854 towards 1.2936 last week. Now, the current price is set at 1.2845. On the H1 chart, the resistance is seen at the levels of 1.2936 and 1.2973. Besides, the weekly support 1 is seen at the level of 1.2817. Today, the GBP/USD pair is continuing to move in a bullish trend from the new support level of 1.2854, to form a bullish channel. Amid the previous events, we expect the pair to move between 1.2854 and 1.2973. Therefore, buy above the level of 1.2854 with the first target at 1.2936 in order to test the daily resistance 1 and further to 1.2973 (double top). However, if the pair fails to pass through the level of 1.2973, the market will indicate a bearish opportunity below the level of 1.2973. The market will decline further to 1.2854 in order to return to the weekly pivot point. Additionally, a breakout of that target will push the pair further downwards to 1.2735. Besides, it should be noted that the weekly pivot is seen at the level of 1.2854. Moreover, the market is still in an uptrend. We still prefer the bullish scenario.
Intraday technical levels and trading recommendations for EUR/USD for August 29, 2018
2018-08-29
In April 2018, the EUR/USD pair outlook turned to become bearish when the pair pursued trading below the lower limit of the depicted consolidation range (1.2200).
The price level of 1.1500 offered temporary bullish recovery towards 1.1830. The EUR/USD bulls failed to pursue towards higher bullish targets. Instead, a descending high was established around 1.1800.
On the weekly chart, the EUR/USD pair tested the price zone of 1.1400-1.1300 where the depicted trend lines were located on the chart.
On August 10, temporary bearish closure below 1.1400 was achieved. This allowed further bearish decline towards 1.1300 where evident bullish recovery was demonstrated.
This week, the current bullish pullback is persisting above 1.1520, the bearish scenario would be hindered for the short-term. Further bullish advancement should be expected towards 1.1750.
Conservative traders should be watching the next price zone (1.1750-1.1850) for evident bearish rejection and a valid SELL entry. Initial bearish targets would be located at 1.1550 and 1.1420.
On the other hand, for the weekly Head & Shoulders reversal pattern to be confirmed, the EUR/USD pair needs obvious bearish persistence below 1.1400.
Trade Recommendations:
The price zone of 1.1750-1.1850 should be watched for a valid SELL entry. S/L should be located above 1.1880. T/P levels to be located at 1.1550 and 1.1420.
NZD/USD Intraday technical levels and trading recommendations for August 29, 2018
2018-08-29
In April, bearish breakdown of 0.7220-0.7170 (lower limit of the consolidation range) allowed quick bearish decline towards 0.6700-0.6800 where narrow ranged consolidation range was established.
On July 7, evident bullish rejection pushed the NZD/USD pair above 0.6820 temporarily.
However, lack of bullish momentum made the bulls fail to maintain enough bullish momentum above 0.6700.
On August 9, bearish breakout below the depicted consolidation range (0.6700-0.6840) was executed. This allowed the recent bearish decline to occur towards 0.6600-0.6570.
The NZD/USD pair outlook turned to be bearish. Bearish targets are projected towards the price levels of 0.6520 and 0.6480.
Recently, early signs of bullish recovery were manifested around the recent low around 0.6550. This allowed the current bullish pullback to be demonstrated.
Conservative traders should wait for deeper bullish pullback towards 0.6750 for a low-risk SELL entry. S/L should be placed above 0.6850 while T/P levels should be located at 0.6620 and 0.6550.
EUR/USD short-term technical levels and trading recommendations for August 29, 2018
2018-08-29
The EUR/USD pair has been trending-up for the past few days. This bullish movement has been demonstrated within the depicted bullish linear regression channels.
By the end of yesterday's consolidation, lack of enough bullish momentum was demonstrated on the chart. The EUR/USD pair failed to maintain enough bullish momentum to keep going within the depicted channels.
Instead, a bearish breakout was executed during early hours of today's consolidations. This turns the short-term outlook into bearish as long as the pair keeps trading below 1.1700.
Intraday bearish target would be located around 1.1600.
Conservative traders should wait for a deeper bullish pullback towards 1.1700 (backside of the broken channels) for a low-risk SELL entry. S/L would be placed above 1.1740. T/P levels should be placed around 1.1600.
EUR/USD analysis for August 29, 2018
2018-08-29
Recently, the EUR/USD pair has been trading downwards. The price tested the level of 1.1664. Anyway, according to the M30 time – frame, I found strong intraday support at the price of 1.1660 (support 1 and yesterday's low), which is a sign that selling looks risky. I also found a hidden bullish divergence on the stochastic oscillator, which is another sign of strength. My advice is to watch for potential buying opportunities. The upward targets are set at the price of 1.1697 and at the price of 1.1730.
Resistance levels:
R1: 1.1730
R2: 1.1767
R3: 1.1800
Support levels:
S1: 1.1660
S2: 1.1622
S3: 1.1589
Trading recommendations for today: watch for potential buying opportunities.
Analysis of Gold for August 29, 2018
2018-08-29
Recently, Gold has been trading downwards. The price tested the level of $1,199.00. Anyway, according to the H1 time – frame, I found strong support at the price of $1,199.00. The support line is a lower diagonal of the upward channel, which suggests a good area for buying opportunities. The stochastic oscillator is in the oversold area and that is another sign of strength. My advice is to watch for buying opportunities. The upward targets are set at the price of $1,213.50 and at the price of $1,219.10.
Resistance levels:
R1: $1,209.90
R2: $1,219.20
R3: $1,224.58
Support levels:
S1: $1,195.29
S2: $1,189.90
S3: $1,180.65
Trading recommendations for today: watch for potential buying opportunities.
NZD/USD short-term technical levels and trading recommendations for August 29, 2018
2018-08-29
The NZD/USD pair has been trending-up for the past few days. This bullish movement has been demonstrated within the depicted bullish linear regression channels.
During today's consolidations, lack of enough bullish momentum was demonstrated on the chart. The NZD/USD pair demonstrated a false bearish breakout below the depicted movement channels. However, immediate bullish recovery was triggered around 0.6690.
The pair remains bullish within depicted channels. Expected bullish targets are projected towards 0.6720 (midline of the channels) and 0.6750 (upper limit of the channels). Signs of bearish rejection can be watched around these levels.
Overall, bullish weakness and bearish tendency remain dominant as long as the NZD/USD pair fails to achieve higher highs above 0.6720.
Hence, bearish positions are preferred in the current situation. Intraday Kky-resistance is located around 0.6750. Intraday key-support is located around 0.6990.
For conservative traders, a valid sell position can be indicated when a bearish breakout below 0.6690 is achieved. T/P level should be located around 0.6650.
The GBP/USD pair rose from the level of 1.2854 towards 1.2936 last week. Now, the current price is set at 1.2845. On the H1 chart, the resistance is seen at the levels of 1.2936 and 1.2973. Besides, the weekly support 1 is seen at the level of 1.2817. Today, the GBP/USD pair is continuing to move in a bullish trend from the new support level of 1.2854, to form a bullish channel. Amid the previous events, we expect the pair to move between 1.2854 and 1.2973. Therefore, buy above the level of 1.2854 with the first target at 1.2936 in order to test the daily resistance 1 and further to 1.2973 (double top). However, if the pair fails to pass through the level of 1.2973, the market will indicate a bearish opportunity below the level of 1.2973. The market will decline further to 1.2854 in order to return to the weekly pivot point. Additionally, a breakout of that target will push the pair further downwards to 1.2735. Besides, it should be noted that the weekly pivot is seen at the level of 1.2854. Moreover, the market is still in an uptrend. We still prefer the bullish scenario.
Intraday technical levels and trading recommendations for EUR/USD for August 29, 2018
2018-08-29
In April 2018, the EUR/USD pair outlook turned to become bearish when the pair pursued trading below the lower limit of the depicted consolidation range (1.2200).
The price level of 1.1500 offered temporary bullish recovery towards 1.1830. The EUR/USD bulls failed to pursue towards higher bullish targets. Instead, a descending high was established around 1.1800.
On the weekly chart, the EUR/USD pair tested the price zone of 1.1400-1.1300 where the depicted trend lines were located on the chart.
On August 10, temporary bearish closure below 1.1400 was achieved. This allowed further bearish decline towards 1.1300 where evident bullish recovery was demonstrated.
This week, the current bullish pullback is persisting above 1.1520, the bearish scenario would be hindered for the short-term. Further bullish advancement should be expected towards 1.1750.
Conservative traders should be watching the next price zone (1.1750-1.1850) for evident bearish rejection and a valid SELL entry. Initial bearish targets would be located at 1.1550 and 1.1420.
On the other hand, for the weekly Head & Shoulders reversal pattern to be confirmed, the EUR/USD pair needs obvious bearish persistence below 1.1400.
Trade Recommendations:
The price zone of 1.1750-1.1850 should be watched for a valid SELL entry. S/L should be located above 1.1880. T/P levels to be located at 1.1550 and 1.1420.
NZD/USD Intraday technical levels and trading recommendations for August 29, 2018
2018-08-29
In April, bearish breakdown of 0.7220-0.7170 (lower limit of the consolidation range) allowed quick bearish decline towards 0.6700-0.6800 where narrow ranged consolidation range was established.
On July 7, evident bullish rejection pushed the NZD/USD pair above 0.6820 temporarily.
However, lack of bullish momentum made the bulls fail to maintain enough bullish momentum above 0.6700.
On August 9, bearish breakout below the depicted consolidation range (0.6700-0.6840) was executed. This allowed the recent bearish decline to occur towards 0.6600-0.6570.
The NZD/USD pair outlook turned to be bearish. Bearish targets are projected towards the price levels of 0.6520 and 0.6480.
Recently, early signs of bullish recovery were manifested around the recent low around 0.6550. This allowed the current bullish pullback to be demonstrated.
Conservative traders should wait for deeper bullish pullback towards 0.6750 for a low-risk SELL entry. S/L should be placed above 0.6850 while T/P levels should be located at 0.6620 and 0.6550.
EUR/USD short-term technical levels and trading recommendations for August 29, 2018
2018-08-29
The EUR/USD pair has been trending-up for the past few days. This bullish movement has been demonstrated within the depicted bullish linear regression channels.
By the end of yesterday's consolidation, lack of enough bullish momentum was demonstrated on the chart. The EUR/USD pair failed to maintain enough bullish momentum to keep going within the depicted channels.
Instead, a bearish breakout was executed during early hours of today's consolidations. This turns the short-term outlook into bearish as long as the pair keeps trading below 1.1700.
Intraday bearish target would be located around 1.1600.
Conservative traders should wait for a deeper bullish pullback towards 1.1700 (backside of the broken channels) for a low-risk SELL entry. S/L would be placed above 1.1740. T/P levels should be placed around 1.1600.
EUR/USD analysis for August 29, 2018
2018-08-29
Recently, the EUR/USD pair has been trading downwards. The price tested the level of 1.1664. Anyway, according to the M30 time – frame, I found strong intraday support at the price of 1.1660 (support 1 and yesterday's low), which is a sign that selling looks risky. I also found a hidden bullish divergence on the stochastic oscillator, which is another sign of strength. My advice is to watch for potential buying opportunities. The upward targets are set at the price of 1.1697 and at the price of 1.1730.
Resistance levels:
R1: 1.1730
R2: 1.1767
R3: 1.1800
Support levels:
S1: 1.1660
S2: 1.1622
S3: 1.1589
Trading recommendations for today: watch for potential buying opportunities.
Analysis of Gold for August 29, 2018
2018-08-29
Recently, Gold has been trading downwards. The price tested the level of $1,199.00. Anyway, according to the H1 time – frame, I found strong support at the price of $1,199.00. The support line is a lower diagonal of the upward channel, which suggests a good area for buying opportunities. The stochastic oscillator is in the oversold area and that is another sign of strength. My advice is to watch for buying opportunities. The upward targets are set at the price of $1,213.50 and at the price of $1,219.10.
Resistance levels:
R1: $1,209.90
R2: $1,219.20
R3: $1,224.58
Support levels:
S1: $1,195.29
S2: $1,189.90
S3: $1,180.65
Trading recommendations for today: watch for potential buying opportunities.
NZD/USD short-term technical levels and trading recommendations for August 29, 2018
2018-08-29
The NZD/USD pair has been trending-up for the past few days. This bullish movement has been demonstrated within the depicted bullish linear regression channels.
During today's consolidations, lack of enough bullish momentum was demonstrated on the chart. The NZD/USD pair demonstrated a false bearish breakout below the depicted movement channels. However, immediate bullish recovery was triggered around 0.6690.
The pair remains bullish within depicted channels. Expected bullish targets are projected towards 0.6720 (midline of the channels) and 0.6750 (upper limit of the channels). Signs of bearish rejection can be watched around these levels.
Overall, bullish weakness and bearish tendency remain dominant as long as the NZD/USD pair fails to achieve higher highs above 0.6720.
Hence, bearish positions are preferred in the current situation. Intraday Kky-resistance is located around 0.6750. Intraday key-support is located around 0.6990.
For conservative traders, a valid sell position can be indicated when a bearish breakout below 0.6690 is achieved. T/P level should be located around 0.6650.
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