2018-08-16
In Asia, Japan will release the Trade Balance data, and the US will release some Economic Data such as Natural Gas Storage, Unemployment Claims, Philly Fed Manufacturing Index, Housing Starts, and Building Permits. So there is a probability the USD/JPY will move with low to medium volatility during this day.
TODAY'S TECHNICAL LEVEL:
Resistance. 3: 111.25.
Resistance. 2: 111.03.
Resistance. 1: 110.82.
Support. 1: 110.55.
Support. 2: 110.34.
Support. 3: 110.12.
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 16, 2018
2018-08-16
When the European market opens, some Economic Data will be released such as Spanish 10-y Bond Auction, Trade Balance, and German WPI m/m. The US will release the Economic Data too such as Natural Gas Storage, Unemployment Claims, Philly Fed Manufacturing Index, Housing Starts, and Building Permits, so amid the reports, EUR/USD will move in a low to medium volatility during this day.
TODAY'S TECHNICAL LEVEL:
Breakout BUY Level: 1.1399.
Strong Resistance:1.1392.
Original Resistance: 1.1381.
Inner Sell Area: 1.1370.
Target Inner Area: 1.1342.
Inner Buy Area: 1.1314.
Original Support: 1.1303.
Strong Support: 1.1292.
Breakout SELL Level: 1.1285.
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 AUD/USD for August 16, 2018
2018-08-16
AUD/USD has recently broken below the 0.7300 support area with a daily close, which is currently pushing higher towards the area for a retest before progressing lower with the trend in the future. As of the recent mixed economic reports, AUD lost momentum against USD in the process which is expected to lead to further downward pressures in the future.
Recently, AUD Wage Price Index report has been published with a slight increase to 0.6% as expected from the previous value of 0.5%. Today, AUD Employment Change report has been published with a significant decrease to -3.9k from the previous figure of 58.2k and Unemployment Rate has decreased to 5.3% which was expected to be unchanged at 5.4%. Despite the mixed economic reports while the bias is more dovish, AUD is currently gaining certain momentum which is expected to be quite short-term in the process.
On the other hand, USD having better Retail Sales reports is expected to extend its gains further in the coming days. Recently, USD Retail Sales report has been published with an increase to 0.5% from the previous value of 0.2% which was expected to decrease to 0.1% and Core Retail Sales also has increased to 0.6% from the previous value of 0.2% which was expected to be at 0.3%. Today, USD Building Permits report is going to be published which is expected to increase to 1.31M from the previous figure of 1.29M, Housing Starts is expected to increase to 1.27M from the previous figure of 1.17M and Philly Fed Manufacturing Index is expected to decrease to 21.9 from the previous figure of 25.7.
As of the current scenario, USD is currently quite optimistic and hawkish with the economic reports to be published whereas AUD is quite indecisive with the mixed economic reports. As the upcoming economic reports publish on the USD, further gain on the USD side is expected which may lead to further gain on the bearish side of the market in this pair.
Now let us look at the technical view. The price is currently quite impulsive with the bullish gains after the indecisive daily candle closed yesterday. Currently, the price is expected to push higher towards the 0.73 area where the dynamic levels like 20 EMA, Tenkan and Kijun line rests, which is expected to lead to further bearish momentum upon rejection with confluence and result to further downward pressure with target towards the 0.7050 area in the future. As the price remains below the 0.75 area, the bearish bias is expected to continue.
SUPPORT: 0.7050
RESISTANCE: 0.7300, 0.7500
BIAS: BEARISH
MOMENTUM: VOLATILE
Technical analysis of Gold for August 16, 2018
2018-08-16
Gold price has overshot below the lower wedge boundary and is forming a bullish reversal candle. Gold price moved as low as $1,160 area providing a better-than-expected sell profit from our yesterday intraday short idea once $1,193 was broken downwards.
Black lines - downward sloping wedge pattern
Blue line - Bullish divergence
Magenta line - long-term resistance
Gold price remains in a bearish trend. Price is below both the tenkan- and kijun-sen (red and yellow lines) indicators. Price remains inside the wedge pattern even if we have seen an overshoot earlier this morning. Price is forming a bullish hammer (reversal pattern) but we need to be patient to see at the end of the day how this will have been formed. Resistance at $1,211 is key for the short-term trend. We could see a bounce towards the upper wedge boundary or at least towards the tenkan-sen at $1,190-93.
Technical analysis of EUR/USD for August 16, 2018
2018-08-16
The EUR/USD pair is showing reversal signs. Trend remains bearish on a daily basis but there are signs of a possible short-term bounce. Yesterday's candle was a bullish hammer. I expect a bounce towards the previous support which is now resistance at 1.15. The most likely scenario will be a rejection and a bearish reversal to new lows.
Blue line - Bullish divergence
Magenta line - long-term resistance
Gold price remains in a bearish trend. Price is below both the tenkan- and kijun-sen (red and yellow lines) indicators. Price remains inside the wedge pattern even if we have seen an overshoot earlier this morning. Price is forming a bullish hammer (reversal pattern) but we need to be patient to see at the end of the day how this will have been formed. Resistance at $1,211 is key for the short-term trend. We could see a bounce towards the upper wedge boundary or at least towards the tenkan-sen at $1,190-93.
Technical analysis of EUR/USD for August 16, 2018
2018-08-16
The EUR/USD pair is showing reversal signs. Trend remains bearish on a daily basis but there are signs of a possible short-term bounce. Yesterday's candle was a bullish hammer. I expect a bounce towards the previous support which is now resistance at 1.15. The most likely scenario will be a rejection and a bearish reversal to new lows.
Blue line - medium-term resistance
Red line - short-term resistance
Green lines - expect price path
EUR/USD has short-term resistance at 1.1465 and next at 1.15 Medium-term trend line resistance is found at 1.1550-1.1570. As long as we are below that area, I remain bearish looking for a new lower low. Support is at 1.1335. A break below this level will open the way for a move below 1.13.
Red line - short-term resistance
Green lines - expect price path
EUR/USD has short-term resistance at 1.1465 and next at 1.15 Medium-term trend line resistance is found at 1.1550-1.1570. As long as we are below that area, I remain bearish looking for a new lower low. Support is at 1.1335. A break below this level will open the way for a move below 1.13.
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