2018-08-08
Overview:
The GBP/USD pair continues to move downwards from the areas of 1.3036 (which coincides with a ratio of 23.6% Fibonacci on the H4 chart) and 1.2969. Yesterday, the pair dropped from the level of 1.3036 to 1.2902. Today, resistance is seen at the levels of 1.2969 and 1.3036. So, we expect the price to set below the strong resistance at the levels of 1.2969 and 1.3036; because the price is in a bearish channel now.
Amid the previous events, the price is still moving between the levels of 1.2969 and 1.2829. In overall, we still prefer the bearish scenario as long as the price is below the level of 1.2969. Furthermore, if the GBP/USD pair is able to break out the bottom at 1.2902, the market will decline further to 1.2829 (daily support 1). hence, the price will fall into a bearish trend in order to go further towards the strong support at 1.2829 to test it again. The level of 1.2768 will form a new double bottom.
On the other hand, if the price closes above the strong resistance of 1.3036, the best location for a stop loss order is seen above 1.3169.
Technical analysis of AUD/USD for August 08, 2018
2018-08-08
The GBP/USD pair continues to move downwards from the areas of 1.3036 (which coincides with a ratio of 23.6% Fibonacci on the H4 chart) and 1.2969. Yesterday, the pair dropped from the level of 1.3036 to 1.2902. Today, resistance is seen at the levels of 1.2969 and 1.3036. So, we expect the price to set below the strong resistance at the levels of 1.2969 and 1.3036; because the price is in a bearish channel now.
Amid the previous events, the price is still moving between the levels of 1.2969 and 1.2829. In overall, we still prefer the bearish scenario as long as the price is below the level of 1.2969. Furthermore, if the GBP/USD pair is able to break out the bottom at 1.2902, the market will decline further to 1.2829 (daily support 1). hence, the price will fall into a bearish trend in order to go further towards the strong support at 1.2829 to test it again. The level of 1.2768 will form a new double bottom.
On the other hand, if the price closes above the strong resistance of 1.3036, the best location for a stop loss order is seen above 1.3169.
Technical analysis of AUD/USD for August 08, 2018
2018-08-08
Overview:
The daily strong resistance of the AUD/USD pair is seen at the price of 0.7474. The AUD/USD pair fell from the level of 0.7474 towards 0.7348. But, the price rebounded from the bottom of 0.7348 to trade around the spot of 0.7474 again. The resistance is seen at the levels of 0.7474, 0.7513 and 0.7554. Moreover, the price area of 0.7474/0.7513 remains a significant resistance zone. Therefore, there is a possibility that the AUD/USD pair will move downside and the structure of a fall does not look corrective. The trend is still below the 100 EMA for that the bearish outlook remains the same as long as the 100 EMA is headed to the downside. Thus, amid the previous events, the price is still moving between the levels of 0.7474 and 0.7257. If the AUD/USD pair fails to break through the resistance level of 0.7474, the market will decline further to 0.7302 as the first target. This would suggest the bearish market because the RSI indicator is still in a negative spot and does not show any trend-reversal signs. The pair is expected to drop lower towards at least 0.7257 so as to test the daily support 3. On the other hand, if a breakout takes place at the resistance level of 0.7553, then this scenario may become invalidated.
Fundamental Analysis of USD/CHF for August 8, 2018
2018-08-08
USD/CHF has been quite volatile and indecisive below 0.9980-1.0050 area from where it is expected to push a bit lower before starting to push higher in the coming days. USD has been the dominant currency in the pair but as of the recent Trade War tensions and Political aspects, it is struggling to maintain its momentum in the process.
CHF has been struggling with the recent economic reports which lead the currency to be a bit weak in comparison to USD earlier. Recently CHF Foreign Currency Reserves report was published with an increase to 750B from the previous figure of 748B which did help the currency to gain certain momentum in the process. Ahead of the Unemployment Rate report to be published tomorrow which is expected to be unchanged at 2.6%, CHF is expected to maintain the bearish momentum in the pair for the time being.
On the other hand, 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, ahead of the high impact economic reports of USD, certain volatility is expected in this pair but having dovish economic forecasts on the USD side, it is expected to struggle a bit further before pushing higher against CHF in the coming days.
Now let us look at the technical view. The price currently quite indecisive after rejecting off the 0.9980 area with a daily close which is expected to push the price a bit lower towards the trend line support at 0.99 before pushing higher with a target towards 1.0050 resistance area in the future. As the price remains above 0.9850 with a daily close, the bullish bias is expected to continue in this pair.
SUPPORT: 0.9850-0.9900
RESISTANCE: 0.9980-1.0050
BIAS: BULLISH
MOMENTUM: VOLATILE
Analysis of Gold for August 08, 2018
2018-08-08
Recently, the Gold has been trading sideways at the price of $1,211.15. According to the M30 time – frame, I found broken upward trendline, which is a sign that sellers are in control. I also found the rejection of the resistance 1 and hidden bearish divergence on the stochastic oscillator, which is a sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of $1,207.00 and at the price of $1,202.65.
Resistance levels:
R1: $1,215.18
R2: $1,219.81
R3: $1,223.90
Support levels:
S1: $1.206.45
S2: $1,202.35
S3: $1,197.75
Trading recommendations for today: watch for potential selling opportunities.
The daily strong resistance of the AUD/USD pair is seen at the price of 0.7474. The AUD/USD pair fell from the level of 0.7474 towards 0.7348. But, the price rebounded from the bottom of 0.7348 to trade around the spot of 0.7474 again. The resistance is seen at the levels of 0.7474, 0.7513 and 0.7554. Moreover, the price area of 0.7474/0.7513 remains a significant resistance zone. Therefore, there is a possibility that the AUD/USD pair will move downside and the structure of a fall does not look corrective. The trend is still below the 100 EMA for that the bearish outlook remains the same as long as the 100 EMA is headed to the downside. Thus, amid the previous events, the price is still moving between the levels of 0.7474 and 0.7257. If the AUD/USD pair fails to break through the resistance level of 0.7474, the market will decline further to 0.7302 as the first target. This would suggest the bearish market because the RSI indicator is still in a negative spot and does not show any trend-reversal signs. The pair is expected to drop lower towards at least 0.7257 so as to test the daily support 3. On the other hand, if a breakout takes place at the resistance level of 0.7553, then this scenario may become invalidated.
Fundamental Analysis of USD/CHF for August 8, 2018
2018-08-08
USD/CHF has been quite volatile and indecisive below 0.9980-1.0050 area from where it is expected to push a bit lower before starting to push higher in the coming days. USD has been the dominant currency in the pair but as of the recent Trade War tensions and Political aspects, it is struggling to maintain its momentum in the process.
CHF has been struggling with the recent economic reports which lead the currency to be a bit weak in comparison to USD earlier. Recently CHF Foreign Currency Reserves report was published with an increase to 750B from the previous figure of 748B which did help the currency to gain certain momentum in the process. Ahead of the Unemployment Rate report to be published tomorrow which is expected to be unchanged at 2.6%, CHF is expected to maintain the bearish momentum in the pair for the time being.
On the other hand, 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, ahead of the high impact economic reports of USD, certain volatility is expected in this pair but having dovish economic forecasts on the USD side, it is expected to struggle a bit further before pushing higher against CHF in the coming days.
Now let us look at the technical view. The price currently quite indecisive after rejecting off the 0.9980 area with a daily close which is expected to push the price a bit lower towards the trend line support at 0.99 before pushing higher with a target towards 1.0050 resistance area in the future. As the price remains above 0.9850 with a daily close, the bullish bias is expected to continue in this pair.
SUPPORT: 0.9850-0.9900
RESISTANCE: 0.9980-1.0050
BIAS: BULLISH
MOMENTUM: VOLATILE
Analysis of Gold for August 08, 2018
2018-08-08
Recently, the Gold has been trading sideways at the price of $1,211.15. According to the M30 time – frame, I found broken upward trendline, which is a sign that sellers are in control. I also found the rejection of the resistance 1 and hidden bearish divergence on the stochastic oscillator, which is a sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of $1,207.00 and at the price of $1,202.65.
Resistance levels:
R1: $1,215.18
R2: $1,219.81
R3: $1,223.90
Support levels:
S1: $1.206.45
S2: $1,202.35
S3: $1,197.75
Trading recommendations for today: watch for potential selling opportunities.
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