2018-08-20
Overview:
Last week, the GBP/USD pair hit the weekly support levels of 0.2780 and 0.2722. Thus, it dropped down in order to bottom at the point of 1.2780. The daily pivot point is seen at the price of 0.2780. Today, the pair is trading below its pivot point (1.2780). It is likely to trade in a higher range as long as it remains below the level of 1.2780. Hence, the minor resistance was already set at the level of 1.2780. Moreover, the weekly resistance is also coinciding around the major support around the area of 1.2837. Additionally, the RSI is still calling for a strong bearish market as well as the current price is also below the moving average 100. Therefore, it will be advantageous to sell below the current level of 1.2780 with the first target at 1.2700. From this point, if the pair closes below the dily support of 1.2700 on the H1 chart, the GBP/USD pair may resume its movement to 1.2670 in order to retest the weekly support 2. On contrary, stop loss should always be taken into account, accordingly, it will be beneficial to set the stop loss below the last bullish wave at 1.2843.
Technical analysis of USD/CAD for August 20, 2018
2018-08-20
Last week, the GBP/USD pair hit the weekly support levels of 0.2780 and 0.2722. Thus, it dropped down in order to bottom at the point of 1.2780. The daily pivot point is seen at the price of 0.2780. Today, the pair is trading below its pivot point (1.2780). It is likely to trade in a higher range as long as it remains below the level of 1.2780. Hence, the minor resistance was already set at the level of 1.2780. Moreover, the weekly resistance is also coinciding around the major support around the area of 1.2837. Additionally, the RSI is still calling for a strong bearish market as well as the current price is also below the moving average 100. Therefore, it will be advantageous to sell below the current level of 1.2780 with the first target at 1.2700. From this point, if the pair closes below the dily support of 1.2700 on the H1 chart, the GBP/USD pair may resume its movement to 1.2670 in order to retest the weekly support 2. On contrary, stop loss should always be taken into account, accordingly, it will be beneficial to set the stop loss below the last bullish wave at 1.2843.
Technical analysis of USD/CAD for August 20, 2018
2018-08-20
Overview:
The USD/CAD pair continues to trade downwards from the levels of 1.3094. This week, the pair dropped from the level of 1.3169 to the bottom around 1.2974 then set around the spot of 1.3080. Today, the first resistance level is seen at 1.3094 followed by 1.3132, while daily support 1 is seen at 1.2974. According to the previous events, the USD/CAD pair is still moving between the levels of 1.3094 and 1.2974; for that, we expect a range of 120 pips (1.3094 - 1.2974). If the USD/CAD pair fails to break through the minor resistance level of 1.3094 , the market will decline further to 1.3048. This would suggest a bearish market because the RSI indicator is still in a positive area and does not show any trend-reversal signs. The pair is expected to drop lower towards at least 1.2974 with a view to testing the daily major support. However, if a breakout takes place at the resistance level of 1.3132, then this scenario may become invalidated.
NZD/USD Intraday technical levels and trading recommendations for August 20, 2018
2018-08-20
Breakdown of 0.7220-0.7170 (neckline zone) was needed for a bearish breakout of the depicted consolidation range (0.7170 and 0.7350).
Quick bearish decline took place 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 current 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 are being manifested around the recent low around 0.6550. This indicates a possible bullish pullback.
Conservative traders should wait for a deeper bullish pullback towards 0.6700-0.6720 for a low-risk SELL entry. S/L should be placed above 0.6770.
Intraday technical levels and trading recommendations for EUR/USD for August 20, 2018
2018-08-20
Daily Outlook
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.
Currently, the EUR/USD pair is testing the price zone of 1.1450-1.1370 (demand zone) where the depicted trend lines are located on the depicted weekly chart.
As anticipated, bearish closure below 1.1400 was achieved. This allowed further bearish decline towards 1.1300.
For further bearish decline to occur, the EUR/USD pair needs obvious bearish breakdown below 1.1375. Initial bearish target would be located around 1.1275 then 1.1120 if enough bearish pressure is applied.
Hence, The EUR/USD short-term outlook remains bearish towards the mentioned levels unless bullish persistence above 1.1420 is achieved.
This would pause the ongoing bearish momentum allowing bullish pullback to take place towards 1.1520 initially.
Analysis of Gold for August 20, 2018
2018-08-20
Recently, Gold has been trading upwards. The price tested the level of $1,189.20. According to the M15 time – frame, I found a rising regression channel and rising ADX, which is a sign that buyers are in control. Buying on the dips looks like a good plan. My advice is to watch for potential buying opportunities. The upward targets are set at the price of $1,193.15 and at the price of $1,200.00.
Resistance levels:
R1: $1,188.75
R2: $1.193.25
R3: $1,200.00
Support levels:
S1: $1,175.60
S2: $1,166.98
S3: $1,162.50
Trading recommendations for today: watch for potential buying opportunities.
The USD/CAD pair continues to trade downwards from the levels of 1.3094. This week, the pair dropped from the level of 1.3169 to the bottom around 1.2974 then set around the spot of 1.3080. Today, the first resistance level is seen at 1.3094 followed by 1.3132, while daily support 1 is seen at 1.2974. According to the previous events, the USD/CAD pair is still moving between the levels of 1.3094 and 1.2974; for that, we expect a range of 120 pips (1.3094 - 1.2974). If the USD/CAD pair fails to break through the minor resistance level of 1.3094 , the market will decline further to 1.3048. This would suggest a bearish market because the RSI indicator is still in a positive area and does not show any trend-reversal signs. The pair is expected to drop lower towards at least 1.2974 with a view to testing the daily major support. However, if a breakout takes place at the resistance level of 1.3132, then this scenario may become invalidated.
NZD/USD Intraday technical levels and trading recommendations for August 20, 2018
2018-08-20
Breakdown of 0.7220-0.7170 (neckline zone) was needed for a bearish breakout of the depicted consolidation range (0.7170 and 0.7350).
Quick bearish decline took place 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 current 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 are being manifested around the recent low around 0.6550. This indicates a possible bullish pullback.
Conservative traders should wait for a deeper bullish pullback towards 0.6700-0.6720 for a low-risk SELL entry. S/L should be placed above 0.6770.
Intraday technical levels and trading recommendations for EUR/USD for August 20, 2018
2018-08-20
Daily Outlook
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.
Currently, the EUR/USD pair is testing the price zone of 1.1450-1.1370 (demand zone) where the depicted trend lines are located on the depicted weekly chart.
As anticipated, bearish closure below 1.1400 was achieved. This allowed further bearish decline towards 1.1300.
For further bearish decline to occur, the EUR/USD pair needs obvious bearish breakdown below 1.1375. Initial bearish target would be located around 1.1275 then 1.1120 if enough bearish pressure is applied.
Hence, The EUR/USD short-term outlook remains bearish towards the mentioned levels unless bullish persistence above 1.1420 is achieved.
This would pause the ongoing bearish momentum allowing bullish pullback to take place towards 1.1520 initially.
Analysis of Gold for August 20, 2018
2018-08-20
Recently, Gold has been trading upwards. The price tested the level of $1,189.20. According to the M15 time – frame, I found a rising regression channel and rising ADX, which is a sign that buyers are in control. Buying on the dips looks like a good plan. My advice is to watch for potential buying opportunities. The upward targets are set at the price of $1,193.15 and at the price of $1,200.00.
Resistance levels:
R1: $1,188.75
R2: $1.193.25
R3: $1,200.00
Support levels:
S1: $1,175.60
S2: $1,166.98
S3: $1,162.50
Trading recommendations for today: watch for potential buying opportunities.
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