2018-08-23
Overview:
The GBP/USD pair rose from the level of 1.2854 towards 1.2936 yesterday. Now, the current price is set at 1.2883. 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). Nevertheless, 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 move the pair further downwards to 1.2735.
Comment:
- The weekly pivot is seen at the level of 1.2854.
- The market is still in an uptrend. We still prefer the bullish scenario.
Technical analysis of AUD/USD for August 23, 2018
2018-08-23
Overview:
Pivot : 0.7359.
The AUD/USD pair continued to move upwards from the level of 0.7300. Since yesterday, the pair has risen from the level of 0.7299 (the level of 0.7299 coincides with the ratio of 38.2% Fibonacci Expansion) to the top around 0.7359. In consequence, the AUD/USD pair broke resistance at 0.7329, which turned into strong support at the level of 0.7329. In the H1 time frame, the level of 0.7299 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 0.7359 towards the target level of 0.7400. If the pair succeeds in passing through the level of 0.7400, the market will indicate the bullish opportunity above the level of 0.7400 so as to reach the second target at 0.7454 (the double top). At the same time, if the AUD/USD pair is able to break out the level of 0.7329, the market will decline further to 0.7263.
GBP/USD analysis for August 23, 2018
2018-08-23
Recently, the GBP/USD pair has been trading downwards. The price tested the level of 1.2849. According to the M15 time – frame, I found a potential double top pattern in the background, which is a sign that buying looks risky. I also found rejection from pivot cluster at the price of 1.2910 (weekly R2), which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of 1.2836 and at the price of 1.2806.
Resistance levels:
R1: 1.2940
R2: 1.2970
R3: 1.3007
Support levels:
S1: 1.2873
S2: 1.2837
S3: 1.2806
Trading recommendations for today: watch for potential selling opportunities.
USD/CAD analysis for August 23, 2018
2018-08-23
Recently, the USD/CAD pair has been trading upwards. The price tested the level of 1.3047. According to the M30 time – frame, I found broken support trendlines in the background, which is a sign that buyers are in control. I also found rejection from a strong support pivot cluster around the price of 1.2985. My advice is to watch for buying opportunities. The upward targets are set at the price of 1.3067 and at the price of 1.3090.
Resistance levels:
R1: 1.3033
R2: 1.3067
R3: 1.3090
Support levels:
S1: 1.2075
S2: 1.2950
S3: 1.2917
Trading recommendations for today: watch for potential buying opportunities.
Pivot : 0.7359.
The AUD/USD pair continued to move upwards from the level of 0.7300. Since yesterday, the pair has risen from the level of 0.7299 (the level of 0.7299 coincides with the ratio of 38.2% Fibonacci Expansion) to the top around 0.7359. In consequence, the AUD/USD pair broke resistance at 0.7329, which turned into strong support at the level of 0.7329. In the H1 time frame, the level of 0.7299 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 0.7359 towards the target level of 0.7400. If the pair succeeds in passing through the level of 0.7400, the market will indicate the bullish opportunity above the level of 0.7400 so as to reach the second target at 0.7454 (the double top). At the same time, if the AUD/USD pair is able to break out the level of 0.7329, the market will decline further to 0.7263.
GBP/USD analysis for August 23, 2018
2018-08-23
Recently, the GBP/USD pair has been trading downwards. The price tested the level of 1.2849. According to the M15 time – frame, I found a potential double top pattern in the background, which is a sign that buying looks risky. I also found rejection from pivot cluster at the price of 1.2910 (weekly R2), which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of 1.2836 and at the price of 1.2806.
Resistance levels:
R1: 1.2940
R2: 1.2970
R3: 1.3007
Support levels:
S1: 1.2873
S2: 1.2837
S3: 1.2806
Trading recommendations for today: watch for potential selling opportunities.
USD/CAD analysis for August 23, 2018
2018-08-23
Recently, the USD/CAD pair has been trading upwards. The price tested the level of 1.3047. According to the M30 time – frame, I found broken support trendlines in the background, which is a sign that buyers are in control. I also found rejection from a strong support pivot cluster around the price of 1.2985. My advice is to watch for buying opportunities. The upward targets are set at the price of 1.3067 and at the price of 1.3090.
Resistance levels:
R1: 1.3033
R2: 1.3067
R3: 1.3090
Support levels:
S1: 1.2075
S2: 1.2950
S3: 1.2917
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