2018-08-16
Overview:
The NZD/USD pair dropped from the level of 0.6593 towards 0.6541. Now, the price is set at 0.6583. On the H4 chart, the resistance of NZD/USD pair is seen at the level of 0.6626 and 0.6652.
It should be noted that volatility is very high for that the NZD/USD pair is still moving between 0.6593 and 0.6541 in coming hours.
Moreover, the price spot of 0.6593/0.6626 remains a significant resistance zone. Therefore, there is a possibility that the NZD/USD pair will move downside and the structure of a fall does not look corrective. In order to indicate the bearish opportunity below 0.6593/0.6626, sell below 0.6593 or 0.6626 with the first target at 0.6541 in order to test yesterday's bottom. Also, it should be noticed that support 1 is seen at the level of 0.6593 which coincides the daily pivot point.
Additionally, if the NZD/USD pair is able to break out the bottom at 0.6541, the market will decline further to in order to test the daily support 2 (0.6489).
Technical analysis of USD/CAD for August 16, 2018
2018-08-16
The NZD/USD pair dropped from the level of 0.6593 towards 0.6541. Now, the price is set at 0.6583. On the H4 chart, the resistance of NZD/USD pair is seen at the level of 0.6626 and 0.6652.
It should be noted that volatility is very high for that the NZD/USD pair is still moving between 0.6593 and 0.6541 in coming hours.
Moreover, the price spot of 0.6593/0.6626 remains a significant resistance zone. Therefore, there is a possibility that the NZD/USD pair will move downside and the structure of a fall does not look corrective. In order to indicate the bearish opportunity below 0.6593/0.6626, sell below 0.6593 or 0.6626 with the first target at 0.6541 in order to test yesterday's bottom. Also, it should be noticed that support 1 is seen at the level of 0.6593 which coincides the daily pivot point.
Additionally, if the NZD/USD pair is able to break out the bottom at 0.6541, the market will decline further to in order to test the daily support 2 (0.6489).
Technical analysis of USD/CAD for August 16, 2018
2018-08-16
Overview:
Pivot: 1.3048.
The USD/CAD pair continues to trade downwards from the levels of 1.3094 and 0.3132. 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 1.3094, then this scenario may become invalidated.
NZD/USD Intraday technical levels and trading recommendations for August 16, 2018
2018-08-16
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 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 16, 2018
2018-08-16
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 a further decline to occur, the EUR/USD pair needs obvious bearish breakdown below 1.1375. An iInitial 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 breakout above 1.1420 is achieved. This would pause the ongoing bearish momentum allowing bullish pullback to take place.
Fundamental Analysis of EUR/GBP for August 16, 2018
2018-08-16
EUR/GBP has been quite non-volatile with recent bullish gains which is expected to push the price much higher in the coming days. GBP has been struggling in the context of the recent trade jitters and the Brexit situation. Interestingly, positive economic reports does not provide EUR with support.
Recently, UK CPI report was published as expected with a 2.5% increase from the previous value of 2.4% and PPI input also increased to 0.5% from the previous value of 0.3% which was expected to decrease to 0.1%. Today, UK Retail Sales report was published with an increase to 0.7% from the previous negative value of -0.5% which did not quite help the currency to win back losses yet.
On the other hand, despite the worse-than-expected data today, EUR gained momentum. Today, German WPI report was published with a decrease to 0.0% which was expected to be unchanged at 0.5% and Trade Balance decreased to 16.7B from the previous figure of 16.9 which was expected to increase to 17.0B.
Meanwhile, the market seems to be quite biased on the EUR side despite the back to back worse economic figures on the same day. While GBP is struggling to gain momentum, any further positive EUR economic report is expected to inject more bullish pressure in the pair in the near future.
Now let us look at the technical view. The price is currently residing at the edge of breaking above 0.8950 area with confluence of 20 EMA, Tenkan and Kijun line. The Chikou Span is also indicating an upward momentum having Price Line as support is expected to inject further bullish momentum in the market. A daily close above 0.8950 is expected to inject further impulsive bullish pressure in the market in the future. As the price remains above 0.8850 area, the bullish bias is expected to continue with a target towards 0.9300 resistance area in the coming days.
SUPPORT: 0.8850
RESISTANCE: 0.8950, 0.9300
BIAS: BULLISH
MOMENTUM: IMPULSIVE and NON-VOLATILE
Pivot: 1.3048.
The USD/CAD pair continues to trade downwards from the levels of 1.3094 and 0.3132. 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 1.3094, then this scenario may become invalidated.
NZD/USD Intraday technical levels and trading recommendations for August 16, 2018
2018-08-16
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 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 16, 2018
2018-08-16
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 a further decline to occur, the EUR/USD pair needs obvious bearish breakdown below 1.1375. An iInitial 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 breakout above 1.1420 is achieved. This would pause the ongoing bearish momentum allowing bullish pullback to take place.
Fundamental Analysis of EUR/GBP for August 16, 2018
2018-08-16
EUR/GBP has been quite non-volatile with recent bullish gains which is expected to push the price much higher in the coming days. GBP has been struggling in the context of the recent trade jitters and the Brexit situation. Interestingly, positive economic reports does not provide EUR with support.
Recently, UK CPI report was published as expected with a 2.5% increase from the previous value of 2.4% and PPI input also increased to 0.5% from the previous value of 0.3% which was expected to decrease to 0.1%. Today, UK Retail Sales report was published with an increase to 0.7% from the previous negative value of -0.5% which did not quite help the currency to win back losses yet.
On the other hand, despite the worse-than-expected data today, EUR gained momentum. Today, German WPI report was published with a decrease to 0.0% which was expected to be unchanged at 0.5% and Trade Balance decreased to 16.7B from the previous figure of 16.9 which was expected to increase to 17.0B.
Meanwhile, the market seems to be quite biased on the EUR side despite the back to back worse economic figures on the same day. While GBP is struggling to gain momentum, any further positive EUR economic report is expected to inject more bullish pressure in the pair in the near future.
Now let us look at the technical view. The price is currently residing at the edge of breaking above 0.8950 area with confluence of 20 EMA, Tenkan and Kijun line. The Chikou Span is also indicating an upward momentum having Price Line as support is expected to inject further bullish momentum in the market. A daily close above 0.8950 is expected to inject further impulsive bullish pressure in the market in the future. As the price remains above 0.8850 area, the bullish bias is expected to continue with a target towards 0.9300 resistance area in the coming days.
SUPPORT: 0.8850
RESISTANCE: 0.8950, 0.9300
BIAS: BULLISH
MOMENTUM: IMPULSIVE and NON-VOLATILE
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