2018-08-17
Overview:
The USD/CHF pair is still trading above the pivot point of the price 0.9857. The USD/CHF pair faced resistance at the level of 0.9943. The strong resistance has been already formed at the level of 0.9943 and the pair is likely to try to approach it in order to test it again. However, if the pair fails to pass through the level of 0.9943, the market will indicate a bearish opportunity below the new strong resistance level of 0.9943 (the level of 0.9943 coincides with a ratio of 50% Fibonacci and 61.8%). Moreover, the RSI starts signaling a downward trend, as the trend is still showing strength above the moving average (100) and (50). Thus, the market is indicating a bearish opportunity below 0.9943, so it would be good to sell at 0.9940 with the first target of 0.9795. It will also call for a downtrend in order to continue towards 0.9733. The daily strong support is seen at 0.9733. On the other hand, the stop loss order should always be taken into account, for that it will be reasonable to set it at the level of 1.0055.
Technical analysis of EUR/USD for August 17, 2018
2018-08-17
The USD/CHF pair is still trading above the pivot point of the price 0.9857. The USD/CHF pair faced resistance at the level of 0.9943. The strong resistance has been already formed at the level of 0.9943 and the pair is likely to try to approach it in order to test it again. However, if the pair fails to pass through the level of 0.9943, the market will indicate a bearish opportunity below the new strong resistance level of 0.9943 (the level of 0.9943 coincides with a ratio of 50% Fibonacci and 61.8%). Moreover, the RSI starts signaling a downward trend, as the trend is still showing strength above the moving average (100) and (50). Thus, the market is indicating a bearish opportunity below 0.9943, so it would be good to sell at 0.9940 with the first target of 0.9795. It will also call for a downtrend in order to continue towards 0.9733. The daily strong support is seen at 0.9733. On the other hand, the stop loss order should always be taken into account, for that it will be reasonable to set it at the level of 1.0055.
Technical analysis of EUR/USD for August 17, 2018
2018-08-17
Overview:
The EUR/USD pair continues moving in a bearish trend from the resistance level of 1.1482 to 1.1425. Currently, the price is in a bearish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market. The bias remains bearish in the nearest term testing 1.1300 and 1.1283. Immediate resistance is seen around 1.1425 levels, which coincides with the weekly pivot. Moreover, the moving average (100) starts signaling a downward trend; therefore, the market is indicating a bearish opportunity below 1.1425. So it will be good to sell at 1.1425 with the first target of 1.1300. It will also call for a downtrend in order to continue towards 1.1283. The strong weekly support is seen at 1.1283. However, if a breakout happens at the resistance level of 1.1482, then this scenario may be invalidated.
Fundamental Analysis of NZD/USD for August 17, 2018
2018-08-17
NZD/USD has been non-volatile with the recent bearish moves which led the price to reside below 0.6700 area with a daily close. USD has been outperforming in most of the major currency pairs where NZD is no different.
NZD has been struggling recently due to unchanged Official Cash Rate and dovish statements at RBNZ Press Conference. This week, NZD has been quite firm with the gains which created bullish momentum in the pair. Today, New Zealand PPI Input report was published with an increase to 1.0% from the previous value of 0.6% which was expected to decrease to 0.2% and PPI Output also increased to 0.9% from the previous value of 0.2% which was expected to decrease to 0.1%.
On the other side, recently US Retail Sales report was 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 increased to 0.6% from the previous value of 0.2% which was expected to be at 0.3%. The positive readings did provide the needed boost for the currency, whereas NZD has been struggling to impress the market sentiment. Today, US Prelim UoM Consumer Sentiment report is going to be published which is expected to increase to 98.1 from the previous figure of 97.9 and CB Leading Index is expected to decrease to 0.4% from the previous value of 0.5%.
Meanwhile, USD has been performing quite well in light of recent economic reports, whereas NZD is likely to make a counter move in the context of today's economic data. Though positive economic reports from New Zealand may lead to certain gains, it is expected to be quite short-lived.
Now let us look at the technical view. The price is currently quite impulsive with the bullish gains. The price is expected to retrace towards 0.6700-20 area where the dynamic level of 20 EMA also rests. If the price manages to push higher towards the area, because of bearish confluence the price is expected to follow the trend and push lower towards 0.6500 area in the coming days. As the price remains below 0.68 with a daily close, the bearish bias is expected to continue.
SUPPORT: 0.6500
RESISTANCE: 0.6700-20, 0.68
BIAS: BEARISH
MOMENTUM: NON-VOLATILE
USD/CHF Reversed Off Resistance, Prepare For Further Drop!
2018-08-17
USD/CHF reversed off its resistance at 0.9981 (61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal swing high resistance) where it is expected to drop further to its support at 0.9942 (61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap support).
Stochastic (55, 5, 3) reversed off its resistance at 98% where a corresponding drop is expected.
USD/CHF reversed off its resistance where we expect to see a further drop.
Sell below 0.9981. Stop loss at 1.0000. Take profit at 0.9942.
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NZD/USD Intraday technical levels and trading recommendations for August 17, 2018
2018-08-17
Breakdown of 0.7220-0.7170 (neckline zone) was needed for a bearish breakout of the depicted consolidation range (0.7170 and 0.7350).
The 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 the current 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 17, 2018
2018-08-17
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 breakout above 1.1420 is achieved. This would pause the ongoing bearish momentum allowing bullish pullback to take place.
The EUR/USD pair continues moving in a bearish trend from the resistance level of 1.1482 to 1.1425. Currently, the price is in a bearish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market. The bias remains bearish in the nearest term testing 1.1300 and 1.1283. Immediate resistance is seen around 1.1425 levels, which coincides with the weekly pivot. Moreover, the moving average (100) starts signaling a downward trend; therefore, the market is indicating a bearish opportunity below 1.1425. So it will be good to sell at 1.1425 with the first target of 1.1300. It will also call for a downtrend in order to continue towards 1.1283. The strong weekly support is seen at 1.1283. However, if a breakout happens at the resistance level of 1.1482, then this scenario may be invalidated.
Fundamental Analysis of NZD/USD for August 17, 2018
2018-08-17
NZD/USD has been non-volatile with the recent bearish moves which led the price to reside below 0.6700 area with a daily close. USD has been outperforming in most of the major currency pairs where NZD is no different.
NZD has been struggling recently due to unchanged Official Cash Rate and dovish statements at RBNZ Press Conference. This week, NZD has been quite firm with the gains which created bullish momentum in the pair. Today, New Zealand PPI Input report was published with an increase to 1.0% from the previous value of 0.6% which was expected to decrease to 0.2% and PPI Output also increased to 0.9% from the previous value of 0.2% which was expected to decrease to 0.1%.
On the other side, recently US Retail Sales report was 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 increased to 0.6% from the previous value of 0.2% which was expected to be at 0.3%. The positive readings did provide the needed boost for the currency, whereas NZD has been struggling to impress the market sentiment. Today, US Prelim UoM Consumer Sentiment report is going to be published which is expected to increase to 98.1 from the previous figure of 97.9 and CB Leading Index is expected to decrease to 0.4% from the previous value of 0.5%.
Meanwhile, USD has been performing quite well in light of recent economic reports, whereas NZD is likely to make a counter move in the context of today's economic data. Though positive economic reports from New Zealand may lead to certain gains, it is expected to be quite short-lived.
Now let us look at the technical view. The price is currently quite impulsive with the bullish gains. The price is expected to retrace towards 0.6700-20 area where the dynamic level of 20 EMA also rests. If the price manages to push higher towards the area, because of bearish confluence the price is expected to follow the trend and push lower towards 0.6500 area in the coming days. As the price remains below 0.68 with a daily close, the bearish bias is expected to continue.
SUPPORT: 0.6500
RESISTANCE: 0.6700-20, 0.68
BIAS: BEARISH
MOMENTUM: NON-VOLATILE
USD/CHF Reversed Off Resistance, Prepare For Further Drop!
2018-08-17
USD/CHF reversed off its resistance at 0.9981 (61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal swing high resistance) where it is expected to drop further to its support at 0.9942 (61.8% Fibonacci extension, 61.8% Fibonacci retracement, horizontal overlap support).
Stochastic (55, 5, 3) reversed off its resistance at 98% where a corresponding drop is expected.
USD/CHF reversed off its resistance where we expect to see a further drop.
Sell below 0.9981. Stop loss at 1.0000. Take profit at 0.9942.
#theforexarmy #forexsigns #forexsignals #forexfamily #forexgroup #forexhelp #forexcourse #forextrade #forexdaily #forexmoney #forexentourage #forextrading #forex #forexhelptrading #forexscalping #babypips #forexfactory #forexlife #forextrader #financialfreedom #daytrader #scalper #swingtrader #fx #currency #pips #technicalanalysis #forexmarket
NZD/USD Intraday technical levels and trading recommendations for August 17, 2018
2018-08-17
Breakdown of 0.7220-0.7170 (neckline zone) was needed for a bearish breakout of the depicted consolidation range (0.7170 and 0.7350).
The 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 the current 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 17, 2018
2018-08-17
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 breakout above 1.1420 is achieved. This would pause the ongoing bearish momentum allowing bullish pullback to take place.
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