2018-09-14
EUR/GBP has been quite volatile and corrective at the edge of support area of 0.8880 from where further bullish momentum is expected in this pair. EUR has been dominating GBP for a few weeks, whereas GBP has still been weighed down by the BREXIT impact and economic reports with mixed readings.
GBP has been quite indecisive in light of mixed figures in economic reports this week. Indeed, positive GDP data and Average Earning Index were overshadowed by a decline in Manufacturing Production and an increase in Claimant Count Change. Moreover, the Bank of England left the key policy rate unchanged as expected at 0.75%. Today Bank of England's Governor Carney is going to speak about further plans regarding wrapping up the BREXIT issue in the coming weeks and about monetary policy decisions. Today's speech is expected to inject certain volatility and determine market sentiment for the nearest days.
On the other hand, EUR has been quite solid in light of the recent economic events and reports this week that is expected to lead to further gains over GBP in the process. In the context of the trade talks and tech fuel rally in European stocks, the currency has gained good momentum. Today eurozone's Trade Balance report is going to be published which is expected to decrease to 16.3B from the previous figure of 16.7B.
Meanhwile, though eurozone's economic report today is expected to reveal soft figures, any positive actual reading in the report is sure to encourage further momentum for EUR against GBP. EUR is likely to keep momentum for long.
Now let us look at the technical view. The price has rejected 0.8880 area with daily candles for several times which does indicate the presence of the bulls at the area whereas having a long-term bullish trend in place, the price is expected to push higher with target towards 0.9050 resistance area in the coming days. While being inside the rising channel and being above 0.8850 area with a daily close, the bullish bias is expected to continue.
SUPPORT: 0.8850-80
RESISTANCE: 0.9000-50
BIAS: BULLISH
MOMENTUM: VOLATILE and IMPULSIVE
Technical analysis of GBP/USD for September 14, 2018
2018-09-14
Overview:
The GBP/USD pair is showing signs of strength following a breakout of the highest level of 1.3095.
On the H1 chart, the level of 1.3095 coincides with the daily pivot point, which is expected to act as minor support today. Since the trend is above the pivot, the market is still in an uptrend.
But, major support is seen at the level of 1.3061.
Furthermore, the trend is still showing strength above the moving average (100).
Thus, the market is indicating a bullish opportunity above the above-mentioned support levels, for that the bullish outlook remains the same as long as the 100 EMA is headed to the upside.
Therefore, the first support will be found at the level of 1.3095 providing a clear signal to buy with a target seen at 1.3181.
If the trend breaks the first resistance at 1.3181, the pair will move upwards continuing the bullish trend development to the level 1.3230 in order to test the daily resistance 2.
Technical analysis of NZD/USD for September 14, 2018
2018-09-14
The GBP/USD pair is showing signs of strength following a breakout of the highest level of 1.3095.
On the H1 chart, the level of 1.3095 coincides with the daily pivot point, which is expected to act as minor support today. Since the trend is above the pivot, the market is still in an uptrend.
But, major support is seen at the level of 1.3061.
Furthermore, the trend is still showing strength above the moving average (100).
Thus, the market is indicating a bullish opportunity above the above-mentioned support levels, for that the bullish outlook remains the same as long as the 100 EMA is headed to the upside.
Therefore, the first support will be found at the level of 1.3095 providing a clear signal to buy with a target seen at 1.3181.
If the trend breaks the first resistance at 1.3181, the pair will move upwards continuing the bullish trend development to the level 1.3230 in order to test the daily resistance 2.
Technical analysis of NZD/USD for September 14, 2018
2018-09-14
Overview:
The NZD/USD pair continues to move downwards from the level of 0.6580. Yesterday, the pair dropped from the level of 0.6580 to the bottom around 0.6498. But the pair has rebounded from the bottom of 0.6498 to close at 0.6520. Today, the first support level is seen at 0.6452, the price is moving in a bearish channel now. Furthermore, the price has been set below the strong resistance at the level of 0.6580, which coincides with the 23.6% Fibonacci retracement level. This resistance has been rejected several times confirming the veracity of a downtrend. Additionally, the RSI starts signaling a downward trend. As a result, if the NZD/USD pair is able to break out the first support at 0.6452, the market will decline further to 0.6406 in order to test the weekly support 2. Consequently, the market is likely to show signs of a bearish trend. So, it will be good to sell below the level of 0.6539 with the first target at 0.6452 and further to 0.6406. However, stop loss is to be placed above the level of 0.6580.
The NZD/USD pair continues to move downwards from the level of 0.6580. Yesterday, the pair dropped from the level of 0.6580 to the bottom around 0.6498. But the pair has rebounded from the bottom of 0.6498 to close at 0.6520. Today, the first support level is seen at 0.6452, the price is moving in a bearish channel now. Furthermore, the price has been set below the strong resistance at the level of 0.6580, which coincides with the 23.6% Fibonacci retracement level. This resistance has been rejected several times confirming the veracity of a downtrend. Additionally, the RSI starts signaling a downward trend. As a result, if the NZD/USD pair is able to break out the first support at 0.6452, the market will decline further to 0.6406 in order to test the weekly support 2. Consequently, the market is likely to show signs of a bearish trend. So, it will be good to sell below the level of 0.6539 with the first target at 0.6452 and further to 0.6406. However, stop loss is to be placed above the level of 0.6580.
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