2018-09-28
EUR/GBP has been quite impulsive in the bearish bias recently which is expected to lead the price towards 0.8850 area in the process. Recently GBP has been the dominant currency in the pair against EUR. GBP pushed the price lower despite the macroeconomic reports published this week in the eurozone.
Despite confusion amid the mixed data this week, EUR has lost ground against GBP in the process. Today French Consumer Spending report was published with an increase to 0.8% from the previous value of 0.1% which was expected to be at 0.3%, French Prelim CPI decreased to -0.2% from the previous value of 0.5% which was expected to increase to -0.1%, Spanish Flash CPI report was published unchanged as expected at 2.2%, and German Unemployment Change had positive outcome with a decrease to -23k from the previous figure of -10k which was expected to be at -9k.
On the other hand, today the UK Current Account report was published with a decrease to -20.3B from the previous figure of -15.7B which was expected to be at -19.4B, Final GDP report was published unchanged as expected at 0.4%, and Revised Business Investment report was published with a decrease to -0.7% which was expected to be unchanged at 0.5%.
Meanwhile, despite worse economic readings in comparison to the data from the eurozone, GBP is still quite stable with the gains which indicates the ongoing momentum in the pair despite the fundamentals. Though EUR has been quite mixed which lead the price to lose certain momentum, any positive data from the UK in the coming days may lead to further bearish pressure in the pair.
Now let us look at the technical view. After breaking below 0.8950 with a daily close, the price has been quite impulsive and non-volatile indside the bearish bias which recently broke and retested the dynamic level of 20 EMA as well. As the price remains below 0.8950 area, the bearish pressure is expected to continue with a target towards 0.8850 and later towards 0.8700 area in the future.
SUPPORT: 0.8850, 0.8700
RESISTANCE: 0.8950, 0.9050
BIAS: BEARISH
MOMENTUM: IMPULSIVE
Technical analysis of AUD/USD for September 28, 2018
2018-09-28
Overview:
The AUD/USD pair will be probably continue to rise from the level of 0.7233 in the long term. It should be noted that the support is established at the level of 0.7233 which represents the 50% Fibonacci retracement level on the H4 chart. The price is likely to form a double bottom in the same time frame. Accordingly, the AUD/USD pair is showing signs of strength following a breakout of the highest level of 0.7260. So, buy above the level of 0.7260 with the first target at 0.7309 in order to test the daily resistance 1 and further to 0.7346. Besides, it might be noted that the level of 0.7379 is a good place to take profit because it will form a double top. On the other hand, in case a reversal takes place and the AUD/USD pair breaks through the support level of 0.7233, a further decline to 0.7153 can occur which would indicate a bearish market.
Technical analysis of USD/CAD for September 28, 2018
2018-09-28
Overview:
The USD/CAD pair has broken resistance at the level of 1.3003, which acts as support now. So, the pair has already formed minor support at 1.3003. The strong support is seen at the level of 1.3003 because it represents the weekly pivot. In the H1 time frame, the RSI and the moving average (100) are still pointing to the upside. Therefore, the market indicates a bullish opportunity at the level of 0.6692. Buy above the minor support of 1.3003 with a target at 1.3045 then continue towards next objective of 1.3075 (this price is coinciding with the double top). On the other hand, if the pair closes below the minor support (1.3003), the price will fall into the bearish market in order to go further towards the strong support at 1.2958.
Comment:
Also, the double bottom is seen at the level of 1.2884. If the trend is buoyant, then the currency pair strength will be defined as following: USD is in an uptrend and CAD is in a downtrend.
Technical analysis of NZD/USD for September 28, 2018
2018-09-28
The AUD/USD pair will be probably continue to rise from the level of 0.7233 in the long term. It should be noted that the support is established at the level of 0.7233 which represents the 50% Fibonacci retracement level on the H4 chart. The price is likely to form a double bottom in the same time frame. Accordingly, the AUD/USD pair is showing signs of strength following a breakout of the highest level of 0.7260. So, buy above the level of 0.7260 with the first target at 0.7309 in order to test the daily resistance 1 and further to 0.7346. Besides, it might be noted that the level of 0.7379 is a good place to take profit because it will form a double top. On the other hand, in case a reversal takes place and the AUD/USD pair breaks through the support level of 0.7233, a further decline to 0.7153 can occur which would indicate a bearish market.
Technical analysis of USD/CAD for September 28, 2018
2018-09-28
Overview:
The USD/CAD pair has broken resistance at the level of 1.3003, which acts as support now. So, the pair has already formed minor support at 1.3003. The strong support is seen at the level of 1.3003 because it represents the weekly pivot. In the H1 time frame, the RSI and the moving average (100) are still pointing to the upside. Therefore, the market indicates a bullish opportunity at the level of 0.6692. Buy above the minor support of 1.3003 with a target at 1.3045 then continue towards next objective of 1.3075 (this price is coinciding with the double top). On the other hand, if the pair closes below the minor support (1.3003), the price will fall into the bearish market in order to go further towards the strong support at 1.2958.
Comment:
Also, the double bottom is seen at the level of 1.2884. If the trend is buoyant, then the currency pair strength will be defined as following: USD is in an uptrend and CAD is in a downtrend.
Technical analysis of NZD/USD for September 28, 2018
2018-09-28
Overview:
The NZD/USD pair continues moving in a bullish trend from the support levels of 0.6635 and 0.6616. Currently, the price is in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market. As the price is still above the moving average (100), immediate support is seen at 0.6635, which coincides with a golden ratio (61.8% of Fibonacci). Consequently, the first support is set at the level of 0.6635. So, the market is likely to show signs of a bullish trend around the spot of 0.6635/0.6616 In other words, buy orders are recommended above the golden ratio (0.6635) with the first target at the level of 0.6696. Furthermore, if the trend is able to breakout through the first resistance level of 0.6696. We should see the pair climbing towards the double top (0.6696) to test it. Next objective will be targted at the level of 0.6728. It would also be wise to consider where to place a stop loss; this should be set below the second support of 0.6616.
Technical analysis of USD/CHF for September 28, 2018
2018-09-28
The NZD/USD pair continues moving in a bullish trend from the support levels of 0.6635 and 0.6616. Currently, the price is in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market. As the price is still above the moving average (100), immediate support is seen at 0.6635, which coincides with a golden ratio (61.8% of Fibonacci). Consequently, the first support is set at the level of 0.6635. So, the market is likely to show signs of a bullish trend around the spot of 0.6635/0.6616 In other words, buy orders are recommended above the golden ratio (0.6635) with the first target at the level of 0.6696. Furthermore, if the trend is able to breakout through the first resistance level of 0.6696. We should see the pair climbing towards the double top (0.6696) to test it. Next objective will be targted at the level of 0.6728. It would also be wise to consider where to place a stop loss; this should be set below the second support of 0.6616.
Technical analysis of USD/CHF for September 28, 2018
2018-09-28
Overview
The USD/CHF pair will continue to rise from the level of 0.9714. The support is found at the level of 0.9714, which represents the 38.2% Fibonacci retracement level in the H4 time frame.
The price is likely to form a double bottom. Today, the major support is seen at 0.9714, while immediate resistance is seen at 0.9813. Accordingly, the USD/CHF pair is showing signs of strength following a breakout of a high at 0.9769. So, buy above the level of 0.9769 with the first target at 0.9813 in order to test the daily resistance 1 and move further to 0.9860.
Also, the level of 0.9860 is a good place to take profit because it will form a double top. Amid the previous events, the pair is still in an uptrend; for that we expect the USD/CHF pair to climb from 0.9769 to 0.9860 today. At the same time, in case a reversal takes place and the USD/CHF pair breaks through the support level of 09714, a further decline to 0.9553 can occur, which would indicate a bearish market.
Fundamental Analysis of GBP/JPY for September 28, 2018
2018-09-28
GBP/JPY has been volatile and corrective since the price rejected off the 149.50 area with an impulsive bearish daily close. JPY has been fundamentally quite solid recently which made the price climb against GBP, while GBP is showing weak performance in light of the recent economic reports.
Today Tokyo Core CPI report was published with an increase to 1.0% which was expected to be unchanged at 0.9%, Unemployment Rate decreased to 2.4% which was expected to be unchanged at 2.4%, Prelim Industrial Production increased to 0.7% from the previous value of -0.2% but failed to meet the expectation of 1.5%, and Retail Sales report was published with an increase to 2.7% from the previous value of 1.5% which was expected to be at 2.2%.
On the GBP side, today Current Account report was published with a decrease to -20.3B from the previous figure of -15.7B which was expected to be at -19.4B, Final GDP report was published unchanged as expected at 0.4% and Revised Business Investment report was published with a decrease to -0.7% which was expected to be unchanged at 0.5%.
Meanwhile, JPY is fundamentally quite firm, while GBP is struggling amid downbeat economic data. If JPY manages to sustain the fundamental wellness in the coming days, further bearish momentum in this pair is expected which may weaken GBP further in the process.
Now let us look at the technical view. The price has dropped lower quite consistently recently which could extend weakness towards 147.00 area before it starts to push higher with a target towards 149.50-150.00 resistance area. As the price remains above 147.00 area, the bullish bias is expected to continue.
SUPPORT: 147.00-80
RESISTANCE: 149.00-50
BIAS: BULLISH
MOMENTUM: VOLATILE
The USD/CHF pair will continue to rise from the level of 0.9714. The support is found at the level of 0.9714, which represents the 38.2% Fibonacci retracement level in the H4 time frame.
The price is likely to form a double bottom. Today, the major support is seen at 0.9714, while immediate resistance is seen at 0.9813. Accordingly, the USD/CHF pair is showing signs of strength following a breakout of a high at 0.9769. So, buy above the level of 0.9769 with the first target at 0.9813 in order to test the daily resistance 1 and move further to 0.9860.
Also, the level of 0.9860 is a good place to take profit because it will form a double top. Amid the previous events, the pair is still in an uptrend; for that we expect the USD/CHF pair to climb from 0.9769 to 0.9860 today. At the same time, in case a reversal takes place and the USD/CHF pair breaks through the support level of 09714, a further decline to 0.9553 can occur, which would indicate a bearish market.
Fundamental Analysis of GBP/JPY for September 28, 2018
2018-09-28
GBP/JPY has been volatile and corrective since the price rejected off the 149.50 area with an impulsive bearish daily close. JPY has been fundamentally quite solid recently which made the price climb against GBP, while GBP is showing weak performance in light of the recent economic reports.
Today Tokyo Core CPI report was published with an increase to 1.0% which was expected to be unchanged at 0.9%, Unemployment Rate decreased to 2.4% which was expected to be unchanged at 2.4%, Prelim Industrial Production increased to 0.7% from the previous value of -0.2% but failed to meet the expectation of 1.5%, and Retail Sales report was published with an increase to 2.7% from the previous value of 1.5% which was expected to be at 2.2%.
On the GBP side, today Current Account report was published with a decrease to -20.3B from the previous figure of -15.7B which was expected to be at -19.4B, Final GDP report was published unchanged as expected at 0.4% and Revised Business Investment report was published with a decrease to -0.7% which was expected to be unchanged at 0.5%.
Meanwhile, JPY is fundamentally quite firm, while GBP is struggling amid downbeat economic data. If JPY manages to sustain the fundamental wellness in the coming days, further bearish momentum in this pair is expected which may weaken GBP further in the process.
Now let us look at the technical view. The price has dropped lower quite consistently recently which could extend weakness towards 147.00 area before it starts to push higher with a target towards 149.50-150.00 resistance area. As the price remains above 147.00 area, the bullish bias is expected to continue.
SUPPORT: 147.00-80
RESISTANCE: 149.00-50
BIAS: BULLISH
MOMENTUM: VOLATILE
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