2018-09-05
Daily outlook
The price zone of 1.1520-1.1420 stands as a prominent demand zone to be watched for bullish rejection and possible bullish pullbacks.The EUR/USD pair is currently trapped between the depicted technical levels (1.1750 - 1.1500). Breakout movement should be anticipated.Bearish breakdown of 1.1520 will probably allow further bearish decline towards 1.1420. Next bearish target would be located around 1.1275.For the major reversal pattern to be confirmed, a quick bearish breakdown below 1.1420 will be needed to gain enough bearish momentum.
NZD/USD Intraday technical levels and trading recommendations for September 5, 2018
2018-09-05
In April, bearish breakdown of 0.7220-0.7170 (lower limit of the consolidation range) allowed a quick decline 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 (0.6840-0.6700) was executed. This allowed the recent 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, signs of bullish recovery were manifested around the previous weekly/monthly low around 0.6550. This allowed the recent bullish pullback towards 0.6700 to be demonstrated.Evident bearish rejection was demonstrated around 0.6700 (broken demand-zone and backside of the broken-trend) where the current bearish decline was initiated.Currently, the price level of 0.6550 stands as a prominent demand-level before further bearish decline can occur towards 0.6420.
Trade Recommendations: Risky traders can wait for bearish decline below 0.6550 (key-level). This offers a high-risk SELL position. Initial T/P should be placed around 0.6420 (Fibonacci Expansion 100%).
Technical analysis of USD/CAD for September 05, 2018
2018-09-05
Overview:
The USD/CAD pair set above strong support at the level of 1.3135, which coincides with the 61.8% Fibonacci retracement level. This support has been rejected for four times confirming uptrend veracity. Hence, major support is seen at the level of 1.3135 because the trend is still showing strength above it.
Accordingly, the pair is still in the uptrend from the area of 1.3135 and 1.3187. The USD/CAD pair is trading in a bullish trend from the last support line of 1.3135 towards the first resistance level at 1.3203 in order to test it.
This is confirmed by the RSI indicator signaling that we are still in the bullish trending market. Now, the pair is likely to begin an ascending movement to the point of 1.3242 and further to the level of 1.3289.
The level of 1.3289 will act as second resistance and the double top is already set at the point of 1.3289. At the same time, if a breakout happens at the support levels of 1.3135 and 1.3088, then this scenario may be invalidated. But in overall, we still prefer the bullish scenario.
EUR/JPY Approaching Resistance, Prepare For A Reversal
2018-09-05
EURJPY is approaching its resistance at 129.67 (61.8% & 100% Fibonacci extension, 50% Fibonacci retracement, horizontal overlap resistance) where it is expected to reverse down to its support at 129.04 (50% Fibonacci retracement).
Stochastic (55, 5, 3) is approaching its resistance at 97% where a corresponding reversal is expected.
EUR/JPY is approaching its resistance where we expect to see a reversal.
Sell below 129.67. Stop loss 129.95. Take profit at 129.04.
NZD/USD short-term technical levels and trading recommendations for September 5, 2018
2018-09-05
The NZD/USD pair has been down-trending for the past few days. This bearish movement has been demonstrated within the depicted linear regression channels.
During Today's consolidations, lack of enough bearish momentum was demonstrated on the chart. The NZD/USD demonstrated a false bearish breakout below the midline of the depicted movement channels. Evident bullish recovery was demonstrated around 0.6530 few times so far.
The short-term outlook turns to be bullish. Bullish breakout above 0.6560 (the upper limit of the channels) is needed to gather sufficient bullish momentum. Expected bullish targets are projected towards 0.6580 and 0.6600.
Hence, bearish positions are not preferred in the current situation. Intraday key-resistance is located around 0.6560. Intraday key-support is located around 0.6530.
For conservative traders, a valid BUY position can be indicated when a bullish breakout above 0.6560 is achieved. T/P level should be located around 0.6600 and 0.6650.
USD/JPY analysis for September 05, 2018
2018-09-05
Recently, the USD/JPY pair has been trading upwards. The price tested my key resistance sell zone at 111.70 (Fibonacci retracement 88.6%). I found completed a bearish bat pattern, which is a legit bearish opportunity. I also found a hidden bearish divergence on the RSI (14) oscillator, which is another sign of weakness. Watch for selling opportunities with the downward targets at the price of 111.19 and at the price of 110.85. Pattern will be invalid if the price breaks the level of 111.84.
The USD/CAD pair set above strong support at the level of 1.3135, which coincides with the 61.8% Fibonacci retracement level. This support has been rejected for four times confirming uptrend veracity. Hence, major support is seen at the level of 1.3135 because the trend is still showing strength above it.
Accordingly, the pair is still in the uptrend from the area of 1.3135 and 1.3187. The USD/CAD pair is trading in a bullish trend from the last support line of 1.3135 towards the first resistance level at 1.3203 in order to test it.
This is confirmed by the RSI indicator signaling that we are still in the bullish trending market. Now, the pair is likely to begin an ascending movement to the point of 1.3242 and further to the level of 1.3289.
The level of 1.3289 will act as second resistance and the double top is already set at the point of 1.3289. At the same time, if a breakout happens at the support levels of 1.3135 and 1.3088, then this scenario may be invalidated. But in overall, we still prefer the bullish scenario.
EUR/JPY Approaching Resistance, Prepare For A Reversal
2018-09-05
EURJPY is approaching its resistance at 129.67 (61.8% & 100% Fibonacci extension, 50% Fibonacci retracement, horizontal overlap resistance) where it is expected to reverse down to its support at 129.04 (50% Fibonacci retracement).
Stochastic (55, 5, 3) is approaching its resistance at 97% where a corresponding reversal is expected.
EUR/JPY is approaching its resistance where we expect to see a reversal.
Sell below 129.67. Stop loss 129.95. Take profit at 129.04.
NZD/USD short-term technical levels and trading recommendations for September 5, 2018
2018-09-05
The NZD/USD pair has been down-trending for the past few days. This bearish movement has been demonstrated within the depicted linear regression channels.
During Today's consolidations, lack of enough bearish momentum was demonstrated on the chart. The NZD/USD demonstrated a false bearish breakout below the midline of the depicted movement channels. Evident bullish recovery was demonstrated around 0.6530 few times so far.
The short-term outlook turns to be bullish. Bullish breakout above 0.6560 (the upper limit of the channels) is needed to gather sufficient bullish momentum. Expected bullish targets are projected towards 0.6580 and 0.6600.
Hence, bearish positions are not preferred in the current situation. Intraday key-resistance is located around 0.6560. Intraday key-support is located around 0.6530.
For conservative traders, a valid BUY position can be indicated when a bullish breakout above 0.6560 is achieved. T/P level should be located around 0.6600 and 0.6650.
USD/JPY analysis for September 05, 2018
2018-09-05
Recently, the USD/JPY pair has been trading upwards. The price tested my key resistance sell zone at 111.70 (Fibonacci retracement 88.6%). I found completed a bearish bat pattern, which is a legit bearish opportunity. I also found a hidden bearish divergence on the RSI (14) oscillator, which is another sign of weakness. Watch for selling opportunities with the downward targets at the price of 111.19 and at the price of 110.85. Pattern will be invalid if the price breaks the level of 111.84.
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