2018-09-06
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 decline was initiated. Currently, the price level of 0.6550 stands as a prominent demand-level before a further 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%).
EUR/USD short-term technical levels and trading recommendations for September 6, 2018
2018-09-06
The EUR/USD pair has been trending-up for the past few weeks. This bullish movement ceased to be dominant since August 28.
Lack of enough bullish momentum is demonstrated on the chart so that recent movement has turned into sideways consolidations.
A recent bearish Head and Shoulders pattern is being demonstrated on the H1 chart. A valid SELL opportunity can be offered around 1.1640 (the upper limit of the depicted channel).
For the bearish reversal pattern to be confirmed, bearish breakout below 1.1600 (the neckline of the H&S pattern) is needed to pursue towards bearish targets.
This would enhance the short-term bearish scenario for the EUR/USD pair. Intraday bearish target levels would be located around 1.1600 and 1.1560.
On the other hand, bullish persistence above 1.1650 invalidates the bearish scenario for the short-term. Instead, the EUR/USD pair would keep moving within the depicted blue linear regression channels (1.1690-1.1750).
Technical analysis of USD/CHF for September 06, 2018
2018-09-06
Overview:
The market opened around the weekly pivot point (0.9689). It continued to move downwards from the level of 0.9689 to the bottom around 0.9651. Today, the first resistance level is seen at 0.9728 followed by 0.9776, while daily support 1 is seen at 0.9651. The USD/CHF pair broke support which turned to strong resistance at 0.9776. Right now, the pair is trading below this level. It is likely to trade in a lower range as long as it remains below the support (0.9698) which is expected to act as major support today. This would suggest a bearish market because the moving average (100) is still in a negative area and does not show any signs of a trend reversal at the moment. Amid the previous events, the USD/CHF pair is still moving between the levels of 0.9689 and 0.9600, so we expect a range of 89 pips in coming hours. Therefore, the major resistance can be found at 0.9728 providing a clear signal to sell with a target seen at 0.9651. If the trend breaks the minor support at 0.9651, the pair will move downwards continuing the bearish trend development to the level of 0.9600 in order to test the daily support 2. Overall, we still prefer the bearish scenario which suggests that the pair will stay below the spot of 0.9728 today.
Technical analysis of NZD/USD for September 06, 2018
2018-09-06
The market opened around the weekly pivot point (0.9689). It continued to move downwards from the level of 0.9689 to the bottom around 0.9651. Today, the first resistance level is seen at 0.9728 followed by 0.9776, while daily support 1 is seen at 0.9651. The USD/CHF pair broke support which turned to strong resistance at 0.9776. Right now, the pair is trading below this level. It is likely to trade in a lower range as long as it remains below the support (0.9698) which is expected to act as major support today. This would suggest a bearish market because the moving average (100) is still in a negative area and does not show any signs of a trend reversal at the moment. Amid the previous events, the USD/CHF pair is still moving between the levels of 0.9689 and 0.9600, so we expect a range of 89 pips in coming hours. Therefore, the major resistance can be found at 0.9728 providing a clear signal to sell with a target seen at 0.9651. If the trend breaks the minor support at 0.9651, the pair will move downwards continuing the bearish trend development to the level of 0.9600 in order to test the daily support 2. Overall, we still prefer the bearish scenario which suggests that the pair will stay below the spot of 0.9728 today.
Technical analysis of NZD/USD for September 06, 2018
2018-09-06
Overview:
The NZD/USD pair faced strong resistances at the levels of 0.6612 because support became resistance thisweek. So, the strong resistance has been already formed at the level of 0.6612 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 0.6612, the market will indicate a bearish opportunity below the new strong resistance level of 0.6612 (the level of 0.6612 coincides with a ratio of 23.6% Fibonacci). 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 0.6612 so it will be good to sell at 0.6612 with the first target of 0.6537. It will also call for a downtrend in order to continue towards the levels of 0.6495 and 0.6455. The daily strong support is seen at 0.6455. However, the stop loss should always be taken into account, for that it will be reasonable to set your stop loss at the level of 0.6659.
Fundamental Analysis of AUD/USD for September 6, 2018
2018-09-06
AUD/USD has been quite volatile and corrective at the support area of 0.7150 to 0.7200 area from where it is expected to push higher for a certain period before pushing lower with the trend. USD has been dominating the pair while AUD is currently trying to recover with better than expected economic results.
This week AUD has been quite mixed with the economic reports. Australia's Retail Sales decreased to 0.0% from the previous value of 0.4% which was expected to be at 0.3%, Company Operating Profits also dropped to 2.0% from the previous value of 5.9% but it performed better than expected with the value of 1.4%, and GDP slowed down to 0.9% from the previous value of 1.1% which also performed better than expected with the value of 0.7%. Besides, the Reserve Bank of Australia left the cash rate unchanged at the record low of 1.50%. Today Australia's Trade Balance report was published with a decrease to 1.55B from the previous figure of 1.94B, the fresh figure was beyond expectations for 1.46B.
On the USD side, ahead of the NFP reports to be published tomorrow, today US ISM Non-Manufacturing PMI report is expected to increase to 56.8 from the previous figure of 55.7, Unemployment Claims are expected to increase to 214k from the previous figure of 213k, Factory Orders are expected to decrease to -0.5% from the previous value of 0.7%, and FOMC Member Williams is going to speak about the upcoming interest rates decisions and future monetary policies that is expected to express neutral stance.
Meanwhile, AUD has been quite positive with the economic reports recently which helped the currency to gain certain momentum and stop the impulsive bearish USD gains in the process. Unless the USD presents macroeconomic data with better than expected results, AUD is likely to gain certain momentum in the process for the coming days.
Now let us look at the technical view. The price is currently residing at the edge of 0.7200 area which if broken with a daily close, further bullish momentum is expected in the pair with a target towards the dynamic level of 20 EMA and 0.7300 area from where the price is going to push lower again, following the bearish trend in the coming days. As the price remains below 0.75 area with a daily close, the bearish bias is expected to continue.
SUPPORT: 0.7150, 0.7200
RESISTANCE: 0.7300, 0.7500
BIAS: BEARISH
MOMENTUM: VOLATILE
The NZD/USD pair faced strong resistances at the levels of 0.6612 because support became resistance thisweek. So, the strong resistance has been already formed at the level of 0.6612 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 0.6612, the market will indicate a bearish opportunity below the new strong resistance level of 0.6612 (the level of 0.6612 coincides with a ratio of 23.6% Fibonacci). 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 0.6612 so it will be good to sell at 0.6612 with the first target of 0.6537. It will also call for a downtrend in order to continue towards the levels of 0.6495 and 0.6455. The daily strong support is seen at 0.6455. However, the stop loss should always be taken into account, for that it will be reasonable to set your stop loss at the level of 0.6659.
Fundamental Analysis of AUD/USD for September 6, 2018
2018-09-06
AUD/USD has been quite volatile and corrective at the support area of 0.7150 to 0.7200 area from where it is expected to push higher for a certain period before pushing lower with the trend. USD has been dominating the pair while AUD is currently trying to recover with better than expected economic results.
This week AUD has been quite mixed with the economic reports. Australia's Retail Sales decreased to 0.0% from the previous value of 0.4% which was expected to be at 0.3%, Company Operating Profits also dropped to 2.0% from the previous value of 5.9% but it performed better than expected with the value of 1.4%, and GDP slowed down to 0.9% from the previous value of 1.1% which also performed better than expected with the value of 0.7%. Besides, the Reserve Bank of Australia left the cash rate unchanged at the record low of 1.50%. Today Australia's Trade Balance report was published with a decrease to 1.55B from the previous figure of 1.94B, the fresh figure was beyond expectations for 1.46B.
On the USD side, ahead of the NFP reports to be published tomorrow, today US ISM Non-Manufacturing PMI report is expected to increase to 56.8 from the previous figure of 55.7, Unemployment Claims are expected to increase to 214k from the previous figure of 213k, Factory Orders are expected to decrease to -0.5% from the previous value of 0.7%, and FOMC Member Williams is going to speak about the upcoming interest rates decisions and future monetary policies that is expected to express neutral stance.
Meanwhile, AUD has been quite positive with the economic reports recently which helped the currency to gain certain momentum and stop the impulsive bearish USD gains in the process. Unless the USD presents macroeconomic data with better than expected results, AUD is likely to gain certain momentum in the process for the coming days.
Now let us look at the technical view. The price is currently residing at the edge of 0.7200 area which if broken with a daily close, further bullish momentum is expected in the pair with a target towards the dynamic level of 20 EMA and 0.7300 area from where the price is going to push lower again, following the bearish trend in the coming days. As the price remains below 0.75 area with a daily close, the bearish bias is expected to continue.
SUPPORT: 0.7150, 0.7200
RESISTANCE: 0.7300, 0.7500
BIAS: BEARISH
MOMENTUM: VOLATILE
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