2018-09-07
Overview:
Pivot: 1.3012.
The GBP/USD pair bullish trend from the support level of 1.2826 on the one-hour chart. 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 1.2826, which coincides with a major ratio (23.6% of Fibonacci). Consequently, the first support is set at the level of 1.2826. So, the market is likely to show signs of a bullish trend around the spot of 1.2826. In other words, buy orders are recommended above the major support of (1.2826) with the first target at the level of 1.3094. Furthermore, if the trend is able to breakout through the first resistance level of 1.3094. We should see the pair climbing towards the double top (1.3212) to test it. It would also be wise to consider where to place a stop loss; this should be set below the second support of 1.2830.
Technical analysis of EUR/USD for September 07, 2018
2018-09-07
Pivot: 1.3012.
The GBP/USD pair bullish trend from the support level of 1.2826 on the one-hour chart. 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 1.2826, which coincides with a major ratio (23.6% of Fibonacci). Consequently, the first support is set at the level of 1.2826. So, the market is likely to show signs of a bullish trend around the spot of 1.2826. In other words, buy orders are recommended above the major support of (1.2826) with the first target at the level of 1.3094. Furthermore, if the trend is able to breakout through the first resistance level of 1.3094. We should see the pair climbing towards the double top (1.3212) to test it. It would also be wise to consider where to place a stop loss; this should be set below the second support of 1.2830.
Technical analysis of EUR/USD for September 07, 2018
2018-09-07
Overview:
The EUR/USD pair will continue to rise from the spot of 1.1612. The support is found at the level of 1.1612, which represents the 50% Fibonacci retracement level in the H1 time frame. The price is likely to form a double bottom. Today, the major support is seen at 1.1612, while immediate resistance is seen at 1.1697. Accordingly, the EUR/USD pair is showing signs of strength following a breakout of a high at 1.1697. So, buy at the level of 1.1697 with the first target at 1.1782 in order to test the daily resistance 1 and move further to 1.1865. Also, the level of 1.1865 is a good place to take profit because it will form a new double top. Amid the previous events, the pair is still in an uptrend; for that we expect the EUR/USD pair to climb from 1.1697 to 1.1865 today. At the same time, in case a reversal takes place and the EUR/USD pair breaks through the support level of 1.1546, a further decline to 1.1500 can occur, which would indicate a bearish market.
Fundamental Analysis of NZD/USD for September 7, 2018
2018-09-07
NZD/USD has been impulsive amid the bearish momentum recently which lead the price to reside at the edge of 0.6550 support area currently. USD has been the dominant currency in the pair while NZD has been struggling in light of the soft economic data earlier, which is expected to change for good in the coming days.
This week NZD Overseas Trade Index report was published with an increase to 0.6% from the previous value of -2.0% which unfortunately did not meet the forecasted value of 1.1% and ANZ Commodity Prices report showed an increase to -1.1% from the previous value of -3.3%. Today RBNZ Governor Orr spoke about the long-term planning for the development rather than any short-term temporary solutions and he also outlined the current priorities for the change which includes regulated financial institutions and movement of the money in the economy.
On the USD side, today's economic reports are going to provide definite insight for the upcoming momentum of the currency. Today USD Average Hourly Earnings report is going to be published which is expected to decrease to 0.2% from the previous value of 0.3%, Non-Farm Employment Change is expected to increase to 191k from the previous figure of 157k and Unemployment Rate is expected to decrease to 3.8% from the previous value of 3.9%.
Meanhwile, NZD has been performing quite well amid the recent economic reports whereas USD is forecasted to have mixed outcome of the high impact economic reports to be published. Though certain volatility is expected in the pair throughout the process, definite momentum on NZD side is expected to last for a certain period in the coming days.
Now let us look at the technical view. The price is currently quite volatile and corrective while rejecting the bulls with a daily close below the dynamic level of 20 EMA recently. The price has formed Bullish Divergence for a certain period which is expected to push the price higher towards 0.6720 area before pushing further lower with the trend in the coming days. As the price remains below 0.6850 area, the bearish bias is expected to continue.
SUPPORT: 0.6550, 0.6500, 0.6400
RESISTANCE: 0.6720, 0.6850
BIAS: BEARISH
MOMENTUM: VOLATILE
NZD/USD Intraday technical levels and trading recommendations for September 7, 2018
2018-09-07
In April, bearish breakdown of 0.7220-0.7170 (lower limit of the consolidation range) allowed quick bearish 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 which needs to be broken-down 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%).
Intraday technical levels and trading recommendations for EUR/USD for September 7, 2018
2018-09-07
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 is needed 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.
The EUR/USD pair will continue to rise from the spot of 1.1612. The support is found at the level of 1.1612, which represents the 50% Fibonacci retracement level in the H1 time frame. The price is likely to form a double bottom. Today, the major support is seen at 1.1612, while immediate resistance is seen at 1.1697. Accordingly, the EUR/USD pair is showing signs of strength following a breakout of a high at 1.1697. So, buy at the level of 1.1697 with the first target at 1.1782 in order to test the daily resistance 1 and move further to 1.1865. Also, the level of 1.1865 is a good place to take profit because it will form a new double top. Amid the previous events, the pair is still in an uptrend; for that we expect the EUR/USD pair to climb from 1.1697 to 1.1865 today. At the same time, in case a reversal takes place and the EUR/USD pair breaks through the support level of 1.1546, a further decline to 1.1500 can occur, which would indicate a bearish market.
Fundamental Analysis of NZD/USD for September 7, 2018
2018-09-07
NZD/USD has been impulsive amid the bearish momentum recently which lead the price to reside at the edge of 0.6550 support area currently. USD has been the dominant currency in the pair while NZD has been struggling in light of the soft economic data earlier, which is expected to change for good in the coming days.
This week NZD Overseas Trade Index report was published with an increase to 0.6% from the previous value of -2.0% which unfortunately did not meet the forecasted value of 1.1% and ANZ Commodity Prices report showed an increase to -1.1% from the previous value of -3.3%. Today RBNZ Governor Orr spoke about the long-term planning for the development rather than any short-term temporary solutions and he also outlined the current priorities for the change which includes regulated financial institutions and movement of the money in the economy.
On the USD side, today's economic reports are going to provide definite insight for the upcoming momentum of the currency. Today USD Average Hourly Earnings report is going to be published which is expected to decrease to 0.2% from the previous value of 0.3%, Non-Farm Employment Change is expected to increase to 191k from the previous figure of 157k and Unemployment Rate is expected to decrease to 3.8% from the previous value of 3.9%.
Meanhwile, NZD has been performing quite well amid the recent economic reports whereas USD is forecasted to have mixed outcome of the high impact economic reports to be published. Though certain volatility is expected in the pair throughout the process, definite momentum on NZD side is expected to last for a certain period in the coming days.
Now let us look at the technical view. The price is currently quite volatile and corrective while rejecting the bulls with a daily close below the dynamic level of 20 EMA recently. The price has formed Bullish Divergence for a certain period which is expected to push the price higher towards 0.6720 area before pushing further lower with the trend in the coming days. As the price remains below 0.6850 area, the bearish bias is expected to continue.
SUPPORT: 0.6550, 0.6500, 0.6400
RESISTANCE: 0.6720, 0.6850
BIAS: BEARISH
MOMENTUM: VOLATILE
NZD/USD Intraday technical levels and trading recommendations for September 7, 2018
2018-09-07
In April, bearish breakdown of 0.7220-0.7170 (lower limit of the consolidation range) allowed quick bearish 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 which needs to be broken-down 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%).
Intraday technical levels and trading recommendations for EUR/USD for September 7, 2018
2018-09-07
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 is needed 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.
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