2018-09-21
Overview:
On the one-hour chart, the GBP/USD pair continues moving in a bullish trend from the support levels of 1.3052 and 1.3159. 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 1.3052, which coincides with a golden ratio (61.8% of Fibonacci). Consequently, the first support is set at the level of 1.3159. So, the market is likely to show signs of a bullish trend around the spot of 1.3159. In other words, buy orders are recommended above the first support of 1.3159 with the first target at the level of 1.3294. Furthermore, if the trend is able to breakout through the first resistance level of 1.3294. We should see the pair climbing towards the double top (1.3294) to test it. If the trend will be able to break the double top at 1.3294, then the GBP/USD will continue towards the next objective of 1.3415. It would also be wise to consider where to place a stop loss; this should be set below the second support of 1.3052.
Technical analysis of USD/CAD for September 21, 2018
2018-09-21
On the one-hour chart, the GBP/USD pair continues moving in a bullish trend from the support levels of 1.3052 and 1.3159. 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 1.3052, which coincides with a golden ratio (61.8% of Fibonacci). Consequently, the first support is set at the level of 1.3159. So, the market is likely to show signs of a bullish trend around the spot of 1.3159. In other words, buy orders are recommended above the first support of 1.3159 with the first target at the level of 1.3294. Furthermore, if the trend is able to breakout through the first resistance level of 1.3294. We should see the pair climbing towards the double top (1.3294) to test it. If the trend will be able to break the double top at 1.3294, then the GBP/USD will continue towards the next objective of 1.3415. It would also be wise to consider where to place a stop loss; this should be set below the second support of 1.3052.
Technical analysis of USD/CAD for September 21, 2018
2018-09-21
Hence, the market is indicating a bearish opportunity below 1.2969 so it will be good to sell at 1.2969 with the first target of 0.9965. It will also call for a downtrend in order to continue towards 1.2796. The daily strong support is seen at 1.2796. On the other hand, the stop loss should always be taken into account, for that it will be reasonable to set your stop loss at the level of 1.3057.
Intraday technical levels and trading recommendations for GBP/USD for September 21, 2018
2018-09-21
Previously, The GBP/USD pair was testing the depicted downtrend line which came to meet the pair around 1.3025-1.3090. This week, the pair has been demonstrating a successful bullish breakout so far.
This price zone (1.3025-1.3090) also corresponds to 50% and 61.8% Fibonacci levels. Currently, this price zone turned to become a prominent demand zone to be watched for bullish price action.
The GBP/USD pair continues to demonstrate its uptrend within the depicted bullish channel on H4 chart.
Please take into consideration that the lower limit of the depicted channel comes to meet the GBP/USD pair around 1.3190 (key-level for today's consolidations). This price level should be defended by the bulls to maintain enough bullish momentum.
As long as the current bullish breakout above 1.3090 (Demand level-1) is maintained, further bullish advance should be expected towards 1.3300 and 1.3390 (reversal pattern final target).
On the other hand, any bearish decline below 1.3190 (lower limit of the channel) leads directly towards 1.3090 (Demand level-1).
Moreover, any bearish decline below 1.3090 (Demand level-1) will probably invalidate the bullish scenario for the short-term. Hence, the pair would have lower targets around 1.3010 (Demand level-2).
Intraday technical levels and trading recommendations for EUR/USD for September 21, 2018
2018-09-21
On the weekly chart, the EUR/USD pair is demonstrating a high-probability Head and Shoulders reversal pattern where the right shoulder is currently in progress.
Recently, the price level of 1.1500 offered temporary bullish recovery towards 1.1830. The EUR/USD bulls failed to pursue towards higher bullish targets. Instead, a descending high was established around 1.1800.
On the daily chart, the EUR/USD pair remains trapped below the depicted technical levels (1.1750 - 1.1850). As for the bearish side of the market to be dominant, the pair should keep trading below 1.1750.
However, the price level of 1.1520 stood as a prominent demand level where the current bullish pullback towards the price level of 1.1700 was initiated.
Another Bullish movement was expected towards the upper limit of the price range (1.1750) which failed to demonstrate any kind of bearish rejection. That's why, another bullish breakout above 1.1750 was demonstrated yesterday.
As expected, conservative traders should be expecting further bullish advancement towards 1.1850 provided that the EUR/USD pair keeps trading above 1.1750.
Analysis of Gold for September 21, 2018
2018-09-21
Recently, Gold has been trading sideways at the price of $1,205.30. Anyway, according to the H1 time – frame, I found potential ending of the upward correction (abc flat) in the background, which is a sign that buying looks risky. I also found the breakout of the most recent support trendline, which is another sign of weakness. My advice is to watch for selling opportunities. The downward targets are set at the price of $1,201.00 and at the price of $1,192.80.
Blue line – expected price path
Trading recommendations for today: watch for potential selling opportunities.
Intraday technical levels and trading recommendations for GBP/USD for September 21, 2018
2018-09-21
Previously, The GBP/USD pair was testing the depicted downtrend line which came to meet the pair around 1.3025-1.3090. This week, the pair has been demonstrating a successful bullish breakout so far.
This price zone (1.3025-1.3090) also corresponds to 50% and 61.8% Fibonacci levels. Currently, this price zone turned to become a prominent demand zone to be watched for bullish price action.
The GBP/USD pair continues to demonstrate its uptrend within the depicted bullish channel on H4 chart.
Please take into consideration that the lower limit of the depicted channel comes to meet the GBP/USD pair around 1.3190 (key-level for today's consolidations). This price level should be defended by the bulls to maintain enough bullish momentum.
As long as the current bullish breakout above 1.3090 (Demand level-1) is maintained, further bullish advance should be expected towards 1.3300 and 1.3390 (reversal pattern final target).
On the other hand, any bearish decline below 1.3190 (lower limit of the channel) leads directly towards 1.3090 (Demand level-1).
Moreover, any bearish decline below 1.3090 (Demand level-1) will probably invalidate the bullish scenario for the short-term. Hence, the pair would have lower targets around 1.3010 (Demand level-2).
Intraday technical levels and trading recommendations for EUR/USD for September 21, 2018
2018-09-21
On the weekly chart, the EUR/USD pair is demonstrating a high-probability Head and Shoulders reversal pattern where the right shoulder is currently in progress.
Recently, the price level of 1.1500 offered temporary bullish recovery towards 1.1830. The EUR/USD bulls failed to pursue towards higher bullish targets. Instead, a descending high was established around 1.1800.
On the daily chart, the EUR/USD pair remains trapped below the depicted technical levels (1.1750 - 1.1850). As for the bearish side of the market to be dominant, the pair should keep trading below 1.1750.
However, the price level of 1.1520 stood as a prominent demand level where the current bullish pullback towards the price level of 1.1700 was initiated.
Another Bullish movement was expected towards the upper limit of the price range (1.1750) which failed to demonstrate any kind of bearish rejection. That's why, another bullish breakout above 1.1750 was demonstrated yesterday.
As expected, conservative traders should be expecting further bullish advancement towards 1.1850 provided that the EUR/USD pair keeps trading above 1.1750.
Analysis of Gold for September 21, 2018
2018-09-21
Recently, Gold has been trading sideways at the price of $1,205.30. Anyway, according to the H1 time – frame, I found potential ending of the upward correction (abc flat) in the background, which is a sign that buying looks risky. I also found the breakout of the most recent support trendline, which is another sign of weakness. My advice is to watch for selling opportunities. The downward targets are set at the price of $1,201.00 and at the price of $1,192.80.
Blue line – expected price path
Trading recommendations for today: watch for potential selling opportunities.
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