2018-09-04
Gold price has broken below short-term support of $1,200. Price is challenging last week's lows and it looks like they are going to be broken as well with Gold price heading towards $1,180. Gold bulls should step in around $1,180 otherwise we are in danger of continuing lower towards $1,140.
Black lines - broken wedge pattern
Blue line - broken support trend line
Red line - resistance
Gold price is now below the short-term support trend line. Gold price is going to back test the upper wedge boundary around $1,180. That level could be a nice risk reward bullish opportunity. For now trend is again bearish in the short-term as long as price is below $1,210. Inability to hold above $1,200 is bearish. Resistance at $1,210 remains. We now look for a continued move lower before higher to $1,220-30. Bears will regain full control of the trend on a weekly close below $1,180.
Technical analysis of EUR/USD for September 4, 2018
2018-09-04
EUR/USD reversed back below 1.16 breaking below short-term support at 1.1590. Trend remains bearish as we expected and as long as we are inside the Kumo (cloud) prices are vulnerable to the downside.
EUR/USD is approaching the 38% Fibonacci retracement support. The entire correction could stop there. Bears should be very cautious in case support holds here. If not we should then focus on the next Fibonacci level at 1.1515 (50% Fibo not shown above). As long as price is below 1.1630 trend is bearish at least for the short-term. The rejection at 1.17 confirms the importance of the resistance in that area. If this level is broken upwards a bigger bounce maybe towards 1.19-1.20 will come. Until then trend is bearish.
Technical analysis of NZD/USD for September 04, 2018
2018-09-04
Blue line - broken support trend line
Red line - resistance
Gold price is now below the short-term support trend line. Gold price is going to back test the upper wedge boundary around $1,180. That level could be a nice risk reward bullish opportunity. For now trend is again bearish in the short-term as long as price is below $1,210. Inability to hold above $1,200 is bearish. Resistance at $1,210 remains. We now look for a continued move lower before higher to $1,220-30. Bears will regain full control of the trend on a weekly close below $1,180.
Technical analysis of EUR/USD for September 4, 2018
2018-09-04
EUR/USD reversed back below 1.16 breaking below short-term support at 1.1590. Trend remains bearish as we expected and as long as we are inside the Kumo (cloud) prices are vulnerable to the downside.
EUR/USD is approaching the 38% Fibonacci retracement support. The entire correction could stop there. Bears should be very cautious in case support holds here. If not we should then focus on the next Fibonacci level at 1.1515 (50% Fibo not shown above). As long as price is below 1.1630 trend is bearish at least for the short-term. The rejection at 1.17 confirms the importance of the resistance in that area. If this level is broken upwards a bigger bounce maybe towards 1.19-1.20 will come. Until then trend is bearish.
Technical analysis of NZD/USD for September 04, 2018
2018-09-04
Overview:
The USD/CHF pair faced strong resistances at the levels of 0.6612 because support became resistance yesterday. 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.
Technical analysis of NZD/USD for September 04, 2018
2018-09-04
The USD/CHF pair faced strong resistances at the levels of 0.6612 because support became resistance yesterday. 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.
Technical analysis of NZD/USD for September 04, 2018
2018-09-04
Overview:
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 1.2826.
USD/JPY analysis for September 04, 2018
2018-09-04
Recently, the USD/JPY pair has been trading upwards. The price tested the level of 111.52. According to the H1 time - frame I found potential bearish bar pattern in creation, which represents that you should watch for selling opportunities. Anyway, the sell zone is set around the price of 111.70 (Fibonacci retracement 88.6%). Watch for potential rejection of the sell zone to enter sell position. The downward targets are set at the price of 111.20 and at the price of 110.85.
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 1.2826.
USD/JPY analysis for September 04, 2018
2018-09-04
Recently, the USD/JPY pair has been trading upwards. The price tested the level of 111.52. According to the H1 time - frame I found potential bearish bar pattern in creation, which represents that you should watch for selling opportunities. Anyway, the sell zone is set around the price of 111.70 (Fibonacci retracement 88.6%). Watch for potential rejection of the sell zone to enter sell position. The downward targets are set at the price of 111.20 and at the price of 110.85.
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