2018-10-02
Recently, the AUD/USD has been trading downwards. The price tested the level of 0.7171. According to the H1 time – frame, I found the end of the upward correction (irregular type 2) in the background, which is a sign that sellers are in control. I also found the breakout of the key support trendline in the background, which is another sign of weakness. My advice is to watch for selling opportunities. The downward targets are set at the price of 0.7143 and at the price of 0.7086.
Trading recommendations for today: watch for potential selling opportunities.
Analysis of Gold for October 02, 2018
2018-10-02
Recently, Gold has been trading upwards. The price tested the level of $1,194.00. According to the H1 time – frame, I found a potential end of the larger downward correction (regular flat), which is a sign that buying positions are favorable. I also found the breakout of the supply trendline in the background, which is another sign of the strength. My advice is to watch for potential buying opportunities on the pullbacks. The upward targets are set at the price of $1,203.70 and at the price of $1,209.00.
Trading recommendations for today: watch for potential buying opportunities.
Technical analysis of EUR/USD for October 02, 2018
2018-10-02
Overview:
As expected, the EUR/USD pair continues to move downwards from the zone of 1.1620 and 1.1559. Yesterday, the pair dropped from the level of 1.1620 to 1.1500 which coincides with a ratio of 38.2% Fibonacci on the daily chart. Today, resistance is seen at the levels of 1.1559 and 1.1620. So, we expect the price to set below the strong resistance at the levels of 1.1620 and 1.1559; because the price is in a bearish channel now. The RSI starts signaling a downward trend. Consequently, the market is likely to show signs of a bearish trend. So, it will be good to sell below the level of 1.1559 with the first target at 1.1422 and further to 1.1360 in order to test the daily support. If the USD/CHF pair is able to break out the daily support at 1.1559, the market will decline further to 1.1422 to approach support 2 today. However, the price spot of 1.1620 and 1.1559 remains a significant resistance zone. Thus, the trend is still bearish as long as the level of 1.1620 is not breached.
Technical analysis of GBP/USD for October 02, 2018
2018-10-02
As expected, the EUR/USD pair continues to move downwards from the zone of 1.1620 and 1.1559. Yesterday, the pair dropped from the level of 1.1620 to 1.1500 which coincides with a ratio of 38.2% Fibonacci on the daily chart. Today, resistance is seen at the levels of 1.1559 and 1.1620. So, we expect the price to set below the strong resistance at the levels of 1.1620 and 1.1559; because the price is in a bearish channel now. The RSI starts signaling a downward trend. Consequently, the market is likely to show signs of a bearish trend. So, it will be good to sell below the level of 1.1559 with the first target at 1.1422 and further to 1.1360 in order to test the daily support. If the USD/CHF pair is able to break out the daily support at 1.1559, the market will decline further to 1.1422 to approach support 2 today. However, the price spot of 1.1620 and 1.1559 remains a significant resistance zone. Thus, the trend is still bearish as long as the level of 1.1620 is not breached.
Technical analysis of GBP/USD for October 02, 2018
2018-10-02
Overview:
The GBP/USD pair dropped sharply from the level of 1.3056 towards 1.2950. Now, the price is set at 1.2959. On the H4 chart, the resistance is seen at the levels of 1.3056 and 1.3176. Volatility is very high for that the GBP/USD pair is still expected to be moving between 1.3000 and 1.2811 in coming days. In the short term, we expect the GBP/USD pair to continue to trade in a bullish trend from the new support level of 1.2979 to form a bullish channel. Besides, it should be noted that major resistance is seen at 1.3056, while immediate resistance is found at 1.2979. According to the previous events, the pair is likely to move from 1.2979 towards 1.2906 and 1.2811 as targets.
In the H4 time frame:
However, if the pair fails to pass through the level of 1.2979, the market will indicate a bearish opportunity below the level of 1.2979. So, the market will decline further to 1.2906 in order to return to the first support. Moreover, a breakout of that target will move the pair further downwards to 1.2811.
The GBP/USD pair dropped sharply from the level of 1.3056 towards 1.2950. Now, the price is set at 1.2959. On the H4 chart, the resistance is seen at the levels of 1.3056 and 1.3176. Volatility is very high for that the GBP/USD pair is still expected to be moving between 1.3000 and 1.2811 in coming days. In the short term, we expect the GBP/USD pair to continue to trade in a bullish trend from the new support level of 1.2979 to form a bullish channel. Besides, it should be noted that major resistance is seen at 1.3056, while immediate resistance is found at 1.2979. According to the previous events, the pair is likely to move from 1.2979 towards 1.2906 and 1.2811 as targets.
In the H4 time frame:
However, if the pair fails to pass through the level of 1.2979, the market will indicate a bearish opportunity below the level of 1.2979. So, the market will decline further to 1.2906 in order to return to the first support. Moreover, a breakout of that target will move the pair further downwards to 1.2811.
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