2018-10-24
Recently, the EUR/USD pair has been trading downwards. The price tested the level of 1.1406. According to the H4 time – frame, I found the confirmed breakout of the head and shoulders pattern in the background, which is a sign that sellers are in control and that buying looks risky. I also found successful re-test of the neckline, which is another sign of weakness. My advice is to consider selling opportunities. The projected target is set at the price of 1.1305.
Analysis of Gold for October 24, 2018
2018-10-24
Recently, Gold has been trading sideways at the price of $1,230.00. Anyway, according to the H1 time – frame, I have found the potential end of the downward correction (regular flat), which is a sign that selling looks risky. I also found that re-test of the support ($1,228.90) after the breakout, which is another sign of the strength. My advice is to watch for buying opportunities. The upward target is set at the price of $1,267.00.
Technical analysis of USD/CHF for October 24, 2018
2018-10-24
Overview:
Pivot : 0.9867.
The USD/CHF pair continues to trade upwards from the level of 0.9875. The pair rose from the level of 0.9875 to a top around 0.9865. Today, the first resistance level is seen at 0.9865 followed by 0.9922, while daily support 1 is seen at 0.9743 (61.8% Fibonacci retracement). According to the previous events, the USD/CHF pair is still moving between the levels of 0.9875 and 0.9999; so we expect a range of 124 pips. Furthermore, if the trend is able to break out through the first resistance level at 0.9865, we should see the pair climbing towards the second resistance (0.9922) to test it. Therefore, buy above the level of 0.9865 with the first target at 0.9922 in order to test the daily resistance 2 and further to 0.9963. Besides, it might be noted that the level of 0.9963 is a good place to take profit because it will form a new double top. On the other hand, in case a reversal takes place and the USD/CHF pair breaks through the support level of 0.9875, a further decline to 0.9740 can occur which would indicate a bearish market. However, the Swissy is still calling for strong bullish outlook today.
Technical analysis of GBP/USD for October 24, 2018
2018-10-24
Pivot : 0.9867.
The USD/CHF pair continues to trade upwards from the level of 0.9875. The pair rose from the level of 0.9875 to a top around 0.9865. Today, the first resistance level is seen at 0.9865 followed by 0.9922, while daily support 1 is seen at 0.9743 (61.8% Fibonacci retracement). According to the previous events, the USD/CHF pair is still moving between the levels of 0.9875 and 0.9999; so we expect a range of 124 pips. Furthermore, if the trend is able to break out through the first resistance level at 0.9865, we should see the pair climbing towards the second resistance (0.9922) to test it. Therefore, buy above the level of 0.9865 with the first target at 0.9922 in order to test the daily resistance 2 and further to 0.9963. Besides, it might be noted that the level of 0.9963 is a good place to take profit because it will form a new double top. On the other hand, in case a reversal takes place and the USD/CHF pair breaks through the support level of 0.9875, a further decline to 0.9740 can occur which would indicate a bearish market. However, the Swissy is still calling for strong bullish outlook today.
Technical analysis of GBP/USD for October 24, 2018
2018-10-24
Overview:
The GBP/USD pair dropped sharply from the level of 1.2979 towards 1.2902. Now, the price is set at 1.2913. It should be noted that volatility is very high for that the GBP/USD pair is still moving between 1.2979 and 1.2902 in coming hours. Furthermore, the price has been set below the strong resistance at the levels of 1.2979 and 1.3029, which coincides with the 23.6% and 38.2% Fibonacci retracement level respectively. Additionally, the price is in a bearish channel now. Amid the previous events, the pair is still in a downtrend. From this point, the GBP/USD pair is continuing in a bearish trend from the new resistance of 1.2979. Thereupon, the price spot of 1.2979 remains a significant resistance zone. Therefore, a possibility that the GBP/USD pair will have downside momentum is rather convincing and the structure of a fall does not look corrective. In order to indicate a bearish opportunity below 1.2979, sell below1.2979 with the first targets at 1.2829 and 1.2759. However, the stop loss should be located above the level of 1.3029.
Analysis of GBPUSD 24.10.2018
Written by: PaxForex analytics dept - Wednesday, 24 October 2018
The GBP/USD pair dropped sharply from the level of 1.2979 towards 1.2902. Now, the price is set at 1.2913. It should be noted that volatility is very high for that the GBP/USD pair is still moving between 1.2979 and 1.2902 in coming hours. Furthermore, the price has been set below the strong resistance at the levels of 1.2979 and 1.3029, which coincides with the 23.6% and 38.2% Fibonacci retracement level respectively. Additionally, the price is in a bearish channel now. Amid the previous events, the pair is still in a downtrend. From this point, the GBP/USD pair is continuing in a bearish trend from the new resistance of 1.2979. Thereupon, the price spot of 1.2979 remains a significant resistance zone. Therefore, a possibility that the GBP/USD pair will have downside momentum is rather convincing and the structure of a fall does not look corrective. In order to indicate a bearish opportunity below 1.2979, sell below1.2979 with the first targets at 1.2829 and 1.2759. However, the stop loss should be located above the level of 1.3029.
Analysis of GBPUSD 24.10.2018
Written by: PaxForex analytics dept - Wednesday, 24 October 2018
The price is below the moving average 20 MA and MA 200, indicating the downward trend.
MACD is below the zero level.
The oscillator Force Index is below the zero level.
If the level of support is broken, you shall follow recommendations below:
• Timeframe: H4
• Recommendation: Short Position
• Entry Level: Short Position 1.2920
• Take Profit Level: 1.2800 (120 pips)
If the price rebound from support level, you shall follow recommendations below:
• Timeframe: H4
• Recommendation: Long Position
• Entry Level: Long Position 1.3040
• Take Profit Level: 1.3100 (60 pips)
GOLD
Possible long position at the breakout of the level 1233.00
USDCHF
Possible long position at the breakout of the level 0.9980
EURUSD
Possible short position in the breakdown of the level 1.1400
USDJPY
Possible long position at the breakout of the level 112.70
MACD is below the zero level.
The oscillator Force Index is below the zero level.
If the level of support is broken, you shall follow recommendations below:
• Timeframe: H4
• Recommendation: Short Position
• Entry Level: Short Position 1.2920
• Take Profit Level: 1.2800 (120 pips)
If the price rebound from support level, you shall follow recommendations below:
• Timeframe: H4
• Recommendation: Long Position
• Entry Level: Long Position 1.3040
• Take Profit Level: 1.3100 (60 pips)
GOLD
Possible long position at the breakout of the level 1233.00
USDCHF
Possible long position at the breakout of the level 0.9980
EURUSD
Possible short position in the breakdown of the level 1.1400
USDJPY
Possible long position at the breakout of the level 112.70
Get Bonus No Deposite in your Trading Account now and add this currency pair to your forex portfolio, enjoy your trading with us!
No comments:
Post a Comment