2018-10-03
Recently, the GBP/USD pair has been trading downwards. The price tested the level of 1.2965. Anyway, according to the H4 time – frame, I found that price rejected from the key support upward trendline at the price of 1.2945, which is a sign that selling looks risky. The overall trend is bullish and my advice is to go with the direction of the trend. Watch for buying opportunities with the take profit level at 1.3080.
USD/CAD analysis for October 03, 2018
2018-10-03
Recently, the USD/CAD pair has been trading sideways at the price of 1.2835. According to the M30 time – frame, I found that potential a bearish flag in creation. My advice is to watch for a potential bearish breakout of the lower diagonal to confirm further downward continuation. Take profit level is set at the price of 1.2784
Fundamental Analysis of EUR/JPY for October 3, 2018
2018-10-03
EUR/JPY has been quite volatile amid the nearish bias recently after consistent bullish momentum in the pair since it bounced off the 125.50 area on August. EUR has been the dominant currency in the pair, whereas JPY is to blame for further weakness against the EUR.
This week, despite fresh worse-than-expected economic data from Japan, the JPY growth against EUR remains unaffected. JPY mainly gained momentum after ECB conference which revealed the dovish stance. Besides, the the eurozone released a series of downbeat PMI reports. Today no macroeconomic reports are published, but on Friday Japan's Household Spending report is due which is expected to decrease to 0.0% from the previous value of 0.1%, Average Cash Earnings is expected to decrease to 1.3% from the previous value of 1.6% but Leading Indicators is expected to increase to 104.3% from the previous value of 103.9%.
On the other hand, EUR has been still quite mixed in light of recently published economic data which maintained the indecisive momentum for the currency in the market. Despite the German Unity Day holiday, today Spanish Services PMI report was published with a decrease to 52.5 from the previous figure of 52.7 which was expected to increase to 52.9, Italian Services PMI increased to 53.3 from the previous figure of 52.6 which was expected to be at 52.8, French Final Services PMI increase to 54.8 which was expected to be unchanged at 54.3, and German Final Services PMI decreased to 55.9 which was also expected to be unchanged at 56.5. Moreover, the eurozone's Final Services PMI was published unchanged as expected at 54.7 and Retail Sales report was published with a slight increase to -0.2% from the previous value of -0.6% but failed to meet the expectation of 0.2%.
As Japan presents no economic data till Friday, EUR could take advantage and gain certain momentum. But indecisive readings held the price back in the range with no definite pressure on either side of the market. If Japan's economic reports show better-than-expected figures in the coming days, the bearish pressure is expected to extend further.
Now let us look at the technical view. The price has been quite impulsive with the bullish gains today which started with a bounce off the dynamic level of 20 EMA and 131.00 support area. Despite the long-term bullish pressure, the price has been quite impulsive with the recent bearish momentum which is expected to continue pushing further lower if the price manages to break below 131.00 area with a daily close leading the price towards 129.50 area in the coming days. As the price remains below 132.00 area, the bearish pressure is expected to continue.
SUPPORT: 131.00, 129.50
RESISTANCE: 132.00
BIAS: BULLISH
MOMENTUM: VOLATILE
Technical analysis of USD/CHF for October 03, 2018
2018-10-03
Overview:
The USD/CHF pair continues to move upwards from the level of 0.9809. Yesterday, the pair rose from the level of 0.9809 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 0.9809 and 0.9922; so we expect a range of 113 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. Also, 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 0.9809, a further decline to 0.9743 can occur which would indicate a bearish market.
Technical analysis of AUD/USD for October 03, 2018
2018-10-03
Overview:
Pivot: 0.7267
The AUD/USD pair will be probably continue to climp from the level of 0.7233 in the long term. It should be noted that the support is established at the level of 0.7233 which represents the 50% Fibonacci retracement level on the H4 chart. The price is likely to form a double bottom in the same time frame. Accordingly, the AUD/USD pair is showing signs of strength following a breakout of the highest level of 0.7260. So, buy above the level of 0.7260 with the first target at 0.7309 in order to test the daily resistance 1 and further to 0.7346. Besides, it might be noted that the level of 0.7379 is a good place to take profit because it will form a double top. On the other hand, in case a reversal takes place and the AUD/USD pair breaks through the support level of 0.7233, a further decline to 0.7153 can occur which would indicate a bearish market.
The USD/CHF pair continues to move upwards from the level of 0.9809. Yesterday, the pair rose from the level of 0.9809 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 0.9809 and 0.9922; so we expect a range of 113 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. Also, 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 0.9809, a further decline to 0.9743 can occur which would indicate a bearish market.
Technical analysis of AUD/USD for October 03, 2018
2018-10-03
Overview:
Pivot: 0.7267
The AUD/USD pair will be probably continue to climp from the level of 0.7233 in the long term. It should be noted that the support is established at the level of 0.7233 which represents the 50% Fibonacci retracement level on the H4 chart. The price is likely to form a double bottom in the same time frame. Accordingly, the AUD/USD pair is showing signs of strength following a breakout of the highest level of 0.7260. So, buy above the level of 0.7260 with the first target at 0.7309 in order to test the daily resistance 1 and further to 0.7346. Besides, it might be noted that the level of 0.7379 is a good place to take profit because it will form a double top. On the other hand, in case a reversal takes place and the AUD/USD pair breaks through the support level of 0.7233, a further decline to 0.7153 can occur which would indicate a bearish market.
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