2018-10-22
Recently, the GBP/USD pair has been trading downwards. The price tested the level of1.3015. According to the H4 time – frame, I found a confirmed head and shoulders (bearish pattern) in the background, which is a sign that sellers are in control. Most recently, I have found broken 12h balance, which is another sign of weakness. My advice is to watch for selling opportunities. The downward target is set at the price of 1.2925.
Trading recommendations for today: watch for potential selling opportunities.
Analysis of Gold for October 22, 2018
2018-10-22
Recently, Gold has been trading sideways at the price of $1,222.00. According to the H4 time – frame, I have found potential head and shoulders pattern in progress, which is a sign that buying at this stage looks risky. My advice is to watch for potential selling opportunities if you see a breakout of the neckline ($1,220.00). The projected target is set at the price of $1,207.00, which is also a previous swing high zone (support).
Technical analysis of NZD/USD for October 22, 2018
2018-10-22
Overview:
The NZD/USD pair faces resistance at 0.6617, while strong resistance is seen at 0.6617 (double top). Support is found at 0.6543 and 0.6496 levels. This week, the NZD/USD pair continues to move downwards from 0.6617 level. The pair could fall from 0.6617 level to the first support around 0.6543. In consequence, if the NZD/USD pair will break support at 0.6543, this level will turn into resistance today. In the H4 time frame, the 0.6543 level is expected to act as minor resistance. Hence, we expect the NZD/USD pair to continue moving in the bearish trend from 0.6543 level towards the target at 0.6496. In the long term, if the pair succeeds in passing through 0.6543 level, the market will indicate the bearish opportunity below 0.6543 level in order to reach the second target at 0.6496. However, the 0.6496-0.6423 mark remains a significant support zone. Thus, the trend will probably rebound again from 0.6423 level as long as this level is not broken. in overall, we still prefer the bullish scenario below the area of 0.6420.
Technical analysis of EUR/USD for October 22, 2018
2018-10-22
The NZD/USD pair faces resistance at 0.6617, while strong resistance is seen at 0.6617 (double top). Support is found at 0.6543 and 0.6496 levels. This week, the NZD/USD pair continues to move downwards from 0.6617 level. The pair could fall from 0.6617 level to the first support around 0.6543. In consequence, if the NZD/USD pair will break support at 0.6543, this level will turn into resistance today. In the H4 time frame, the 0.6543 level is expected to act as minor resistance. Hence, we expect the NZD/USD pair to continue moving in the bearish trend from 0.6543 level towards the target at 0.6496. In the long term, if the pair succeeds in passing through 0.6543 level, the market will indicate the bearish opportunity below 0.6543 level in order to reach the second target at 0.6496. However, the 0.6496-0.6423 mark remains a significant support zone. Thus, the trend will probably rebound again from 0.6423 level as long as this level is not broken. in overall, we still prefer the bullish scenario below the area of 0.6420.
Technical analysis of EUR/USD for October 22, 2018
2018-10-22
Overview:
The price is still trading around the kel level of 1.1497. The EUR/USD pair continues to rise from the level of 1.1497 in the long term. It should be noted that the support is established at the level of 1.1497 which represents the 38.2% Fibonacci retracement level on the H4 chart. The price is likely to form a double bottom in the same time frame. Accordingly, the EUR/USD pair is showing signs of strength following a breakout of the highest level of 1.1569. So, buy above the level of 1.1569 with the first target at 1.1620 in order to test the daily resistance 2 and further to 1.1714. Also, it might be noted that the level of 1.1714 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 EUR/USD pair breaks through the support level of 1.1497/1.1500 , a further decline to 1.1422 can occur which would indicate a bearish market.
The price is still trading around the kel level of 1.1497. The EUR/USD pair continues to rise from the level of 1.1497 in the long term. It should be noted that the support is established at the level of 1.1497 which represents the 38.2% Fibonacci retracement level on the H4 chart. The price is likely to form a double bottom in the same time frame. Accordingly, the EUR/USD pair is showing signs of strength following a breakout of the highest level of 1.1569. So, buy above the level of 1.1569 with the first target at 1.1620 in order to test the daily resistance 2 and further to 1.1714. Also, it might be noted that the level of 1.1714 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 EUR/USD pair breaks through the support level of 1.1497/1.1500 , a further decline to 1.1422 can occur which would indicate a bearish market.
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