2018-10-23
Recently, the GBP/USD pair has been trading downwards. The price tested the level of 1.2936. Anyway, according to the H1 time – frame, I have found the fake breakout of yesterday's low at the price of 1.2957, which is a sign that selling looks risky. I also found a hidden bullish divergence on the MACD oscillator and the breakout of supply trendline, which is another sign of strength. My advice is to watch for buying opportunities with the upward target at the price of 1.3085.
Analysis of Gold for October 23, 2018
2018-10-23
Recently, Gold has been trading upwards. The price tested the level of $1,236.00. According to the H4 time – frame, I have found the finished downward correction (regular flat) in the background, which is a sign that buying looks preferable. I also found the breakout of the supply trendline and the Fibonacci expansion 100% ($1,234.30), which is another sign of strength. My advice is to watch for buying opportunities on the pullbacks. The projected upward target is set at the price of $1,266.80 (Fibonacci expansion 161.8%)
Technical analysis of AUD/USD for October 23, 2018
2018-10-23
Overview:
The AUD/USD pair faced resistance at the level of 0.7146, while minor resistance is seen at 0.7107. Support is found at the levels of 0.7043 and 0.6980. Also, it should be noted that a daily pivot point has already set at the level of 0.7107. Equally important, the AUD/USD pair is still moving around the key level at 0.7107, which represents a daily pivot in the H1 time frame at the moment. The AUD/USD pair continued to move upwards from the level of 0.7043. The pair rose from the level of 0.7043 (this level of 0.7043 coincides with the double bottom) to the top around 0.7146. In consequence, the AUD/USD pair broke resistance, which turned strong support at the level of 0.7146. The level of 0.7043 is expected to act as major support today. From this point, we expect the AUD/USD pair to continue moving in the bullish trend from the support level of 0.7043 towards the target level of 0.7146. If the pair succeeds in passing through the level of 0.7146, the market will indicate the bullish opportunity above the level of 0.7146 in order to reach the second target at 0.7179. However, if a breakout happens at the support level of 0.7043, then this scenario may be invalidated.
Technical analysis of USD/CAD for October 23, 2018
2018-10-23
The AUD/USD pair faced resistance at the level of 0.7146, while minor resistance is seen at 0.7107. Support is found at the levels of 0.7043 and 0.6980. Also, it should be noted that a daily pivot point has already set at the level of 0.7107. Equally important, the AUD/USD pair is still moving around the key level at 0.7107, which represents a daily pivot in the H1 time frame at the moment. The AUD/USD pair continued to move upwards from the level of 0.7043. The pair rose from the level of 0.7043 (this level of 0.7043 coincides with the double bottom) to the top around 0.7146. In consequence, the AUD/USD pair broke resistance, which turned strong support at the level of 0.7146. The level of 0.7043 is expected to act as major support today. From this point, we expect the AUD/USD pair to continue moving in the bullish trend from the support level of 0.7043 towards the target level of 0.7146. If the pair succeeds in passing through the level of 0.7146, the market will indicate the bullish opportunity above the level of 0.7146 in order to reach the second target at 0.7179. However, if a breakout happens at the support level of 0.7043, then this scenario may be invalidated.
Technical analysis of USD/CAD for October 23, 2018
2018-10-23
Overview:
The USD/CAD pair has broken resistance at the level of 1.3000, which acts as support now. So, the pair has already formed minor support at 1.3000. The strong support is seen at the level of 1.2945 because it represents the weekly support. In the H1 time frame, the RSI and the moving average (100) are still pointing to the upside. Therefore, the market indicates a bullish opportunity at the level of 1.3000. Buy above the minor support of 1.3000 with a target at 1.3089 (this price is coinciding with the ratio of 100% Fibonacci). On the other hand, if the pair closes below the minor support (1.3000), the price will fall into the bearish market in order to go further towards the strong support at 1.2945. Also, the double bottom is seen at the level of 1.2865 on the H1 chart.
The USD/CAD pair has broken resistance at the level of 1.3000, which acts as support now. So, the pair has already formed minor support at 1.3000. The strong support is seen at the level of 1.2945 because it represents the weekly support. In the H1 time frame, the RSI and the moving average (100) are still pointing to the upside. Therefore, the market indicates a bullish opportunity at the level of 1.3000. Buy above the minor support of 1.3000 with a target at 1.3089 (this price is coinciding with the ratio of 100% Fibonacci). On the other hand, if the pair closes below the minor support (1.3000), the price will fall into the bearish market in order to go further towards the strong support at 1.2945. Also, the double bottom is seen at the level of 1.2865 on the H1 chart.
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