2018-10-04
In Asia, Japan today will not release any economic data. However, the US will release some economic data such as Natural Gas Storage, Factory Orders m/m, Unemployment Claims, and Challenger Job Cuts y/y. So there is a probability the USD/JPY pair will move with low to medium volatility during this day.
TODAY'S TECHNICAL LEVELS:
Resistance 3: 114.96
Resistance 2: 114.74
Resistance 1: 114.52
Support 1: 114.22
Support 2: 114.00
Support 3: 113.78
Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all Traders or Investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Technical analysis: Intraday levels for EUR/USD, Oct 04/2018
2018-10-04
When the European market opens, some economic data will be released such as French 10-y Bond Auction, and Spanish 10-y Bond Auction. The US will release a few economic data such as Natural Gas Storage, Factory Orders m/m, Unemployment Claims, and Challenger Job Cuts y/y. So amid the reports, EUR/USD will move in a low to medium volatility during this day.
TODAY'S TECHNICAL LEVELS:
Breakout BUY Level: 1.1534.
Strong Resistance: 1.1527
Original Resistance: 1.1516
Inner Sell Area: 1.1505
Target Inner Area: 1.1477
Inner Buy Area: 1.1450
Original Support: 1.1439
Strong Support: 1.1428
Breakout SELL Level: 1.1421
Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all Traders or Investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Technical analysis of EUR/USD for October 4, 2018
2018-10-04
EUR/USD has entered a buy zone. Selling pressures are expected to soon stop and prices to reverse to the upside. Technically we remain in a bearish trend but I believe that the bullish divergence signs will play out this time. Bullish reversal confirmation will come with a break above 1.1555.
Red lines - bullish wedge pattern
Red line RSI- Bullish divergence
EUR/USD is touching the lower wedge boundary. This is support area. With a triple bullish divergence, I expect EUR/USD to start moving higher from today. Resistance is at 1.1555. I do not expect EUR/USD to move much lower as I believe the bearish trend is exhausted. I'm bullish at current levels.
Technical analysis of Gold for October 4, 2018
2018-10-04
Gold price has pulled back below $1,200 again. This is not a good sign for bulls. However there is a chance we see a higher low in Gold. Key resistance remains at $1,211. Bulls need to break this obstacle in order to continue higher. This pull back could very well be a back test of broken channel resistance.
Green lines - long-term bearish channel
Red lines - trading range
Gold price still inside the trading range trying to break above the green bearish long-term channel. Resistance is at $1,211 and only a break above will change medium-term trend. Support is at $1,190-85. Break below it and we should challenge the lower boundary of the trading range. I believe there are high probabilities of a higher low around $1,198 and then a move higher to break resistance.
Red lines - trading range
Gold price still inside the trading range trying to break above the green bearish long-term channel. Resistance is at $1,211 and only a break above will change medium-term trend. Support is at $1,190-85. Break below it and we should challenge the lower boundary of the trading range. I believe there are high probabilities of a higher low around $1,198 and then a move higher to break resistance.
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