2018-10-08
Overview:
The EUR/USD pair continues to trade downwards from the zone of 1.1620 and 1.1559. The pair dropped from the level of 1.1620 to 1.1500 which coincides with a ratio of 38.2% Fibonacci on the daily chart. Today, resistance is seen at the levels of 1.1559 and 1.1620. So, we expect the price to set below the strong resistance at the levels of 1.1620 and 1.1559; because the price is in a bearish channel now. The RSI starts signaling a downward trend. Consequently, the market is likely to show signs of a bearish trend. So, it will be good to sell below the level of 1.1559 with the first target at 1.1422 and further to 1.1360 in order to test the daily support. If the USD/CHF pair is able to break out the daily support at 1.1559, the market will decline further to 1.1422 to approach support 2 today. However, the price spot of 1.1620 and 1.1559 remains a significant resistance zone. Thus, the trend is still bearish as long as the level of 1.1620 is not breached.
Fundamental Analysis of EUR/USD for October 8, 2018
2018-10-08
EUR/USD has been quite impulsive amid the bearish momentum that led the price to reside below 1.1500 currently. USD has been quite impulsive with the gains despite mixed nonfarm payrolls on Friday.
Since Friday, EUR/USD has been quite indecisive, closing the previous impulsive bearish week. However, today the bearish pressure seemed to have continued again which may push the price further downward in the coming days. EUR has been struggling amid the economic reports recently which lead to certain bearish pressure in the pair. As a result, USD has gained certain momentum. This week the economic calendar lacks macroeconomic reports from the eurozone. So EUR finds it difficult to assert its strength.
Today German Industrial Production report was published with an increase to -0.3% from the previous value of -1.3% which failed to meet the expectation of 0.4% and Sentix Investor Confidence decreased to 11.4 as expected from the previous figure of 12.0.
On the USD side, for the observance of Columbus Day there are no economic reports or events in the US today. Some economic reports will follow later this week. They are likely to make a good impact on the USD gains over EUR in the short term. On Wednesday, US PPI report is going to be published which is expected to increase to 0.2% from the previous value of -0.1% and on Thursday US CPI report is going to be published which is expected to be unchanged at 0.2%.
Meanwhile, amid the empty economic calendar of the eurozone, EUR has no reasons to extend its gains further against USD throughout the week. On the other hand, USD receives a boost from optimistic expectations for the nearest economic data. The market sentiment in favor of the US dollar may lead to further bearish pressure in the pair in the coming days.
Now let us look at the technical view. The price is currently quite impulsive inside the bearish bias which lead the price below 1.1500 area while also retesting the trend line resistance as well. As the price remains below 1.1600 and if a daily close below 1.1500 is observed, then further bearish pressure is expected in this pair with a target towards 1.1300 area in the coming days.
SUPPORT: 1.1300
RESISTANCE: 1.1500, 1.1600
BIAS: BEARISH
MOMENTUM: IMPULSIVE
Technical analysis of USD/CAD for October 08, 2018
2018-10-08
The EUR/USD pair continues to trade downwards from the zone of 1.1620 and 1.1559. The pair dropped from the level of 1.1620 to 1.1500 which coincides with a ratio of 38.2% Fibonacci on the daily chart. Today, resistance is seen at the levels of 1.1559 and 1.1620. So, we expect the price to set below the strong resistance at the levels of 1.1620 and 1.1559; because the price is in a bearish channel now. The RSI starts signaling a downward trend. Consequently, the market is likely to show signs of a bearish trend. So, it will be good to sell below the level of 1.1559 with the first target at 1.1422 and further to 1.1360 in order to test the daily support. If the USD/CHF pair is able to break out the daily support at 1.1559, the market will decline further to 1.1422 to approach support 2 today. However, the price spot of 1.1620 and 1.1559 remains a significant resistance zone. Thus, the trend is still bearish as long as the level of 1.1620 is not breached.
Fundamental Analysis of EUR/USD for October 8, 2018
2018-10-08
EUR/USD has been quite impulsive amid the bearish momentum that led the price to reside below 1.1500 currently. USD has been quite impulsive with the gains despite mixed nonfarm payrolls on Friday.
Since Friday, EUR/USD has been quite indecisive, closing the previous impulsive bearish week. However, today the bearish pressure seemed to have continued again which may push the price further downward in the coming days. EUR has been struggling amid the economic reports recently which lead to certain bearish pressure in the pair. As a result, USD has gained certain momentum. This week the economic calendar lacks macroeconomic reports from the eurozone. So EUR finds it difficult to assert its strength.
Today German Industrial Production report was published with an increase to -0.3% from the previous value of -1.3% which failed to meet the expectation of 0.4% and Sentix Investor Confidence decreased to 11.4 as expected from the previous figure of 12.0.
On the USD side, for the observance of Columbus Day there are no economic reports or events in the US today. Some economic reports will follow later this week. They are likely to make a good impact on the USD gains over EUR in the short term. On Wednesday, US PPI report is going to be published which is expected to increase to 0.2% from the previous value of -0.1% and on Thursday US CPI report is going to be published which is expected to be unchanged at 0.2%.
Meanwhile, amid the empty economic calendar of the eurozone, EUR has no reasons to extend its gains further against USD throughout the week. On the other hand, USD receives a boost from optimistic expectations for the nearest economic data. The market sentiment in favor of the US dollar may lead to further bearish pressure in the pair in the coming days.
Now let us look at the technical view. The price is currently quite impulsive inside the bearish bias which lead the price below 1.1500 area while also retesting the trend line resistance as well. As the price remains below 1.1600 and if a daily close below 1.1500 is observed, then further bearish pressure is expected in this pair with a target towards 1.1300 area in the coming days.
SUPPORT: 1.1300
RESISTANCE: 1.1500, 1.1600
BIAS: BEARISH
MOMENTUM: IMPULSIVE
Technical analysis of USD/CAD for October 08, 2018
2018-10-08
Overview:
The USD/CAD pair has broken resistance at the level of 1.3003, which acts as support now. So, the pair has already formed a minor support at 1.3003. The strong support is seen at the level of 1.3003, because it represents the weekly pivot. 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 0.6692. Buy above the minor support of 1.3003 with a target at 1.3045 then continue towards next objective of 1.3075 (this price is coinciding with the double top). On the other hand, if the pair closes below the minor support (1.3003), the price will fall into the bearish market in order to go further towards the strong support at 1.2958. Also, the double bottom is seen at the level of 1.2884. If the trend is buoyant, then the currency pair strength will be defined as following: USD is in an uptrend and CAD is in a downtrend.
Fundamental Analysis of USD/JPY for October 8, 2018
2018-10-08
USD/JPY has been quite impulsive with the bearish recently after having an impulsive non-volatile bullish momentum pushing the price above 113.00 area with the daily close. Having mixed economic reports, USD is currently struggling against JPY which is expected to have short-term pullbacks along the way.
Due to observance of Health-Sports day, today JPY does not have any impactful economic reports to be published, but tomorrow JPY Current Account report is going to be published which is expected to increase to 1.52T from the previous figure of 1.48T and Economic Watchers Sentiment is expected to decrease to 47.3 from the previous figure of 48.7.
On the USD side, for the observance of Columbus Day there are no economic reports or event to be held today but throughout the week certain highly impactful economic reports are expected to influence the USD gains over EURO in the process. On Wednesday, US PPI report is going to be published which is expected to increase to 0.2% from the previous value of -0.1%, and on Thursday US CPI report is going to be published which is expected to be unchanged at 0.2%.
As of the current scenario, USD is quite optimistic with the upcoming highly impactful economic reports, while JPY having mixed expectations may lead to short-term gains but having worse than expectation may lead to further USD gains in the process.
Now let us look at the technical view. The price is currently heading towards 113.00 area after having a strong breakout above the area recently. Though certain bearish momentum can be observed, the trend is still bullish, and having the dynamic level of 20 EMA below the price to hold it as support is expected to lead to further bullish momentum with the target towards 114.50 to 115.00 area in the coming days. As the price remains above 112.00 area, the bullish bias is expected to continue.
SUPPORT: 112.00, 113.00
RESISTANCE: 114.50, 115.00
BIAS: BULLISH
MOMENTUM: VOLATILE
Analysis of Gold for October 08, 2018
2018-10-08
Recently, Gold has been trading downwards. The price tested the level of $1,193.00. According to the H1 time – frame, I have found that end of the upward correction (irregular type 2), which is sign that buying looks risky. I have also found a hidden bearish divergence on the MACD oscillator in the background, which is another sign of weakness. My advice is to watch for selling opportunities. The downward profit target is set at the price of $1,180.80.
Trading recommendations for today: watch for potential selling opportunities.
GBP/JPY analysis for October 08, 2018
2018-10-08
Recently, the GBP/JPY pair has been trading downwards. The price tested the level of 147.70. According to the H1 time – frame, I have found the breakout of the support trendline in the background, which is a sign that sellers are in control. I also found potential creation of C wave (from ABC flat), which is another sign of weakness. My advice is to watch for selling opportunities. The downward targets are set at the price of 146.80 (Fibonacci expansion 100%) and at the price of 145.10 (Fibonacci expansion 161.8%).
The USD/CAD pair has broken resistance at the level of 1.3003, which acts as support now. So, the pair has already formed a minor support at 1.3003. The strong support is seen at the level of 1.3003, because it represents the weekly pivot. 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 0.6692. Buy above the minor support of 1.3003 with a target at 1.3045 then continue towards next objective of 1.3075 (this price is coinciding with the double top). On the other hand, if the pair closes below the minor support (1.3003), the price will fall into the bearish market in order to go further towards the strong support at 1.2958. Also, the double bottom is seen at the level of 1.2884. If the trend is buoyant, then the currency pair strength will be defined as following: USD is in an uptrend and CAD is in a downtrend.
Fundamental Analysis of USD/JPY for October 8, 2018
2018-10-08
USD/JPY has been quite impulsive with the bearish recently after having an impulsive non-volatile bullish momentum pushing the price above 113.00 area with the daily close. Having mixed economic reports, USD is currently struggling against JPY which is expected to have short-term pullbacks along the way.
Due to observance of Health-Sports day, today JPY does not have any impactful economic reports to be published, but tomorrow JPY Current Account report is going to be published which is expected to increase to 1.52T from the previous figure of 1.48T and Economic Watchers Sentiment is expected to decrease to 47.3 from the previous figure of 48.7.
On the USD side, for the observance of Columbus Day there are no economic reports or event to be held today but throughout the week certain highly impactful economic reports are expected to influence the USD gains over EURO in the process. On Wednesday, US PPI report is going to be published which is expected to increase to 0.2% from the previous value of -0.1%, and on Thursday US CPI report is going to be published which is expected to be unchanged at 0.2%.
As of the current scenario, USD is quite optimistic with the upcoming highly impactful economic reports, while JPY having mixed expectations may lead to short-term gains but having worse than expectation may lead to further USD gains in the process.
Now let us look at the technical view. The price is currently heading towards 113.00 area after having a strong breakout above the area recently. Though certain bearish momentum can be observed, the trend is still bullish, and having the dynamic level of 20 EMA below the price to hold it as support is expected to lead to further bullish momentum with the target towards 114.50 to 115.00 area in the coming days. As the price remains above 112.00 area, the bullish bias is expected to continue.
SUPPORT: 112.00, 113.00
RESISTANCE: 114.50, 115.00
BIAS: BULLISH
MOMENTUM: VOLATILE
Analysis of Gold for October 08, 2018
2018-10-08
Recently, Gold has been trading downwards. The price tested the level of $1,193.00. According to the H1 time – frame, I have found that end of the upward correction (irregular type 2), which is sign that buying looks risky. I have also found a hidden bearish divergence on the MACD oscillator in the background, which is another sign of weakness. My advice is to watch for selling opportunities. The downward profit target is set at the price of $1,180.80.
Trading recommendations for today: watch for potential selling opportunities.
GBP/JPY analysis for October 08, 2018
2018-10-08
Recently, the GBP/JPY pair has been trading downwards. The price tested the level of 147.70. According to the H1 time – frame, I have found the breakout of the support trendline in the background, which is a sign that sellers are in control. I also found potential creation of C wave (from ABC flat), which is another sign of weakness. My advice is to watch for selling opportunities. The downward targets are set at the price of 146.80 (Fibonacci expansion 100%) and at the price of 145.10 (Fibonacci expansion 161.8%).
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